Okla. Stat. tit. 68, § 68-3933: Certification of capital investment authority – Cap on

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.