SECTION 23.     NEW LAW     A new section of law to be codified in the Oklahoma Statutes as Section 2357.74C of Title 68, unless there is created a duplication in numbering, reads as follows:

A.  Each qualified rural small business capital company shall prepare and maintain on a current basis the following records and make them available to the Oklahoma Tax Commission upon request:

1.  Files for each director and principal of the capital company including the name, address, social security number or federal identification number and such other identifying information as the Tax Commission may require;

2.  Records concerning all securities issued by the capital company which include:

a.           the type of the security issued,

b.           the name, address and telephone number of the investor,

c.            the date of the transaction, and

d.           the total amount of the qualified investment;

3.  Records relating to each person making a qualified investment which shall include the social security number or federal tax identification number of each investor;

4.  Records relating to each Oklahoma rural small business venture in which the capital company made a qualified investment which includes:

a.           the name of the business,

b.           location of the headquarters and principal business operations of the business,

c.            a description of the type of business in which engaged,

d.           evidence that the venture meets the definition of an Oklahoma rural small business venture, '> '> e.           a copy of any contractual agreement entered into between the capital company and the venture,

f.            the amount of qualified investment in the venture,

g.           the type of investment along with supporting documentation,

h.           the date of the investment, and

i. the source of the funds invested;

5.  Organizational documents of the qualified rural small business capital company and any additional documents relating to the organization or operation of the capital company as requested by the Tax Commission;

6.  Records relating to all capitalization of the capital company which is not invested in Oklahoma rural small business ventures;

7.  Records relating to all distributions made by the capital company which includes the date of the distribution, the amount of the distribution, to whom the distribution was paid, and the purpose of the distribution; and

8.  All other records that may be requested by the Tax Commission.

B.  All records required by this section shall be preserved for a period of ten (10) years.

Copyright 2007 - 2020   See disclosures   Email: