{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-2357.63e","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-2357.63E","heading":"Effect of favorable determination letters issued","body":"prior to March 15, 2006 - Credit requirements.\n\nA. Any person or entity that has obtained a favorable\n\ndetermination letter from the Oklahoma Tax Commission prior to March\n\n15, 2006, regarding the ability to claim or otherwise utilize any of\n\nthe tax credits authorized pursuant to the provisions of Section\n\n2357.62 or 2357.63 of Title 68 of the Oklahoma Statutes shall not be\n\nsubject to the amendments to the Small Business Venture Capital\n\nFormation Incentive Act made by this legislative measure to qualify\n\nfor the tax credits authorized pursuant to the provisions of Section\n\n2357.62 or 2357.63 of this title except as provided in this section.\n\nNotwithstanding any determination letter issued with respect to such\n\ninvestment, no credit shall be allowed unless:\n\n1. Such qualified investment is made prior to November 1, 2006,\n\nto satisfy a legitimate business purpose of the entity receiving\n\nsuch investment which is consistent with its organizational\n\ninstrument, bylaws or other agreement responsible for the governance\n\nof the business venture;\n\n2. The investor’s funds were at risk; and\n\n3. The investment was not made chiefly for the purpose of\n\nreducing tax liability.\n\nB. Any investment in a qualified small business capital company\n\nor an Oklahoma small business venture that occurs on or after\n\nNovember 1, 2006, shall be subject to all of the provisions of the\n\nSmall Business Capital Formation Incentive Act as amended by the\n\nprovisions of this legislative measure.","path":["OK Code","Title 68"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os68.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"ae0846256fa14462ab1d4e61caec1e2765e8ad2c1cca531919045cda58e546cd","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-2357.63d","next":"us-ok/okla.-stat.-tit.-68-68-2357.64"},"notice":"GroundRules: Original legal text. Not legal advice."}