Okla. Stat. tit. 74, § 74-5085.5

For purposes of the Oklahoma Capital Formation Act:

1. “Board” means the Oklahoma Science and Technology Research

and Development Board of the Oklahoma Center for the Advancement of

Science and Technology;

2. “Director” means any person who is a member of the Board;

3. “Equity capital” means capital invested in common or

preferred stock, royalty rights, limited partnership interests, and

any other securities or rights that evidence ownership in private

businesses;

4. “Investor group” means any individual, corporation,

partnership, or other lawfully organized entity;

5. “Near-equity capital” means capital invested in unsecured,

undersecured, subordinated, or convertible loans or debt securities;

6. “Persons” means individuals, corporations, partnerships, or

other lawfully organized entities;

7. “Put option” means a right or privilege to sell an amount of

a particular security or class of securities during a time period

ending on the expiration date of the option; and

8. “Tax credits” means tax credits available against

liabilities imposed by Section 2355 of Title 68 of the Oklahoma

Statutes or Section 624 of Title 36 of the Oklahoma Statutes and

issued or transferred pursuant to the Oklahoma Capital Formation

Act.

a. The tax credits issued or transferred pursuant to the

Oklahoma Capital Formation Act, upon election by the

purchaser at utilization, will be treated as a payment

or prepayment in lieu of tax imposed under Section

2355 of Title 68 of the Oklahoma Statutes.

b. Tax credits utilized pursuant to subparagraph a of

this paragraph shall be treated and may be claimed as

a payment of tax or estimated tax for the purposes of

and as provided in Sections 2375, 2385.9, and 2385.13

of Title 68 of the Oklahoma Statutes. Such tax

Oklahoma Statutes - Title 74. State Government Page 1165

credits are further subject to the system developed in

conjunction with the Oklahoma Tax Commission as

required by subsection H of Section 5085.7 of this

title for registration and verification of the tax

credits. Taxpayers may rely upon the provisions of

the registration and verification system developed

pursuant to Section 5085.7 of this title.