reglab/housing_qa huggingface dataset:
68 OK Stat § 68-2357.63C (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2357.63C. Required records to be prepared and maintained.

|A. Each qualified small business capital company shall prepare and maintain on a current basis the following records and make them available to the Oklahoma Tax Commission upon request: |1. Files for each director and principal of the capital company including the name, address, social security number or federal identification number and such other identifying information as the Tax Commission may require;2. Records concerning all securities and subordinated debt issued by the capital company which include:a.the type of the security and subordinated debt issued,b.the name, address and telephone number of the investor,c.the date of the transaction, andd.the total amount of the qualified investment;3. Records relating to each person making a qualified investment which shall include the social security number or federal tax identification number of each investor;4. Records relating to each Oklahoma small business venture in which the capital company made a qualified investment which includes:a.the name of the business,b.location of the headquarters and principal business operations of the business,c.a description of the type of business in which engaged,d.evidence that the venture meets the definition of an Oklahoma small business venture,e.a copy of any contractual agreement entered into between the capital company and the venture,f.the amount of qualified investment in the venture,g.the type of investment along with supporting documentation,h.the date of the investment, andi.the source of funds invested;5. Organizational documents of the qualified small business capital company and any additional documents relating to the organization or operation of the capital company as requested by the Tax Commission;6. Records relating to all capitalization of the capital company which is not invested in Oklahoma small business ventures;7. Records relating to all distributions made by the capital company which includes the date of the distribution, the amount of the distribution, to whom the distribution was paid, and the purpose of the distribution; and8. All other records that may be requested by the Tax Commission.B. All records required by this section shall be preserved for a period of ten (10) years.Added by Laws 2006, c. 281, § 12, emerg. eff. June 7, 2006.
68 OK Stat § 68-2357.63D (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2357.63D. Rules regarding determination letter procedures.

|The Oklahoma Tax Commission shall promulgate rules establishing procedures under which: |1. A qualified small business capital company may, prior to making an investment in an Oklahoma small business venture, request a determination letter from the Tax Commission that a business in which it proposes to invest is an “Oklahoma small business venture”;2. A person or entity may request a determination letter that a company meets the definition of a “qualified small business capital company”; and3. A person or entity may request a determination letter that a transfer of funds meets the definition of a “qualified investment”.Added by Laws 2006, c. 281, § 13, emerg. eff. June 7, 2006.
68 OK Stat § 68-2357.63E (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2357.63E. Effect of favorable determination letters issued prior to March 15, 2006 - Credit requirements.

|A. Any person or entity that has obtained a favorable determination letter from the Oklahoma Tax Commission prior to March 15, 2006, regarding the ability to claim or otherwise utilize any of the tax credits authorized pursuant to the provisions of Section 2357.62 or 2357.63 of Title 68 of the Oklahoma Statutes shall not be subject to the amendments to the Small Business Venture Capital Formation Incentive Act made by this legislative measure to qualify for the tax credits authorized pursuant to the provisions of Section 2357.62 or 2357.63 of this title except as provided in this section. Notwithstanding any determination letter issued with respect to such investment, no credit shall be allowed unless: |1. Such qualified investment is made prior to November 1, 2006, to satisfy a legitimate business purpose of the entity receiving such investment which is consistent with its organizational instrument, bylaws or other agreement responsible for the governance of the business venture;2. The investor’s funds were at risk; and3. The investment was not made chiefly for the purpose of reducing tax liability.B. Any investment in a qualified small business capital company or an Oklahoma small business venture that occurs on or after November 1, 2006, shall be subject to all of the provisions of the Small Business Capital Formation Incentive Act as amended by the provisions of this legislative measure.Added by Laws 2006, c. 281, § 14, emerg. eff. June 7, 2006.
68 OK Stat § 68-2357.65 (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2357.65. Annual report to the Legislature.

