{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-3932","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-3932","heading":"Application to certify capital investment as equity","body":"investment.\n\nA. A rural fund that seeks to have an equity investment\n\ncertified as a capital investment eligible for credits authorized\n\nunder the provisions of this act shall apply to the Department. The\n\nDepartment shall begin accepting applications within ninety (90)\n\ndays of the effective date of this act. The application shall\n\ninclude:\n\n1. The amount of capital investment requested;\n\n2. A copy of the applicant's or an affiliate of the applicant's\n\nlicenses as a rural business investment company under 7 U.S.C.,\n\nSection 2009cc or as a small business investment company under 15\n\nU.S.C., Section 681, and a certificate executed by an executive\n\nofficer of the applicant attesting that such license remains in\n\neffect and has not been revoked;\n\n3. Evidence that, as of the date the application is submitted,\n\nthe applicant or affiliates of the applicant have invested at least\n\nOne Hundred Million Dollars ($100,000,000.00) in nonpublic companies\n\nlocated in counties within the United States with a population of\n\nless than seventy-five thousand (75,000) according to the 2010\n\nFederal Decennial Census of the United States;\n\n4. A business plan that includes a revenue-impact assessment\n\nprojecting state and local tax revenue to be generated by the\n\napplicant's proposed qualified investments, prepared by a nationally\n\nrecognized, third-party, independent economic forecasting firm using\n\na dynamic economic forecasting model that analyzes the applicant's\n\nbusiness plan over the ten (10) years following the date the\n\napplication is submitted to the Department. Such plan shall include\n\nan estimate of the number of jobs created and jobs retained in this\n\nstate as a result of the applicant's qualified investments; and\n\n5. A nonrefundable application fee of Five Thousand Dollars\n\n($5,000.00) payable to the Department.\n\nB. Within thirty (30) days after the receipt of a completed\n\napplication, the Department shall grant or deny the application in\n\nfull or in part. The Department shall deny the application if:\n\n1. The applicant does not satisfy all the criteria provided\n\nunder subsection A of this section;\n\n2. The revenue-impact assessment submitted with the application\n\ndoes not demonstrate that the applicant's business plan will result\n\nin a positive fiscal impact on the state over a ten-year period that\n\nexceeds the cumulative amount of tax credits that would be issued to\n\nthe applicant if the application was approved; or\n\n3. The Department has already approved the maximum amount of\n\ncapital investment authority under Section 4 of this act.\n\nC. If the Department denies any part of the application, it\n\nshall inform the applicant of the grounds for such denial. If the\n\napplicant provides any additional information required by the\n\nDepartment or otherwise completes its application within fifteen\nation was approved; or\n\n3. The Department has already approved the maximum amount of\n\ncapital investment authority under Section 4 of this act.\n\nC. If the Department denies any part of the application, it\n\nshall inform the applicant of the grounds for such denial. If the\n\napplicant provides any additional information required by the\n\nDepartment or otherwise completes its application within fifteen\n\n(15) days of the notice of denial, the application shall be\n\nconsidered complete as of the original date of submission. If the\n\napplicant fails to provide the information or fails to complete its\n\napplication within the fifteen-day period, the application shall\n\nremain denied and must be resubmitted with a new submission date and\n\na new application fee.\n\nD. Upon approval of an application, the Department shall\n\ncertify the proposed equity investment as a capital investment\n\neligible for credits under this act, subject to limitations laid out\n\nin Section 4 of this act. The Department shall provide written\n\nnotice of the certification to the applicant which shall include the\n\namount of the applicant's capital investment authority. The\n\nDepartment shall certify capital investments in the order that the\n\napplication is received by the Department. Applications received on\n\nthe same day shall be deemed to have been received simultaneously.\n\nFor applications that are complete and received on the same day, the\n\nDepartment shall certify applications in proportionate percentages\n\nbased upon the ratio of the amount of capital investment authority\n\nrequested in all applications.","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":"5e4cfaf0b7cad4e242de0352be427d17002a63a868fceacb2aea858469a07224","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-3931","next":"us-ok/okla.-stat.-tit.-68-68-3933"},"notice":"GroundRules: Original legal text. Not legal advice."}