{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-2357.75","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-2357.75","heading":"Reporting to Oklahoma Tax Commission","body":"A. Each qualified rural small business capital company shall\n\nfile an annual report with the Oklahoma Tax Commission no later than\n\nApril 30 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 2357.73 or Section 2357.74 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 rural small business\n\ncapital company and such other information as the Tax Commission may\n\nprescribe.\n\nB. Each qualified rural small business capital company shall\n\nfurnish to each person, partnership or corporation which made a\n\nqualified investment in or in conjunction with such company during\n\nthe preceding year a written statement showing the name of the rural\n\nsmall business capital company, the name of the investor, the total\n\namount of qualified investment in or in conjunction with the company\n\nmade by such person, partnership or corporation, the amount of the\n\nqualified investment which was subsequently invested by the capital\n\ncompany in a rural small business venture, the date of such\n\ninvestment and the name of the business venture invested in and such\n\nother information as the Tax Commission may require. The statement\n\nshall be attached to the income tax return or other applicable tax\n\nreport or return of such person, partnership or corporation in order\n\nto qualify for the tax credit allowed by Section 2357.73 or Section\n\n2357.74 of this title.\n\nC. On or before April 30 of each year, the qualified rural\n\nsmall business capital company shall provide to the Tax Commission a\n\ncopy of its annual financial statements, including documentation\n\nwhich, to the satisfaction of the Oklahoma Tax Commission, shall\n\naddress the methods of operation and conduct of the business of the\n\ncapital company to determine whether the capital company is\n\ncomplying with the terms of the Rural Venture Capital Formation\n\nIncentive Act and any rules promulgated by the Tax Commission,\n\nincluding whether qualified investments in Oklahoma rural small\n\nbusiness ventures have been made in the manner required by law. No\n\ncredit shall be allowed for an investment in a rural small business\n\ncapital company unless the report required by this subsection for\n\nthe year in which the investment is made is provided.\n\nD. Qualified rural small business capital companies or any\n\nentity making an investment in conjunction with investment by a\n\nqualified rural small business capital company pursuant to Section\n\n2357.74 of this title must notify the Tax Commission within twenty\nal small business\n\ncapital company unless the report required by this subsection for\n\nthe year in which the investment is made is provided.\n\nD. Qualified rural small business capital companies or any\n\nentity making an investment in conjunction with investment by a\n\nqualified rural small business capital company pursuant to Section\n\n2357.74 of this title must notify the Tax Commission within twenty\n\n(20) business days if:\n\n1. The investment in an Oklahoma rural small business venture\n\nis transferred, 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 rural 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 22 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 rural small business capital company who\n\nrefuses or fails to comply with the provisions of this section or is\n\nhereafter found guilty in a court of competent jurisdiction of any\n\nviolation of any Oklahoma tax law shall not be eligible to be a\n\nqualified rural small business capital company for purposes of this\n\nact.\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\n2357.73 and 2357.74 of this title.\n\nG. The Tax Commission is directed to immediately develop a\n\nsystem for reporting of any tax credits issued pursuant to Sections\n\n2357.73 and 2357.74 of this title and a system which requires the\n\nfiling of informational reports on how the qualified investments\n\nwere used, economic benchmarks achieved, implementation of a\n\nbusiness plan for the Oklahoma rural 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":"5c8b55c6139bd2c59d0b70217986672b7259c315f552daebafd197962b4cfe91","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-2357.74e","next":"us-ok/okla.-stat.-tit.-68-68-2357.76"},"notice":"GroundRules: Original legal text. Not legal advice."}