{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-5085.5","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-5085.5","heading":"Definitions","body":"For purposes of the Oklahoma Capital Formation Act:\n\n1. “Board” means the Oklahoma Science and Technology Research\n\nand Development Board of the Oklahoma Center for the Advancement of\n\nScience and Technology;\n\n2. “Director” means any person who is a member of the Board;\n\n3. “Equity capital” means capital invested in common or\n\npreferred stock, royalty rights, limited partnership interests, and\n\nany other securities or rights that evidence ownership in private\n\nbusinesses;\n\n4. “Investor group” means any individual, corporation,\n\npartnership, or other lawfully organized entity;\n\n5. “Near-equity capital” means capital invested in unsecured,\n\nundersecured, subordinated, or convertible loans or debt securities;\n\n6. “Persons” means individuals, corporations, partnerships, or\n\nother lawfully organized entities;\n\n7. “Put option” means a right or privilege to sell an amount of\n\na particular security or class of securities during a time period\n\nending on the expiration date of the option; and\n\n8. “Tax credits” means tax credits available against\n\nliabilities imposed by Section 2355 of Title 68 of the Oklahoma\n\nStatutes or Section 624 of Title 36 of the Oklahoma Statutes and\n\nissued or transferred pursuant to the Oklahoma Capital Formation\n\nAct.\n\na. The tax credits issued or transferred pursuant to the\n\nOklahoma Capital Formation Act, upon election by the\n\npurchaser at utilization, will be treated as a payment\n\nor prepayment in lieu of tax imposed under Section\n\n2355 of Title 68 of the Oklahoma Statutes.\n\nb. Tax credits utilized pursuant to subparagraph a of\n\nthis paragraph shall be treated and may be claimed as\n\na payment of tax or estimated tax for the purposes of\n\nand as provided in Sections 2375, 2385.9, and 2385.13\n\nof Title 68 of the Oklahoma Statutes. Such tax\n\ncredits are further subject to the system developed in\n\nconjunction with the Oklahoma Tax Commission as\n\nrequired by subsection H of Section 5085.7 of this\n\ntitle for registration and verification of the tax\n\ncredits. Taxpayers may rely upon the provisions of\n\nthe registration and verification system developed\n\npursuant to Section 5085.7 of this title.","path":["OK Code","Title 74"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os74.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"3bc9be8446ba99fc87cf905b6e25a632e4d1848964fb697b1fbc0bdb77733c6f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-5085.4","next":"us-ok/okla.-stat.-tit.-74-74-5085.6"},"notice":"GroundRules: Original legal text. Not legal advice."}