|On or before November 1 of each year subsequent to the effective date of this act, the Oklahoma Tax Commission shall file a report with the Speaker of the House of Representatives and the President Pro Tempore of the Senate. The report shall state the amount of credits actually claimed and allowed pursuant to the provisions of this act during the previous calendar year, statistical information on the qualified investments made by qualified small business capital companies during the previous year, an estimate of the number of jobs created in this state during the previous year, and such other information as the Tax Commission may deem relevant. |Added by Laws 1997, c. 167, § 6, eff. Jan. 1, 1998. Amended by Laws 2006, c. 281, § 16, emerg. eff. June 7, 2006.
68 OK Stat § 68-2357.65A (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2357.65A. Federally regulated investment company exemption.

|A. As used in this section: |1. "Federally regulated investment company" means a qualified small business capital company as defined by Section 2357.61 of this title and that is licensed by the United States Small Business Administration or the United States Department of Agriculture and which qualifies as one of the following types of entities:a.a Small Business Investment Company, orb.a Specialized Small Business Investment Company, orc.a Rural Business Investment Company, ord.a Community Development Entity as defined by Section 45D of the Internal Revenue Code of 1986, as amended; and2. "Qualified small business capital company" means an entity meeting the requirements of Section 2357.61 of this title.B. Federally regulated investment companies shall be exempt from the reporting requirements of subsections C and G of Section 2357.64 of this title.C. As a condition of the exemption authorized by this section, the federally regulated investment company shall provide to the Oklahoma Tax Commission not later than March 15 each year:1. A copy of the federal license issued by the applicable federal regulatory entity;2. A copy of all reports and compliance documents required by the federal regulators; and3. A copy of the annual financial audit of the federally regulated investment company.D. A federally regulated investment company shall also prepare an annual summary report that discloses:1. All investments made in for-profit business entities during the preceding calendar year;2. The primary business address of each for-profit business entity in which any investment was made;3. A statement of the business activity of each of the for-profit business entities described in paragraphs 1 and 2 of this subsection;4. The type of investment instrument used to make the investment; and5. A status report of all investments made by the federally regulated investment company.E. The federally regulated investment company shall transmit a copy of the annual summary prescribed by subsection D of this section to the committees or subcommittees of the Oklahoma House of Representatives and the Oklahoma State Senate having primary jurisdiction over the Small Business Capital Formation Incentive Act, the State Treasurer, the State Auditor and Inspector, the Director of the Office of Management and Enterprise Services and the Oklahoma Tax Commission.F. The report required by subsection D of this section shall be prepared and submitted until all of the monies available to the federally regulated investment fund have been fully invested, all of the investments have been completed and the proceeds from the investment have been disbursed to the equity investors.Added by Laws 2007, c. 353, § 8, eff. Nov. 1, 2007. Amended by Laws 2012, c. 304, § 547.
68 OK Stat § 68-2357.71 (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2357.71. Short title.

|Sections 2357.71 through 2357.76 of this title, including Sections 20, 21, 22, 23, 24 and 25 of this act, shall be known and may be cited as the “Rural Venture Capital Formation Incentive Act”. |Added by Laws 2000, c. 339, § 1, eff. Jan. 1, 2001. Amended by Laws 2006, c. 281, § 17, emerg. eff. June 7, 2006.
68 OK Stat § 68-2357.72a (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2357.72a. Moratorium on certain tax credits.

|The Legislature hereby establishes a moratorium on tax credits authorized pursuant to Sections 2357.73 and 2357.74 of Title 68 of the Oklahoma Statutes, subject to the provisions of subsection A of Section 2357.73 and subsection A of Section 2357.74. Unless otherwise repealed or revoked by the Oklahoma Legislature, the moratorium shall be in effect for investments made on or after June 1, 2010, through December 31, 2011. |Added by Laws 2010, c. 433, § 4.
68 OK Stat § 68-2357.74C (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2357.74C. Required records to be prepared and maintained.

