{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-2357.8","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-2357.8","heading":"Qualified venture capital company - Annual report -","body":"Written statement to investors - Violations and penalties -\n\nRegistration system.\n\nA. Each qualified venture capital company, as defined in\n\nSection 2357.7 of this title, shall file an annual report within one\n\nhundred twenty (120) days after each successive calendar year end\n\nwith the Oklahoma Tax Commission which lists all funds invested in\n\nsuch company which may qualify for the tax credit allowed by Section\n\n2357.7 of this title. Said report shall state the amount of funds\n\ninvested in such company during the taxable year by persons or\n\ncorporations, the Social Security number of such person or the\n\nfederal identification number of such corporation making such\n\ninvestments, and shall include a schedule listing the type and\n\namount of investments made by said venture capital company together\n\nwith such other information as the Tax Commission may prescribe.\n\nB. Each qualified venture capital company shall furnish to each\n\nperson or corporation who made an investment in such company during\n\nthe preceding year a written statement showing the name of the\n\nventure capital company, the name of the investor, the total amount\n\nof investments in the company made by such person or corporation and\n\nsuch other information as the Tax Commission may require. Said\n\nstatement shall be attached to the income tax return of such person\n\nor corporation in order to qualify for said tax credit.\n\nC. Any qualified venture capital company who refuses or fails\n\nto comply with the provisions of this section or is hereafter found\n\nguilty in a court of competent jurisdiction of any violation of any\n\nOklahoma income tax law shall not be eligible to be a qualified\n\nventure capital company for purposes of Section 2357.7 of this\n\ntitle. For investments in a venture capital company made prior to\n\nthe effective date of this act, if a venture capital company does\n\nnot invest its funds in a business that meets the definition of an\n\n“Oklahoma business venture” or the Oklahoma business venture fails\n\nto expend the proceeds of the investment, as provided for in Section\n\n2357.7 of this title, the venture capital company shall pay to the\n\nTax Commission a penalty equal to the aggregate amount of tax credit\n\nprovided to investors in such venture capital company multiplied by\n\na fraction, the numerator of which is a percentage equal to the\n\ndifference between the percentage of capitalization required to be\n\ninvested in Oklahoma business ventures and the percentage of funds\n\ninvested in Oklahoma business ventures calculated in accordance with\n\nsubparagraph b of paragraph 1 of subsection B of Section 2357.7 of\n\nthis title and the denominator of which is the percentage of\n\ncapitalization required to be invested in Oklahoma business\n\nventures. Provided, to the extent that the penalty cannot be\n\ncollected from the venture capital company, the penalty shall be\n\ncollected from the taxpayers to whom the tax credits have been\n\ngranted or transferred. Tax credits granted for investments in\n\nventure capital companies made on or after the effective date of\n\nthis act shall be subject to the provisions of Section 5 of this\n\nact.\n\nD. 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 income\n\ntax law shall not be eligible for the tax credit granted in Section\n\n2357.7 of this title.\n\nE. The Tax Commission is directed to immediately develop a\n\nsystem for registration of any income tax credits issued pursuant to\n\nSection 2357.7 et seq. of this title and a system which permits\n\nverification that any tax credit claimed upon an income tax return\n\nis validly issued and properly taken in the year of claim and\n\nensures that any transfers of the income tax credit are not unduly\n\nrestricted or hindered.","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":"352e3bc72a6ad25293dfdeaaa118a048d04b68702c85d596d7948eb42264d061","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-2357.7a","next":"us-ok/okla.-stat.-tit.-68-68-2357.801"},"notice":"GroundRules: Original legal text. Not legal advice."}