reglab/housing_qa huggingface dataset:
74 OK Stat § 74-5066.2 (2021)
2021 Oklahoma Statutes|Title 74. State Government|§74-5066.2. Definitions.

|As used in this act: |1. "Commercial stage" means the point at which the product has advanced beyond the theoretical and prototype stage and is capable of being manufactured or reduced to practice commercially;2. "Intellectual property" means a patent, patent pending, trademark, copyright or trade secret;3. "Licensor" means the person who owns the intellectual property rights of a product;4. "Licensee" means the person to whom the intellectual properties related to a product have been licensed or assigned;5. "Person" means any individual, sole proprietor, partnership or corporation;6. "Product" means any device, technique or process;7. "Royalties" means all things of value received by a licensor in connection with the licensing, rental or sale of a product patented, patent pending, copyrighted or trademarked pursuant to federal law; and8. "Strategic alliances" means a business agreement such as licensing, joint venture partnership, etc., between two or more persons.Added by Laws 1992, c. 246, § 3, emerg. eff. May 21, 1992.
74 OK Stat § 74-5066.3 (2021)
2021 Oklahoma Statutes|Title 74. State Government|§74-5066.3. Product development assistance program.

|The Oklahoma Department of Commerce shall establish a program to provide product development assistance to Oklahoma manufacturing and marketing businesses. The program shall: |1. Identify, characterize and catalogue Oklahoma businesses interested in and committed to expansion by commercialization of new products utilizing their available capital, knowledge and human assets;2. Identify new product opportunities on a worldwide basis that match the current or expanding manufacturing and marketing base of Oklahoma businesses;3. Provide assistance to make new products available to Oklahoma businesses, which shall include assistance in forming strategic alliances, market and product analysis, business counseling and other assistance necessary to develop the products to the commercial stage; and4. Facilitate the formation of a product development investment fund.Added by Laws 1992, c. 246, § 4, emerg. eff. May 21, 1992.
74 OK Stat § 74-5066.4 (2021)
2021 Oklahoma Statutes|Title 74. State Government|§74-5066.4. Authority of Department of Commerce.

|The Oklahoma Department of Commerce shall have the authority to: |1. Enter into contracts with public and private agencies, institutions, organizations and individuals for the purpose of providing assistance to and services for Oklahoma manufacturing and marketing firms as required by this act. Such contracts shall be exempt from the provisions of Section 85.1 et seq. of Title 74 of the Oklahoma Statutes;2. Solicit the support and contributions of public and private agencies, organizations, institutions and individuals;3. Receive and administer funds for the purpose of operating the product development program;4. Advertise and promote the product development program; and5. Promulgate rules and regulations to implement the provisions of this act.Added by Laws 1992, c. 246, § 5, emerg. eff. May 21, 1992.
74 OK Stat § 74-5066.5 (2021)
2021 Oklahoma Statutes|Title 74. State Government|§74-5066.5. Agreement to pay royalty fee.

|The Oklahoma Department of Commerce may enter into an agreement with a potential licensor to receive a fee not to exceed an amount equal to twenty percent (20%) of all royalties from any product commercialized under the product development program for the life of the license. |Added by Laws 1992, c. 246, § 6, emerg. eff. May 21, 1992.
74 OK Stat § 74-5066.6 (2021)
2021 Oklahoma Statutes|Title 74. State Government|§74-5066.6. Product Development Program Fund.

|There is hereby created in the State Treasury a separate revolving fund for the Oklahoma Department of Commerce to be designated as the "Product Development Program Fund". The fund shall be a continuing fund, not subject to fiscal year limitations and shall consist of all monies received by the Department for implementation of the Product Development Act from all funds appropriated thereto by the Oklahoma State Legislature, all fees received pursuant to this act, any federal funds, gifts, private and matching funds and all contributions dedicated thereto from any source. All monies accruing to the credit of said fund are hereby appropriated and may be budgeted and expended by the Department for the purposes of this act. Any amount in said fund not directly needed to implement the provisions of this act shall go to the General Revenue Fund of the state. Expenditures from said fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment. |Added by Laws 1992, c. 246, § 7, emerg. eff. May 21, 1992. Amended by Laws 2012, c. 304, § 1042.
74 OK Stat § 74-5066.7 (2021)
2021 Oklahoma Statutes|Title 74. State Government|§74-5066.7. Annual report.