|A. Each qualified rural small business capital company shall prepare and maintain on a current basis the following records and make them available to the Oklahoma Tax Commission upon request: |1. Files for each director and principal of the capital company including the name, address, social security number or federal identification number and such other identifying information as the Tax Commission may require;2. Records concerning all securities issued by the capital company which include:a.the type of the security issued,b.the name, address and telephone number of the investor,c.the date of the transaction, andd.the total amount of the qualified investment;3. Records relating to each person making a qualified investment which shall include the social security number or federal tax identification number of each investor;4. Records relating to each Oklahoma rural small business venture in which the capital company made a qualified investment which includes:a.the name of the business,b.location of the headquarters and principal business operations of the business,c.a description of the type of business in which engaged,d.evidence that the venture meets the definition of an Oklahoma rural small business venture,e.a copy of any contractual agreement entered into between the capital company and the venture,f.the amount of qualified investment in the venture,g.the type of investment along with supporting documentation,h.the date of the investment, andi.the source of the funds invested;5. Organizational documents of the qualified rural small business capital company and any additional documents relating to the organization or operation of the capital company as requested by the Tax Commission;6. Records relating to all capitalization of the capital company which is not invested in Oklahoma rural small business ventures;7. Records relating to all distributions made by the capital company which includes the date of the distribution, the amount of the distribution, to whom the distribution was paid, and the purpose of the distribution; and8. All other records that may be requested by the Tax Commission.B. All records required by this section shall be preserved for a period of ten (10) years.Added by Laws 2006, c. 281, § 23, emerg. eff. June 7, 2006.
68 OK Stat § 68-2357.74D (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2357.74D. Rules regarding determination letter procedures.

|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”; and3. A person or entity may request a determination letter that a transfer of funds meets the definition of a “qualified investment”.Added by Laws 2006, c. 281, § 24, emerg. eff. June 7, 2006.
68 OK Stat § 68-2357.74E (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2357.74E. Effect of favorable determination letters issued prior to March 15, 2006 - Credit requirements.

|A. Any person or entity that has obtained a favorable determination letter from the Oklahoma Tax Commission prior to March 15, 2006, regarding the ability to claim or otherwise utilize any of the tax credits authorized pursuant to the provisions of Section 2357.73 or 2357.74 of Title 68 of the Oklahoma Statutes shall not be subject to the amendments to the Rural Capital Formation Incentive Act made by this legislative measure to qualify for the tax credits authorized pursuant to the provisions of Section 2357.73 or 2357.74 of this title except as provided in this section. Notwithstanding any determination letter issued with respect to such investment, no credit shall be allowed unless: |1. Such qualified investment is made prior to November 1, 2006, to satisfy a legitimate business purpose of the entity receiving such investment which is consistent with its organizational instrument, bylaws or other agreement responsible for the governance of the business venture;2. The investor’s funds were at risk; and3. The investment was not made chiefly for the purpose of reducing tax liability.B. Any investment in a qualified rural small business capital company or an Oklahoma rural small business venture that occurs on or after November 1, 2006, shall be subject to all of the provisions of the Rural Venture Capital Formation Incentive Act as amended by the provisions of this legislative measure.Added by Laws 2006, c. 281, § 25, emerg. eff. June 7, 2006.
68 OK Stat § 68-2357.76 (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2357.76. Annual reporting to legislature.

|On or before November 1 of each year subsequent to the effective date of the Rural Venture Capital Formation Incentive Act, the Oklahoma Tax Commission shall file a report with the Speaker of the House of Representatives and the President Pro Tempore of the Senate. The report shall state the amount of credits actually claimed and allowed pursuant to the provisions of this act during the previous calendar year, statistical information on the qualified investments made by qualified rural small business capital companies during the previous year, an estimate of the number of jobs created in this state during the previous year and such other information as the Tax Commission may deem relevant to the effective administration of the Rural Venture Capital Formation Incentive Act. |Added by Laws 2000, c. 339, § 6, eff. Jan. 1, 2001. Amended by Laws 2006, c. 281, § 27, emerg. eff. June 7, 2006.
68 OK Stat § 68-2357.76A (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2357.76A. Federally regulated investment company exemption.

