Okla. Stat. tit. 68, § 68-3933
This is the official text of Okla. Stat. tit. 68, § 68-3933, 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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Certification of capital investment authority – Cap on
Official statutory text
state tax credits – Investment requirements.
A. The Department shall certify capital investment authority
under the provisions of this act in amounts that would not authorize
more than Fifteen Million Dollars ($15,000,000.00) in state tax
credits to be claimed against state tax liability in any calendar
year, excluding any credit amounts carried forward as provided under
subsection A of Section 5 of this act. Within ninety (90) days of
the applicant receiving notice of certification, the rural fund
shall issue the capital investment to and receive cash in the amount
of the certified amount from a rural investor. At least ten percent
(10%) of the rural investor's capital investment shall be composed
of capital raised by the rural investor directly or indirectly from
sources including directors, members, employees, officers, and
affiliates of the rural investor, other than the amount invested by
the allocatee claiming the tax credits in exchange for such
allocation of tax credits. The rural fund shall provide the
Department with evidence of the receipt of the cash investment
within ninety-five (95) days of the applicant receiving notice of
certification.
B. If the rural fund does not receive the cash investment and
issue the capital investment within such time period following
receipt of the certificate notice, the certification shall lapse and
the rural fund shall not issue the capital investment without
reapplying to the Department for certification. Lapsed
certifications shall revert to the Department and shall be reissued
pro rata to applicants whose capital investment allocations were
reduced in accordance with the application process provided under
subsection D of Section 3 of this act.
C. A rural fund, before making a qualified investment, may
request from the Department a written opinion as to whether the
business in which it proposes to invest is an eligible business.
The Department, no later than fifteen (15) business days after the
date of receipt of such request, shall notify the rural fund of its
determination. If the Department fails to notify the rural fund of
its determination by the twentieth business day, the business in
which the rural fund proposes to invest shall be deemed an eligible
business.
A. The Department shall certify capital investment authority
under the provisions of this act in amounts that would not authorize
more than Fifteen Million Dollars ($15,000,000.00) in state tax
credits to be claimed against state tax liability in any calendar
year, excluding any credit amounts carried forward as provided under
subsection A of Section 5 of this act. Within ninety (90) days of
the applicant receiving notice of certification, the rural fund
shall issue the capital investment to and receive cash in the amount
of the certified amount from a rural investor. At least ten percent
(10%) of the rural investor's capital investment shall be composed
of capital raised by the rural investor directly or indirectly from
sources including directors, members, employees, officers, and
affiliates of the rural investor, other than the amount invested by
the allocatee claiming the tax credits in exchange for such
allocation of tax credits. The rural fund shall provide the
Department with evidence of the receipt of the cash investment
within ninety-five (95) days of the applicant receiving notice of
certification.
B. If the rural fund does not receive the cash investment and
issue the capital investment within such time period following
receipt of the certificate notice, the certification shall lapse and
the rural fund shall not issue the capital investment without
reapplying to the Department for certification. Lapsed
certifications shall revert to the Department and shall be reissued
pro rata to applicants whose capital investment allocations were
reduced in accordance with the application process provided under
subsection D of Section 3 of this act.
C. A rural fund, before making a qualified investment, may
request from the Department a written opinion as to whether the
business in which it proposes to invest is an eligible business.
The Department, no later than fifteen (15) business days after the
date of receipt of such request, shall notify the rural fund of its
determination. If the Department fails to notify the rural fund of
its determination by the twentieth business day, the business in
which the rural fund proposes to invest shall be deemed an eligible
business.
Status: in_force · Read it on the official government site
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