|The Director of the Oklahoma Department of Commerce shall submit an annual report on or before December 31 of each year to the Governor and the Oklahoma State Legislature which shall include but not be limited to: |1. The number of products and description thereof of products developed to the commercial stage; and2. The total fees collected and donations received.Added by Laws 1992, c. 246, § 8, emerg. eff. May 21, 1992.
74 OK Stat § 74-5071 (2021)
2021 Oklahoma Statutes|Title 74. State Government|§74-5071. Short title.

|This act shall be known and may be cited as the "Small Business Incubators Incentives Act". |Added by Laws 1987, c. 228, § 1, eff. Jan. 1, 1988.
74 OK Stat § 74-5072 (2021)
2021 Oklahoma Statutes|Title 74. State Government|§74-5072. Purpose of act.

|The purpose of the Small Business Incubators Incentives Act shall be to promote, encourage and advance economic prosperity and employment throughout the state by creating a more favorable tax climate for tenants of small business incubators in this state. |Added by Laws 1987, c. 228, § 2, eff. Jan. 1, 1988. Amended by Laws 2019, c. 320, § 1.
74 OK Stat § 74-5073 (2021)
2021 Oklahoma Statutes|Title 74. State Government|§74-5073. Definitions.

|As used in this act: |1. "Director" means the Director of the Oklahoma Department of Commerce;2. "Incubator" means a facility in which small units of space may be leased by a tenant and in which management maintains or provides access to business development services for use by tenants; 3. "Sponsor" means an organization, with a registered office or other office or offices in this state, which enters into a written agreement with the Oklahoma Department of Commerce to establish, operate, and administer a small business incubator facility or to provide funding to an organization which operates such a facility, including municipalities, universities, industrial and commercial development authorities, redevelopment authorities, municipal authorities, or any private nonprofit or for-profit organization approved by the Oklahoma Department of Commerce; and4. "Tenant" means a sole proprietorship, business partnership, or corporation operating a business for profit and leasing or otherwise occupying space in an incubator.Added by Laws 1987, c. 228, § 3, eff. Jan. 1, 1988.
74 OK Stat § 74-5074 (2021)
2021 Oklahoma Statutes|Title 74. State Government|§74-5074. Director - Powers and duties.

|The Director of the Oklahoma Department of Commerce shall have the power and authority to carry out the following functions: |1. Solicit support and participation of public and private agencies, universities and other institutions for the purposes of establishing and operating incubators;2. Assemble, publish and disseminate information to potential sponsors and tenants in this state regarding small business opportunities, techniques for forming incubators, sources of public and private assistance and sources of related financing;3. Organize, host and participate in seminars and other forums designed to disseminate information and technical assistance regarding incubators to small businesses in this state; 4. Review and approve applications from potential sponsors which seek to qualify for exemption from state income tax pursuant to Sections 5 and 6 of this act; and5. Establish a volunteer, local advisory committee, consisting of representatives from business and administrators at educational institutions and other groups, to assist in the performance of these functions.Added by Laws 1987, c. 228, § 4, eff. Jan. 1, 1988.
74 OK Stat § 74-5075 (2021)
2021 Oklahoma Statutes|Title 74. State Government|§74-5075. State income tax exemption for sponsor.

|A. For tax years ending before January 1, 2020, income earned by a sponsor from rental fees, service fees or any other form of payment for services provided to a tenant as an operator of an incubator, or for providing funding for such a facility, shall be exempt from state income tax for a period not to exceed ten (10) years from the date of the tenant's occupancy in an incubator. |B. The Oklahoma Tax Commission shall promulgate rules and regulations to implement the provisions of this section.Added by Laws 1987, c. 228, § 5, eff. Jan. 1, 1988. Amended by Laws 1997, c. 230, § 1, eff. Nov. 1, 1997; Laws 2019, c. 320, § 2.
74 OK Stat § 74-5076 (2021)
2021 Oklahoma Statutes|Title 74. State Government|§74-5076. Application to become sponsor.

