Okla. Stat. tit. 68, § 68-2357.63E: Effect of favorable determination letters issued

prior to March 15, 2006 - Credit requirements.

A. Any person or entity that has obtained a favorable

determination letter from the Oklahoma Tax Commission prior to March

15, 2006, regarding the ability to claim or otherwise utilize any of

the tax credits authorized pursuant to the provisions of Section

2357.62 or 2357.63 of Title 68 of the Oklahoma Statutes shall not be

subject to the amendments to the Small Business Venture Capital

Formation Incentive Act made by this legislative measure to qualify

for the tax credits authorized pursuant to the provisions of Section

2357.62 or 2357.63 of this title except as provided in this section.

Notwithstanding any determination letter issued with respect to such

investment, no credit shall be allowed unless:

1. Such qualified investment is made prior to November 1, 2006,

to satisfy a legitimate business purpose of the entity receiving

such investment which is consistent with its organizational

instrument, bylaws or other agreement responsible for the governance

of the business venture;

2. The investor’s funds were at risk; and

3. The investment was not made chiefly for the purpose of

reducing tax liability.

B. Any investment in a qualified small business capital company

or an Oklahoma small business venture that occurs on or after

November 1, 2006, shall be subject to all of the provisions of the

Small Business Capital Formation Incentive Act as amended by the

provisions of this legislative measure.