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SECTION 24.     NEW LAW     A new section of law to be codified in the Oklahoma Statutes as Section 2357.74D of Title 68, unless there is created a duplication in numbering, reads as follows:

A.  The Oklahoma Tax Commission shall promulgate rules establishing procedures under which:

1.  A qualified rural small business capital company may, prior to making an investment in an Oklahoma rural small business venture, request a determination letter from the Tax Commission that a business in which it proposes to invest is an "Oklahoma rural small business venture";

2.  A person or entity may request a determination letter that a company meets the definition of a "qualified rural small business capital company"; and

3.  A person or entity may request a determination letter that a transfer of funds meets the definition of a "qualified investment."

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