|A. Any company or association proposing to qualify as a sponsor under this act shall file an application with the Director of the Oklahoma Department of Commerce for approval. The application shall contain such information as the Director may by regulation require, and shall specifically acknowledge applicant's agreement to be bound by the conditions set forth in rules and regulations issued pursuant to this section. Each applicant also shall demonstrate: |1. That a facility exists that can be transformed into an incubator at a specified cost;2. The ability directly to provide, or arrange for the provision of, business development services for tenants of the incubator. These services shall include, but not be limited to, financial consulting assistance, management and marketing assistance, and physical services;3. A potential for sustained use of the incubator facility by eligible tenants, through a market study and other means; and4. The ability to manage and operate the incubator facility in accordance with Section 7 of this act.B. In determining whether to approve an application for qualification as a sponsor, the Director shall consider:1. The ability of the sponsor to carry out the provisions of Section 7 of this act;2. The economic impact of the incubator on the community;3. The incubator's conformance with state, areawide and local economic development plans if such exist; and4. The location of the incubator, in order to encourage geographic distribution of incubators across the state.Added by Laws 1987, c. 228, § 6, eff. Jan. 1, 1988.
74 OK Stat § 74-5077 (2021)
2021 Oklahoma Statutes|Title 74. State Government|§74-5077. Responsibilities and duties of sponsor - Not-for-profit enterprises as tenants.

|A. A sponsor shall have the following responsibilities and duties in establishing and operating an incubator: |1. Securing title to the facility or a lease with a sufficient length of term or other security, deemed sufficient by the Director of the Oklahoma Department of Commerce, to assure that the purposes of this act are carried out;2. Managing the physical development of the incubator facility, including the provision of common conference or meeting space;3. Furnishing and equipping the facility to provide business services to the tenants;4. Marketing the facility and securing eligible tenants;5. Providing financial consulting, marketing, and management assistance services or arranging for the provision of these services for tenants of the incubator, including assistance in accessing private financial markets;6. Setting rental and service fees; and7. Encouraging the sharing of ideas between tenants and otherwise aid the incubator and setting policy for the termination of occupancy of tenants so as to maximize the opportunity to succeed for the greatest number of tenants, consistent with the other criteria specified in this act.B. Not-for-profit enterprises are not permitted as tenants in incubators assisted under this act except by specific consent of the Director in cases in which such tenancy would be exceptionally helpful in promoting the purposes of this act or such tenancy is essential to the economic viability of the incubator.Added by Laws 1987, c. 228, § 7, eff. Jan. 1, 1988.
74 OK Stat § 74-5078 (2021)
2021 Oklahoma Statutes|Title 74. State Government|§74-5078. State income tax exemption for tenant.

|A. For a period of up to ten (10) years from the date of tenant's occupancy in an incubator, income earned by the tenant as a result of activities conducted as an occupant in an incubator, including income distributed to partners, shareholders of a corporation for which a Subchapter S election is in effect and to the members of a limited liability company, shall be exempt from state income tax. The exemption provided by this section shall remain in effect for such activities by such tenant after the date the tenant is no longer an occupant in an incubator, but not to exceed a total duration of ten (10) years for any tenant. |B. For tax years ending before January 1, 2020, in order to qualify for the income tax exemption for the sixth through tenth year as authorized by this section, the tenant must make at least seventy-five percent (75%) of its gross sales constituting the principal business activity of the business to buyers located outside the state or to buyers whose principal business activity is conducted outside the state or to the federal government or to buyers located within the state if the product or service is resold to an out-of-state customer or buyer for ultimate use. Provided, if a tenant does not achieve the qualifying percentage for any one of the above tax years, the tenant shall not be disqualified for subsequent tax years in which the qualifying percentage is achieved.The Oklahoma Tax Commission shall promulgate rules to implement the provisions of this section.Added by Laws 1987, c. 228, § 8, eff. Jan. 1, 1988. Amended by Laws 1997, c. 230, § 2, eff. Nov. 1, 1997; Laws 2001, c. 187, § 1, eff. Nov. 1, 2001; Laws 2002, c. 486, § 11, eff. Jan. 1, 2003; Laws 2019, c. 320, § 3.
74 OK Stat § 74-5079 (2021)
2021 Oklahoma Statutes|Title 74. State Government|§74-5079. Annual report to Legislature.

