Okla. Stat. tit. 68, § 68-2357.75
This is the official text of Okla. Stat. tit. 68, § 68-2357.75, part of Oklahoma’s Stat. tit. 68, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 68,." Browse the sections below, each linked to its official government source.
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Reporting to Oklahoma Tax Commission
Official statutory text
A. Each qualified rural small business capital company shall
file an annual report with the Oklahoma Tax Commission no later than
April 30 of each year which lists all qualified investments in or in
conjunction with such company which may qualify for the tax credit
allowed by Section 2357.73 or Section 2357.74 of this title. The
report shall state the amount of qualified investments in or in
conjunction with such company during the taxable year by persons,
partnerships or corporations and the social security number of such
person or the federal identification number of such partnership or
corporation making such qualified investments. The report shall
also include a schedule listing the type and amount of qualified
investment made by or in conjunction with the rural small business
capital company and such other information as the Tax Commission may
prescribe.
B. Each qualified rural small business capital company shall
furnish to each person, partnership or corporation which made a
qualified investment in or in conjunction with such company during
the preceding year a written statement showing the name of the rural
small business capital company, the name of the investor, the total
amount of qualified investment in or in conjunction with the company
Oklahoma Statutes - Title 68. Revenue and Taxation Page 861
made by such person, partnership or corporation, the amount of the
qualified investment which was subsequently invested by the capital
company in a rural small business venture, the date of such
investment and the name of the business venture invested in and such
other information as the Tax Commission may require. The statement
shall be attached to the income tax return or other applicable tax
report or return of such person, partnership or corporation in order
to qualify for the tax credit allowed by Section 2357.73 or Section
2357.74 of this title.
C. On or before April 30 of each year, the qualified rural
small business capital company shall provide to the Tax Commission a
copy of its annual financial statements, including documentation
which, to the satisfaction of the Oklahoma Tax Commission, shall
address the methods of operation and conduct of the business of the
capital company to determine whether the capital company is
complying with the terms of the Rural Venture Capital Formation
Incentive Act and any rules promulgated by the Tax Commission,
including whether qualified investments in Oklahoma rural small
business ventures have been made in the manner required by law. No
credit shall be allowed for an investment in a rural small business
capital company unless the report required by this subsection for
the year in which the investment is made is provided.
D. Qualified rural small business capital companies or any
entity making an investment in conjunction with investment by a
qualified rural small business capital company pursuant to Section
2357.74 of this title must notify the Tax Commission within twenty
al small business
capital company unless the report required by this subsection for
the year in which the investment is made is provided.
D. Qualified rural small business capital companies or any
entity making an investment in conjunction with investment by a
qualified rural small business capital company pursuant to Section
2357.74 of this title must notify the Tax Commission within twenty
(20) business days if:
1. The investment in an Oklahoma rural small business venture
is transferred, withdrawn or otherwise returned; or
2. An occurrence upon which an investment is contingent has
taken place.
If the qualified investment is held in the Oklahoma rural small
business venture for less than five (5) years, the Tax Commission
shall revoke the verification of tax credits and take action to
recapture the tax credits pursuant to Section 22 of this act to the
extent such credits were authorized based upon an amount of
qualified investment that was transferred, withdrawn or otherwise
returned.
E. Any qualified rural small business capital company who
refuses or fails to comply with the provisions of this section or is
hereafter found guilty in a court of competent jurisdiction of any
violation of any Oklahoma tax law shall not be eligible to be a
qualified rural small business capital company for purposes of this
act.
F. Any taxpayer who refuses or fails to comply with the
provisions of this section or is hereafter found guilty in a court
of competent jurisdiction of any violation of any Oklahoma tax law
Oklahoma Statutes - Title 68. Revenue and Taxation Page 862
shall not be eligible for the tax credits granted in Sections
2357.73 and 2357.74 of this title.
