{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-3931","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-3931","heading":"Definitions","body":"As used in this act:\n\n1. \"Affiliate\" means an entity that directly, or indirectly\n\nthrough one or more intermediaries, controls, or is controlled by,\n\nor is under the common control with another entity. An entity is\n\ncontrolled by another entity if the controlling entity holds,\n\ndirectly or indirectly, the majority of voting or ownership interest\n\nin the controlled entity or has control over day-to-day operations\n\nof the controlled entity by contract or by law;\n\n2. \"Applicable percentage\" means zero percent (0%) for the\n\nfirst two credit allowance dates, and fifteen percent (15%) for the\n\nnext four credit allowance dates;\n\n3. \"Capital investment\" means any equity investment in a rural\n\nfund by a rural investor which:\n\na. is acquired after the effective date of this act at\n\nits original issuance solely in exchange for cash,\n\nb. has one hundred percent (100%) of its cash purchase\n\nprice used by the rural fund to make qualified\n\ninvestments in eligible businesses located in this\n\nstate by the third anniversary of the initial credit\n\nallowance date, and\n\nc. is designated by the rural fund as a capital\n\ninvestment under this act and is certified by the\n\nDepartment under the provisions of Section 3 of this\n\nact. This shall include any capital investment that\n\ndoes not meet the provisions of paragraph 1 of\n\nsubsection A of Section 3 of this act, if such\n\ninvestment was a capital investment in the hands of a\n\nprior holder;\n\n4. \"Credit allowance date\" means the date on which the\n\nDepartment certifies a rural fund's capital investment and each of\n\nthe five anniversary dates of such date thereafter;\n\n5. \"Department\" means the Oklahoma Department of Commerce;\n\n6. \"Eligible business\" means a business that, at the time of\n\nthe initial qualified investment in the business:\n\na. has fewer than two hundred fifty employees, and\n\nb. has its principal business operations in the state.\n\nAny business which is classified as an eligible business at the\n\ntime of the initial investment in such business by a rural fund\n\nshall remain classified as an eligible business and may receive\n\nfollow-on investments from any rural fund, and such follow-on\n\ninvestments shall be qualified investments even though such business\n\nmay not meet the definition of an eligible business at the time of\n\nsuch follow-on investment;\n\n7. \"Principal business operations\" means the location where at\n\nleast sixty percent (60%) of a business's employees work or where\n\nemployees who are paid at least sixty percent (60%) of such\n\nbusiness's payroll work. A business that has agreed to relocate\n\nemployees using the proceeds of a qualified investment to establish\n\nits principal business operations in a new location shall be deemed\n\nto have its principal business operations in such new location if it\n\nsatisfied the requirements of this paragraph no later than one\n\nhundred eighty (180) days after receiving a qualified investment;\n\n8. \"Purchase price\" means the amount paid to the rural fund\n\nthat issues a capital investment which shall not exceed the amount\n\nof capital investment authority certified under the provisions of\n\nSection 3 of this act;\n\n9. \"Qualified investment\" means any investment in an eligible\n\nbusiness or any loan to an eligible business with a stated maturity\n\ndate of at least one (1) year after the date of issuance, excluding\n\nrevolving lines of credit and senior-secured debt unless the chief\n\nexecutive or similar officer of the eligible business certifies that\n\nthe eligible business sought and was denied similar financing from a\n\ndepository institution, by a rural fund; provided that, with respect\n\nto any one eligible business, the maximum amount of investments made\n\nin such business by one or more rural funds, on a collective basis\n\nwith all of the businesses' affiliates, with the proceeds of the\neligible business sought and was denied similar financing from a\n\ndepository institution, by a rural fund; provided that, with respect\n\nto any one eligible business, the maximum amount of investments made\n\nin such business by one or more rural funds, on a collective basis\n\nwith all of the businesses' affiliates, with the proceeds of the\n\ncapital investments, shall be the greater of twenty percent (20%) of\n\nthe rural fund's capital investment authority or Six Million Five\n\nHundred Thousand Dollars ($6,500,000.00), exclusive of investments\n\nmade with repaid or redeemed investments or interest or profits\n\nrealized thereon;\n\n10. \"Rural area\" means any county of this state that has a\n\npopulation of less than seventy-five thousand (75,000) or any city\n\nor town of this state that has a population not to exceed seven\n\nthousand (7,000) according to the 2020 Federal Decennial Census of\n\nthe United States;\n\n11. \"Rural fund\" means an entity certified by the Department\n\nunder the provisions of Section 3 of this act;\n\n12. \"Rural investor\" means an entity that makes a capital\n\ninvestment in a rural fund;\n\n13. \"Senior-secured debt\" means any loan that is secured by a\n\nfirst mortgage on real estate with a loan-to-value ratio of less\n\nthan eighty percent (80%); and\n\n14. \"State tax liability\" means the tax imposed under Section\n\n2355, 2355.1P-4, or 2370 of Title 68 of the Oklahoma Statutes or\n\nSection 624 or 628 of Title 36 of the Oklahoma Statutes. An\n\ninsurance company claiming a credit against state premium tax or\n\nretaliatory tax or any other tax imposed by Section 624 or 628 of\n\nTitle 36 of the Oklahoma Statutes shall not be required to pay any\n\nadditional retaliatory tax under Section 628 of Title 36 of the\n\nOklahoma Statutes as a result of claiming the credit. The credit\n\nmay fully offset any retaliatory tax imposed by Section 628 of Title\n\n36 of the Oklahoma Statutes.","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":"cc042883c6e3fef3474fa349eb4b2920fbaec9ad4e3a8fbd75ecd233ee26f3f8","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-3930","next":"us-ok/okla.-stat.-tit.-68-68-3932"},"notice":"GroundRules: Original legal text. Not legal advice."}