|On or before December 31 of each year, the Director of the Oklahoma Department of Commerce shall provide a report to both the Speaker of the House of Representatives and the President Pro Tempore of the Senate which shall include, but not be limited to: |1. The number of applications for incubators submitted;2. The number of applications for incubators approved;3. The number of incubators created under this act;4. The number of tenants occupying each incubator;5. The number of jobs provided by each incubator and tenants of each incubator; and6. The number of firms still operating in the state after ending their tenancy in incubators and the number of jobs they have provided.Added by Laws 1987, c. 228, § 9, eff. Jan. 1, 1988.
74 OK Stat § 74-5085.1 (2021)
2021 Oklahoma Statutes|Title 74. State Government|§74-5085.1. Short title.

|Sections 5085.1 through 5085.12 of this title and Section 37 of this act shall be known and may be cited as the "Oklahoma Capital Formation Act". |Added by Laws 1991, c. 188, § 1, eff. July 1, 1991. Amended by Laws 1993, c. 275, § 36, eff. July 1, 1994.
74 OK Stat § 74-5085.2 (2021)
2021 Oklahoma Statutes|Title 74. State Government|§74-5085.2. Statement of need - Oklahoma Capital Investment Board - Certification by Governor.

|A. Fundamental changes have occurred in national and international financial markets and in the financial markets of this state. Oklahoma needs to increase the availability of equity and near-equity capital for emerging, expanding and restructuring enterprises in Oklahoma. Such investments will create jobs for Oklahomans and will help to diversify the state's economic base. |B. Any public trust organized pursuant to Title 60 of the Oklahoma Statutes for the benefit of the entire State of Oklahoma, which was created for multiple purposes shall become eligible to be the Oklahoma Capital Investment Board as provided by this act. Such trust may amend its indenture to encompass the provisions of this act, and, upon certification by the Governor, such trust shall be known as and exercise all the powers of the Oklahoma Capital Investment Board as provided by law. After the certification of the trust as the Oklahoma Capital Investment Board, the trustees of such trust shall become members of the Board of Directors of the Oklahoma Capital Investment Board as provided for in Section 6 of this act. The Oklahoma Capital Investment Board is hereby constituted a public trust of the state and the exercise of the Board and powers conferred by this act shall be deemed and held to be the performance of essential public purposes.Added by Laws 1991, c. 188, § 2, eff. July 1, 1991.
74 OK Stat § 74-5085.3 (2021)
2021 Oklahoma Statutes|Title 74. State Government|§74-5085.3. Mission of Oklahoma Capital Investment Board.

|The mission of the Oklahoma Capital Investment Board shall be to mobilize equity and near-equity capital for investment in such a manner that will result in significant potential to create jobs and diversify and stabilize the economy of the State of Oklahoma. |Added by Laws 1991, c. 188, § 3, eff. July 1, 1991.
74 OK Stat § 74-5085.4 (2021)
2021 Oklahoma Statutes|Title 74. State Government|§74-5085.4. Business plan - Submission to Oklahoma Futures - Distribution of plan.

|In order to fulfill its mission as mobilizer of equity and near-equity capital, the Oklahoma Capital Investment Board shall be subject to the policy development of Oklahoma Futures. The Oklahoma Capital Investment Board shall develop an annual business plan for the Board. The business plan shall be submitted to Oklahoma Futures for its approval and shall be included in the annual report of Oklahoma Futures. Oklahoma Futures shall review the business plan and the annual report of the Board to ensure its consistency with the goals of the state's recurring five-year economic development plan. The Board shall distribute copies of the business plan by such means that will make it widely available to communities, firms and local economic development managers throughout this state. Oklahoma Futures shall not be involved in the day-to-day administration of the Board. |Added by Laws 1991, c. 188, § 4, eff. July 1, 1991.
74 OK Stat § 74-5085.5 (2021)
2021 Oklahoma Statutes|Title 74. State Government|§74-5085.5. Definitions.

