Section 1 Brief

Section 2 thru 5 Brief - Qualified venture Capital companies

Section 6 thru 16 Brief - Small Business Capital Formation Incentive Act

Section 7 thru 27 Brief - Rural Venture Capital Formation Incentive Act

Sections 28 thru 37 - appear to be other non related job incentives.

Section 1 -- Hidding -- PunishmentE. First report Oct 1 Even no yearsCompare with SECTION 3. NEW LAW which states Nov 1 each year

For releasing private info to unauthorized peopleSECTION 1 G. Unless otherwise provided for in this section, any violation of the provisions of this section shall constitute a misdemeanor and shall be punishable by the imposition of a fine not exceeding One Thousand Dollars ($1,000.00) or by imprisonment in the county jail for a term not exceeding one (1) year, or by both such fine and imprisonment, and the offender shall be removed or dismissed from office.

SECTION 1.     AMENDATORY     68 O.S. 2001, Section 205, as last amended by Section 1, Chapter 375, O.S.L. 2005 (68 O.S. Supp. 2005, Section 205), is amended to read as follows:

Section 205.  A.  The records and files of the Oklahoma Tax Commission concerning the administration of the Uniform Tax Procedure Code or of any state tax law shall be considered confidential and privileged, except as otherwise provided for by law, and neither the Tax Commission nor any employee engaged in the administration of the Tax Commission or charged with the custody of any such records or files nor any person who may have secured information from the Tax Commission shall disclose any information obtained from the records or files or from any examination or inspection of the premises or property of any person.

B.  Except .... when the information contained in the records or files constitutes evidence of violation of the provisions of the Uniform Tax Procedure Code or of any state tax law.

C.  The provisions of this section shall not prevent the Tax Commission from disclosing the following information and no liability whatsoever, civil or criminal, shall attach to any member of the Tax Commission or any employee thereof for any error or omission in the disclosure of such information:

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23.  The furnishing of information regarding incentive payments made pursuant to the provisions of Sections 3601 through 3609 of this title or incentive payments made pursuant to the provisions of Sections 3501 through 3508 of this title;

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27.  The disclosure of information, as prescribed by this paragraph, which is related to the proposed or actual usage of tax credits pursuant to Section 2357.7 of this title, the Small Business Capital Formation Incentive Act or the Rural Venture Capital Formation Incentive Act.  Unless the context clearly requires otherwise, the terms used in this paragraph shall have the same meaning as defined by Section 2357.7, 2357.61 or 2357.72 of this title.  The disclosure of information authorized by this paragraph shall include:

a.          the legal name of any qualified venture Capital company, qualified small business Capital company, or qualified rural small business Capital company,

b. the identity or legal name of any person or entity that is a shareholder or partner of a qualified venture Capital company, qualified small business Capital company, or qualified rural small business Capital company,

c. the identity or legal name of any Oklahoma business venture, Oklahoma small business venture, or Oklahoma rural small business venture in which a qualified investment has been made by a Capital company, or

d. the amount of funds invested in a qualified venture Capital company, the amount of qualified investments in a qualified small business Capital company or qualified rural small business Capital company and the amount of investments made by a qualified venture Capital company, qualified small business Capital company, or qualified rural small business Capital company...Snip....

E.  The Tax Commission shall prepare or cause to be prepared a report on all provisions of state tax law that reduce state revenue through exclusions, deductions, credits, exemptions, deferrals or other preferential tax treatments.  The report shall be prepared not later than October 1 of each even-numbered year and shall be submitted to the Governor, the President Pro Tempore of the Senate and the Speaker of the House of Representatives.  .... Tax Commission may provide the information to the ** Incentive Review Committee or fulfill its obligations as required by this subsection.  The Tax Commission may require this information to be submitted in an electronic format.  The Tax Commission may disallow any claim of a person for a tax incentive due to its failure to file a report as required under the authority of this subsection.  The Tax Commission may consult with the ** Incentive Review Committee to develop a reporting system to obtain the information requested in a manner that is the least burdensome on the taxpayer.

** Note: Incentive Review Committee there is no definition or mention of an "Incentive Review Committee"  

F.  It is further provided that the provisions of this section shall be strictly interpreted and shall not be construed as permitting the disclosure of any other information contained in the records and files of the Tax Commission relating to income tax or to any other taxes.

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G.  Unless otherwise provided for in this section, any violation of the provisions of this section shall constitute a misdemeanor and shall be punishable by the imposition of a fine not exceeding One Thousand Dollars ($1,000.00) or by imprisonment in the county jail for a term not exceeding one (1) year, or by both such fine and imprisonment, and the offender shall be removed or dismissed from office...Snip....