Okla. Stat. tit. 68, § 68-2357.76A

A. As used in this section:

1. "Federally regulated investment company" means a qualified

rural small business capital company as defined by Section 2357.72

of this title and that is licensed by the United States Small

Business Administration or the United States Department of

Agriculture and which qualifies as one of the following types of

entities:

a. a Small Business Investment Company, or

b. a Specialized Small Business Investment Company, or

c. a Rural Business Investment Company, or

d. a Community Development Entity as defined by Section

45D of the Internal Revenue Code of 1986, as amended;

and

2. "Qualified rural small business capital company" means an

entity meeting the requirements of Section 2357.72 of this title.

Oklahoma Statutes - Title 68. Revenue and Taxation Page 863

B. Federally regulated investment companies shall be exempt

from the requirements of subsections C and G of Section 2357.75 of

this title.

C. As a condition of the exemption authorized by this section,

the federally regulated investment company shall provide to the

Oklahoma Tax Commission not later than March 15 each year:

1. A copy of the federal license issued by the applicable

federal regulatory entity;

2. A copy of all reports and compliance documents required by

the federal regulators; and

3. A copy of the annual financial audit of the federally

regulated investment company.

D. A federally regulated investment company shall also prepare

an annual summary report that discloses:

1. All investments made in for-profit business entities during

the preceding calendar year;

2. The primary business address of each for-profit business

entity in which any investment was made;

3. A statement of the business activity of each of the for-

profit business entities described in paragraphs 1 and 2 of this

subsection;

4. The type of investment instrument used to make the

investment; and

5. A status report of all investments made by the federally

regulated investment company.

E. The federally regulated investment company shall transmit a

copy of the annual summary prescribed by subsection D of this

section to the committees or subcommittees of the Oklahoma House of

Representatives and the Oklahoma State Senate having primary

jurisdiction over the Rural Venture Capital Formation Incentive Act,

the State Treasurer, the State Auditor and Inspector, the Director

of the Office of Management and Enterprise Services and the Oklahoma

Tax Commission.

F. The report required by subsection D of this section shall be

prepared and submitted until all of the monies available to the

federally regulated investment fund have been fully invested, all of

the investments have been completed and the proceeds from the

investment have been disbursed to the equity investors.