|For purposes of this act: |1. "Board" means the Oklahoma Capital Investment Board;2. "Director" means any person who is a member of the Board;3. "Equity capital" means capital invested in common or preferred stock, royalty rights, limited partnership interests, and any other securities or rights that evidence ownership in private businesses;4. "Investor group" means any individual, corporation, partnership or other lawfully organized entity;5. "Near-equity capital" means capital invested in unsecured, undersecured, subordinated or convertible loans or debt securities;6. "Persons" means individuals, corporations, partnerships or other lawfully organized entities;7. "Put option" means a right or privilege to sell an amount of a particular security or class of securities during a time period ending on the expiration date of the option; and8. "Tax credits" means tax credits available against liabilities imposed by Section 2355 of Title 68 of the Oklahoma Statutes or Section 624 of Title 36 of the Oklahoma Statutes and issued or transferred pursuant to this act.a.The tax credits issued or transferred pursuant to the Oklahoma Capital Formation Act, upon election by the purchaser at utilization, will be treated as a payment or prepayment in lieu of tax imposed under Section 2355 of Title 68 of the Oklahoma Statutes;b.Tax credits utilized pursuant to subparagraph a of this paragraph shall be treated and may be claimed as a payment of tax or estimated tax for the purposes of and as defined in Sections 2375, 2385.9 and 2385.13 of Title 68 of the Oklahoma Statutes. Such tax credits are further subject to the system developed in conjunction with the Oklahoma Tax Commission as required by subsection C of Section 5085.7 of this title for registration and verification of the tax credits. Taxpayers may rely upon the provisions of the registration and verification system developed pursuant to Section 5085.7 of this title.Added by Laws 1991, c. 188, § 5, eff. July 1, 1991. Amended by Laws 1995, c. 337, § 14, emerg. eff. June 9, 1995.
74 OK Stat § 74-5085.9 (2021)
2021 Oklahoma Statutes|Title 74. State Government|§74-5085.9. Annual report - Evaluation by Oklahoma Futures.

|A. The Board shall publish a separate annual report in conjunction with its annual audit and present the report to the Governor, the Legislature and Oklahoma Futures. The annual report shall review the mission of the Board and programs implemented according to objective measures set forth in the Board's business plan. The Board shall distribute this annual report by such means that will make it available to the financial community. |B. Seven (7) years after the Board has begun operations, Oklahoma Futures shall review, analyze and evaluate the extent to which the Board has achieved its statutory mission. The evaluation shall include, but not be limited to, an examination of quantified results of the Board's programs and plans.Added by Laws 1991, c. 188, § 9, eff. July 1, 1991.
74 OK Stat § 74-5085.10 (2021)
2021 Oklahoma Statutes|Title 74. State Government|§74-5085.10. Spending authority.

|Notwithstanding other provisions of law, the Board or any entity designated by the Board, shall have the authority to expend funds to administer and operate the programs of the Oklahoma Capital Investment Board. |Added by Laws 1991, c. 188, § 10, eff. July 1, 1991.
74 OK Stat § 74-5085.11 (2021)
2021 Oklahoma Statutes|Title 74. State Government|§74-5085.11. Oklahoma Capital Formation Revolving Fund.

|A. There is hereby created in the State Treasury a revolving fund for the Oklahoma Department of Commerce to be designated the "Oklahoma Capital Formation Revolving Fund". The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of appropriated funds. All monies accruing to the credit of said fund are hereby appropriated and, as authorized by the Oklahoma Capital Investment Board, shall be expended by the Oklahoma Department of Commerce to perform the duties imposed upon the Oklahoma Capital Investment Board by law. Expenditures of appropriated funds from said fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment. |B. On the effective date of this act, any unencumbered funds remaining in the Oklahoma Capital Investment Board Revolving Fund shall be transferred to the credit of the Oklahoma Capital Formation Revolving Fund. Any unexpended funds remaining in the Oklahoma Capital Investment Board Revolving Fund after November 15, 1991, shall be transferred to the credit of the Oklahoma Capital Formation Revolving Fund.Added by Laws 1991, c. 188, § 11, eff. July 1, 1991. Amended by Laws 2012, c. 304, § 1043.