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Small business Capital company
SECTION 9. AMENDATORY 68 O.S. 2001, Section 2357.63, as last amended by Section 4, Chapter 299, O.S.L. 2005 (68 O.S. Supp. 2005, Section 2357.63), is amended to read as follows: Section 2357.63 A. For taxable years beginning after December 31, 1997, and before January 1, 2012, there shall be allowed a credit against the tax imposed by Section 2355 or, effective January 1, 2001, Section 2370 of this title or, effective July 1, 2001, against the tax imposed by Section 624 or 628 of Title 36 of the Oklahoma Statutes,
B. The credit provided for in this section shall be twenty percent (20%) of the
cash amount of qualified investment made in Oklahoma small business ventures in
conjunction with qualified investment in such ventures made by a
qualified small business Capital company and shall be allowed for a the
taxable year during which the qualified investment is made in an
Oklahoma small business venture. If the tax credit allowed pursuant to
subsection A of this section exceeds the amount of taxes due or if there are no
state taxes due of the taxpayer, the amount of the claim not used as an offset
against the taxes of a taxable year may be carried forward for a period not to exceed
ten (10) three (3) taxable years. To qualify for the credit
authorized by this section, an a qualified investment shall be:
1. Made by a shareholder, member or partner of a qualified small business
Capital company that has invested funds made a qualified investment
in an Oklahoma small business venture;2. Invested in the purchase of equity or near-equity in an Oklahoma small business
venture;
3. Made under the same terms and conditions as the qualified investment made by
the qualified small business Capital company; and4. Limited to the lesser of: a. two hundred percent (200%) of any qualified investment by the taxpayer in
the qualified small business Capital company, or
b. two hundred percent (200%) of the qualified investment made by the qualified
small business Capital company in the Oklahoma small business venture
Note: The area of the law addressing the 200% limitations is ambiguous leaving it unclear, what, if anything, is in fact limited to 200%.
C. No taxpayer may claim the credit provided for in this section for a qualified
investment made prior to January 1, 1998.
D. No taxpayer may claim the credit authorized by this section for the same invested
qualified investment amount for which any credit is claimed pursuant to
either Section 2357.73 or 2357.74 of this title.
E. If a pass-through entity is entitled to a credit under this section, the
pass-through entity shall allocate such credit to one or more of the
shareholders, partners or members of the pass-through entity; provided, the
total of all credits allocated shall not exceed the amount of the credit to
which the pass-through entity is entitled.
The
credit may only be claimed for funds borrowed by the pass-through entity to
make a qualified investment if a shareholder, partner or member to whom the
credit is allocated has a legal obligation to repay the borrowed funds but the
allocation may not exceed such shareholder's, partner's or member's pro-rata
equity share of the pass-through entity even if the taxpayer's legal obligation
to repay the borrowed funds is in excess of such amount. For purposes of this
act, "pass-through entity" means a corporation that for the applicable tax
years is treated as an S corporation under the Internal Revenue Code, general
partnership, limited partnership, limited liability partnership, trust, or
limited liability company that for the applicable tax year is not taxed as a
corporation for federal income tax purposes.