Title 68. Revenue and Taxation
Oklahoma Statutes Citationized
Title 68. Revenue and Taxation
Chapter 1 - Tax Codes
Article Article 23 - Income Tax
Section 2357.8 - Qualified Venture Capital Company Report and Written Statements - System for Registration of Income Tax Credits.
Cite as: O.S. §, __ __
A. Each qualified venture capital company, as defined in Section 2357.7 of
this title, shall file an annual report within one hundred twenty (120) days
after each successive calendar year end with the Oklahoma Tax Commission which
lists all funds invested in such company which may qualify for the tax credit
allowed by Section 2357.7 of this title. Said report shall state the amount of
funds invested in such company during the taxable year by persons or
corporations, the Social Security number of such person or the federal
identification number of such corporation making such investments, and shall
include a schedule listing the type and amount of investments made by said
venture capital company together with such other information as the Tax
Commission may prescribe.
B. Each qualified venture capital company shall furnish to each person or
corporation who made an investment in such company during the preceding year a
written statement showing the name of the venture capital company, the name of
the investor, the total amount of investments in the company made by such person
or corporation and such other information as the Tax Commission may require.
Said statement shall be attached to the income tax return of such person or
corporation in order to qualify for said tax credit.
C. Any qualified venture capital company who refuses or fails to comply with
the provisions of this section or is hereafter found guilty in a court of
competent jurisdiction of any violation of any Oklahoma income tax law shall not
be eligible to be a qualified venture capital company for purposes of Section
2357.7 of this title. For investments in a venture capital company made prior to
the effective date of this act, if a venture capital company does not invest its
funds in a business that meets the definition of an "Oklahoma business venture"
or the Oklahoma business venture fails to expend the proceeds of the investment,
as provided for in Section 2357.7 of this title, the venture capital company
shall pay to the Tax Commission a penalty equal to the aggregate amount of tax
credit provided to investors in such venture capital company multiplied by a
fraction, the numerator of which is a percentage equal to the difference between
the percentage of capitalization required to be invested in Oklahoma business
ventures and the percentage of funds invested in Oklahoma business ventures
calculated in accordance with subparagraph b of paragraph 1 of subsection B of
Section 2357.7 of this title and the denominator of which is the percentage of
capitalization required to be invested in Oklahoma business ventures. Provided,
to the extent that the penalty cannot be collected from the venture capital
company, the penalty shall be collected from the taxpayers to whom the tax
credits have been granted or transferred. Tax credits granted for investments in
venture capital companies made on or after the effective date of this act shall
be subject to the provisions of Section 5 of this act.
D. Any taxpayer who refuses or fails to comply with the provisions of this
section or is hereafter found guilty in a court of competent jurisdiction of any
violation of any Oklahoma income tax law shall not be eligible for the tax
credit granted in Section 2357.7 of this title.
E. The Tax Commission is directed to immediately develop a system for
registration of any income tax credits issued pursuant to Section 2357.7 et seq.
of this title and a system which permits verification that any tax credit
claimed upon an income tax return is validly issued and properly taken in the
year of claim and ensures that any transfers of the income tax credit are not
unduly restricted or hindered.
Added by Laws 1986, HB 1442, c.
265, § 2, eff. January 1, 1987; Amended by Laws 1987, HB 1444, c. 222, §
111, emerg. eff. July 1, 1987; Amended by Laws 1988, 3rd Extr.Sess.,
c. 2, § 3, emerg. eff. September 9, 1988; Amended by Laws 1998, HB 3205, c. 226,
§ 2, eff. January 1,1999 (superseded document available); Amended by Laws 2006, SB 1577, c.
281, § 4, emerg. eff. June 7, 2006 (superseded document
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