{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-5085.7","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-5085.7","heading":"Tax credits","body":"A. The State of Oklahoma hereby issues tax credits that may be\n\nused to reduce the tax liability of a person, firm or corporation if\n\nsuch liability is imposed pursuant to the provisions of Section 2355\n\nof Title 68 of the Oklahoma Statutes or Section 624 of Title 36 of\n\nthe Oklahoma Statutes. Provided, tax credits against liabilities\n\nimposed pursuant to Section 624 of Title 36 of the Oklahoma Statutes\n\nshall be limited to the amount that would otherwise be collected and\n\nallocated to the General Revenue Fund of the State Treasury. Tax\n\ncredits issued and transferred to the Oklahoma Development Finance\n\nAuthority pursuant to the provisions of this section and prior to\n\nJuly 1, 1991, are hereby transferred to the Oklahoma Capital\n\nInvestment Board, created pursuant to the provisions of the Oklahoma\n\nCapital Formation Act. The total amount of tax credits that are\n\nhereby issued, or are transferred pursuant to this section to the\n\nBoard, is One Hundred Million Dollars ($100,000,000.00). The\n\ncredits shall be freely transferable to subsequent transferees;\n\nhowever, no such tax credit shall be exercisable before July 1,\n\n1990, nor, except as otherwise provided by subsection B of this\n\nsection, after July 1, 2020.\n\nB. Tax credits may be exercised after July 1, 2020, if such tax\n\ncredits were purchased or were agreed to be purchased based upon a\n\ncontractual commitment to the Board made by a person or entity\n\npursuant to an agreement originally entered into no later than\n\nDecember 31, 1995. Any such credits may be exercised until fully\n\nutilized by the person or entity having entered into such\n\ncontractual commitment or by any person or entity having obtained\n\ntax credits from a person or entity having made such a contractual\n\ncommitment or by any subsequent transferee if such tax credit\n\ntransfer occurred prior to the effective date of this act.\n\nC. The Board shall not transfer tax credits except in\n\nconjunction with a legitimate call on a Board guarantee. The Board\n\nshall immediately notify the President Pro Tempore of the Senate,\n\nthe Speaker of the House of Representatives and the Governor in\n\nwriting if any tax credit is transferred in conjunction with a\n\nlegitimate call on a Board guarantee; provided, the Board shall not\n\nbe required to make such notification for transfers to subsequent\n\ntransferees.\n\nD. The Board shall determine the amount of individual tax\n\ncredits to be transferred pursuant to the Oklahoma Capital Formation\n\nAct and may negotiate for sale of such credits subject only to the\n\nlimits imposed by the Oklahoma Capital Formation Act, including the\n\nprovisions of subsections F and G of Section 5085.8 of this title.\n\nE. The Board shall ensure that no more than Twenty Million\n\nDollars ($20,000,000.00) in tax credits has been transferred which\n\nmay be claimed and used to reduce the tax otherwise imposed by\n\nSection 2355 of Title 68 of the Oklahoma Statutes or Section 624 of\n\nTitle 36 of the Oklahoma Statutes for any one (1) fiscal year.\n\nF. The Board shall clearly indicate upon the face of the\n\ncertificate or other document transferring the tax credit the\n\nprincipal amount of the tax credit and the taxable year or years for\n\nwhich the credit may be claimed.\n\nG. Any original sale of tax credits by the Board shall be by\n\ncompetitive bidding unless the sale is for full-face value.\n\nH. The Board shall, in conjunction with the Oklahoma Tax\n\nCommission, develop a system for registration of any tax credits\n\nissued or transferred pursuant to the Oklahoma Capital Formation Act\n\nand a system of certificates that permits verification that any tax\n\ncredit claimed upon a tax return is validly issued, properly taken\n\nin the year of claim and that any transfers of the tax credit are\n\nmade in accordance with the requirements of the Oklahoma Capital\n\nFormation Act.\nansferred pursuant to the Oklahoma Capital Formation Act\n\nand a system of certificates that permits verification that any tax\n\ncredit claimed upon a tax return is validly issued, properly taken\n\nin the year of claim and that any transfers of the tax credit are\n\nmade in accordance with the requirements of the Oklahoma Capital\n\nFormation Act.\n\nI. The Board may pay a fee in connection with the purchase by\n\nthe Board of an option or other agreement pursuant to which a\n\ntransfer of tax credits authorized by the Oklahoma Capital Formation\n\nAct may be made.\n\nJ. Except as otherwise provided by this section and by\n\nsubsections F and G of Section 5085.8 of this title, the Board shall\n\nhave the power to make any contract, execute any document, charge\n\nreasonable fees for services rendered, perform any act or enter into\n\nany financial or other transaction necessary in order to carry out\n\nits mission.\n\nK. The Board may employ such persons as may be required for the\n\nproper implementation of the Oklahoma Capital Formation Act, the\n\nmanagement of its assets, or the performance of any function\n\nauthorized or required by the Oklahoma Capital Formation Act or\n\nnecessary for the accomplishment of any such function. Such persons\n\nshall be selected by the Board based upon outstanding knowledge and\n\nleadership in the field for which the person performs services for\n\nthe Board.","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":"5f76375a85712d56797d3d0ae9ef9f76a8952219af544be1528faa2f9d3cc60a","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-5085.6","next":"us-ok/okla.-stat.-tit.-74-74-5085.8"},"notice":"GroundRules: Original legal text. Not legal advice."}