G. The Tax Commission is directed to immediately develop a
system for reporting of any tax credits issued pursuant to Sections
2357.73 and 2357.74 of this title and a system which requires the
filing of informational reports on how the qualified investments
were used, economic benchmarks achieved, implementation of a
business plan for the Oklahoma rural small business venture,
commercialization success, additional investments in the business by
other investors and job creation that has taken place.
file an annual report with the Oklahoma Tax Commission no later than
April 30 of each year which lists all qualified investments in or in
conjunction with such company which may qualify for the tax credit
allowed by Section 2357.73 or Section 2357.74 of this title. The
report shall state the amount of qualified investments in or in
conjunction with such company during the taxable year by persons,
partnerships or corporations and the social security number of such
person or the federal identification number of such partnership or
corporation making such qualified investments. The report shall
also include a schedule listing the type and amount of qualified
investment made by or in conjunction with the rural small business
capital company and such other information as the Tax Commission may
prescribe.
B. Each qualified rural small business capital company shall
furnish to each person, partnership or corporation which made a
qualified investment in or in conjunction with such company during
the preceding year a written statement showing the name of the rural
small business capital company, the name of the investor, the total
amount of qualified investment in or in conjunction with the company
Oklahoma Statutes - Title 68. Revenue and Taxation Page 861
made by such person, partnership or corporation, the amount of the
qualified investment which was subsequently invested by the capital
company in a rural small business venture, the date of such
investment and the name of the business venture invested in and such
other information as the Tax Commission may require. The statement
shall be attached to the income tax return or other applicable tax
report or return of such person, partnership or corporation in order
to qualify for the tax credit allowed by Section 2357.73 or Section
2357.74 of this title.
C. On or before April 30 of each year, the qualified rural
small business capital company shall provide to the Tax Commission a
copy of its annual financial statements, including documentation
which, to the satisfaction of the Oklahoma Tax Commission, shall
address the methods of operation and conduct of the business of the
capital company to determine whether the capital company is
complying with the terms of the Rural Venture Capital Formation
Incentive Act and any rules promulgated by the Tax Commission,
including whether qualified investments in Oklahoma rural small
business ventures have been made in the manner required by law. No
credit shall be allowed for an investment in a rural small business
capital company unless the report required by this subsection for
the year in which the investment is made is provided.
D. Qualified rural small business capital companies or any
entity making an investment in conjunction with investment by a
qualified rural small business capital company pursuant to Section
2357.74 of this title must notify the Tax Commission within twenty
al small business
capital company unless the report required by this subsection for
the year in which the investment is made is provided.
D. Qualified rural small business capital companies or any
entity making an investment in conjunction with investment by a
qualified rural small business capital company pursuant to Section
2357.74 of this title must notify the Tax Commission within twenty
(20) business days if:
1. The investment in an Oklahoma rural small business venture
is transferred, withdrawn or otherwise returned; or
2. An occurrence upon which an investment is contingent has
taken place.
If the qualified investment is held in the Oklahoma rural small
business venture for less than five (5) years, the Tax Commission
shall revoke the verification of tax credits and take action to
recapture the tax credits pursuant to Section 22 of this act to the
extent such credits were authorized based upon an amount of
qualified investment that was transferred, withdrawn or otherwise
returned.
E. Any qualified rural small business capital company who
refuses or fails to comply with the provisions of this section or is
hereafter found guilty in a court of competent jurisdiction of any
violation of any Oklahoma tax law shall not be eligible to be a
qualified rural small business capital company for purposes of this
act.
F. Any taxpayer who refuses or fails to comply with the
provisions of this section or is hereafter found guilty in a court
of competent jurisdiction of any violation of any Oklahoma tax law
Oklahoma Statutes - Title 68. Revenue and Taxation Page 862
shall not be eligible for the tax credits granted in Sections
2357.73 and 2357.74 of this title.
G. The Tax Commission is directed to immediately develop a
system for reporting of any tax credits issued pursuant to Sections
2357.73 and 2357.74 of this title and a system which requires the
filing of informational reports on how the qualified investments
were used, economic benchmarks achieved, implementation of a
business plan for the Oklahoma rural small business venture,
commercialization success, additional investments in the business by
other investors and job creation that has taken place.
Status: in_force · Read it on the official government site
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