{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-2357.64","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-2357.64","heading":"Annual report on qualified investments and financial","body":"statements to Commission - Annual written statement to investors -\n\nRequired notification to Commission - Credit reporting and report\n\nfiling systems.\n\nA. Each qualified small business capital company shall file an\n\nannual report with the Oklahoma Tax Commission no later than April\n\n30 of each year which lists all qualified investments in or in\n\nconjunction with such company which may qualify for the tax credit\n\nallowed by Section 2357.62 or Section 2357.63 of this title. The\n\nreport shall state the amount of qualified investments in or in\n\nconjunction with such company during the taxable year by persons,\n\npartnerships or corporations and the social security number of such\n\nperson or the federal identification number of such partnership or\n\ncorporation making such qualified investments. The report shall\n\nalso include a schedule listing the type and amount of qualified\n\ninvestment made by or in conjunction with the small business capital\n\ncompany and such other information as the Tax Commission may\n\nprescribe.\n\nB. Each qualified small business capital company shall furnish\n\nto each person, partnership or corporation which made a qualified\n\ninvestment in or in conjunction with such company during the\n\npreceding year a written statement showing the name of the small\n\nbusiness capital company, the name of the investor, the total amount\n\nof qualified investment in or in conjunction with the company made\n\nby such person, partnership or corporation, the amount of the\n\nqualified investment which was subsequently invested by the capital\n\ncompany in a small business venture, the date of such investment and\n\nthe name of the business venture invested in and such other\n\ninformation as the Tax Commission may require. The statement shall\n\nbe attached to the income tax return or other applicable tax report\n\nor return of such person, partnership or corporation in order to\n\nqualify for the tax credit allowed by Section 2357.62 or Section\n\n2357.63 of this title.\n\nC. On or before April 30 of each year, the qualified small\n\nbusiness capital company shall provide to the Tax Commission a copy\n\nof its annual financial statements, including documentation which\n\nshall address, to the satisfaction of the Oklahoma Tax Commission,\n\nthe methods of operation and conduct of the business of the capital\n\ncompany to determine whether the capital company is complying with\n\nthe terms of the Small Business Capital Formation Incentive Act and\n\nany rules promulgated by the Tax Commission, including whether\n\nqualified investments in Oklahoma small business ventures have been\n\nmade in the manner required by law. No credit shall be allowed for\n\nan investment in a small business capital company unless the report\n\nrequired by this subsection for the year in which the investment is\n\nmade is provided.\n\nD. Qualified small business capital companies or any entity\n\nmaking an investment in conjunction with investment by a qualified\n\nsmall business capital company pursuant to Section 2357.63 of this\n\ntitle must notify the Tax Commission within twenty (20) business\n\ndays if:\n\n1. The investment in an Oklahoma small business venture is\n\ntransferred, withdrawn or otherwise returned; or\n\n2. An occurrence upon which an investment is contingent has\n\ntaken place.\n\nIf the qualified investment is held in the Oklahoma small\n\nbusiness venture for less than five (5) years, the Tax Commission\n\nshall revoke the verification of tax credits and take action to\n\nrecapture the tax credits pursuant to Section 11 of this act to the\n\nextent such credits were authorized based upon an amount of\n\nqualified investment that was transferred, withdrawn or otherwise\n\nreturned.\n\nE. Any qualified small business capital company who refuses or\n\nfails to comply with the provisions of this section or is hereafter\n\nfound guilty in a court of competent jurisdiction of any violation\n\nof any Oklahoma tax law shall not be eligible to be a qualified\nent such credits were authorized based upon an amount of\n\nqualified investment that was transferred, withdrawn or otherwise\n\nreturned.\n\nE. Any qualified small business capital company who refuses or\n\nfails to comply with the provisions of this section or is hereafter\n\nfound guilty in a court of competent jurisdiction of any violation\n\nof any Oklahoma tax law shall not be eligible to be a qualified\n\nsmall business capital company for purposes of this act.\n\nF. Any taxpayer who refuses or fails to comply with the\n\nprovisions of this section or is hereafter found guilty in a court\n\nof competent jurisdiction of any violation of any Oklahoma tax law\n\nshall not be eligible for the tax credits granted in Sections\n\n2357.62 and 2357.63 of this title.\n\nG. The Tax Commission is directed to immediately develop a\n\nsystem for reporting of any income tax credits issued pursuant to\n\nSections 2357.62 and 2357.63 of this title and a system which\n\nrequires the filing of informational reports on how the qualified\n\ninvestments were used, economic benchmarks achieved, implementation\n\nof a business plan for the Oklahoma small business venture,\n\ncommercialization success, additional investments in the business by\n\nother investors and job creation that has taken place.","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":"94b6aec1dc8f6fe26201e23167e40996cec2b6c9da6e8c8a33d9036f3b6faa3f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-2357.63e","next":"us-ok/okla.-stat.-tit.-68-68-2357.65"},"notice":"GroundRules: Original legal text. Not legal advice."}