|A. As used in this section: |1. "Federally regulated investment company" means a qualified rural small business capital company as defined by Section 2357.72 of this title and that is licensed by the United States Small Business Administration or the United States Department of Agriculture and which qualifies as one of the following types of entities:a.a Small Business Investment Company, orb.a Specialized Small Business Investment Company, orc.a Rural Business Investment Company, ord.a Community Development Entity as defined by Section 45D of the Internal Revenue Code of 1986, as amended; and2. "Qualified rural small business capital company" means an entity meeting the requirements of Section 2357.72 of this title.B. Federally regulated investment companies shall be exempt from the requirements of subsections C and G of Section 2357.75 of this title.C. As a condition of the exemption authorized by this section, the federally regulated investment company shall provide to the Oklahoma Tax Commission not later than March 15 each year:1. A copy of the federal license issued by the applicable federal regulatory entity;2. A copy of all reports and compliance documents required by the federal regulators; and3. A copy of the annual financial audit of the federally regulated investment company.D. A federally regulated investment company shall also prepare an annual summary report that discloses:1. All investments made in for-profit business entities during the preceding calendar year;2. The primary business address of each for-profit business entity in which any investment was made;3. A statement of the business activity of each of the for-profit business entities described in paragraphs 1 and 2 of this subsection;4. The type of investment instrument used to make the investment; and5. A status report of all investments made by the federally regulated investment company.E. The federally regulated investment company shall transmit a copy of the annual summary prescribed by subsection D of this section to the committees or subcommittees of the Oklahoma House of Representatives and the Oklahoma State Senate having primary jurisdiction over the Rural Venture Capital Formation Incentive Act, the State Treasurer, the State Auditor and Inspector, the Director of the Office of Management and Enterprise Services and the Oklahoma Tax Commission.F. The report required by subsection D of this section shall be prepared and submitted until all of the monies available to the federally regulated investment fund have been fully invested, all of the investments have been completed and the proceeds from the investment have been disbursed to the equity investors.Added by Laws 2007, c. 353, § 9, eff. Nov. 1, 2007. Amended by Laws 2012, c. 304, § 548.
68 OK Stat § 68-2357.103 (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2357.103. Short title.

|A. Sections 7 and 8 of this act shall be known and may be cited as the “Railroad Modernization Act of 2005”. |B. The exercise of the powers granted to the Department of Transportation and the Oklahoma Tax Commission by the Railroad Modernization Act of 2005 shall be in all respects for the benefit of the people of this state and for the increase of their commerce and prosperity.Added by Laws 2005, c. 413, § 7, eff. July 1, 2005.NOTE: Editorially renumbered from § 2357.101 of this title to avoid duplication in numbering.
68 OK Stat § 68-2357.205 (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2357.205. Cost of sulfur regulation compliance – Election and allocation.

|A. A refiner who is: |1. A small business refiner; or2. One or more persons directly holding an ownership interest in the refiner,may elect to allocate all or a portion of the cost of complying with sulfur regulations issued by the Environmental Protection Agency as a deduction allowable to such persons. The allocation for each person shall be equal to the ratable share of the total amount allocated, determined on the basis of the ownership interest of the person. The taxable income of the refiner shall not be reduced by reason of any amount allowed pursuant to this section.B. An election made pursuant to subsection A of this section for any taxable year shall be made on a timely filed return for such year. The election, once made, shall be irrevocable for the taxable year.C. If any portion of the deduction available under subsection A of this section is allocated to an owner, the cooperative shall provide the owner receiving the allocation written notice of the amount of the allocation. Notice shall be provided before the date on which the return described in subsection B of this section is due.D. The provisions of this section shall apply to refinery properties placed in service after the effective date of this act.Added by Laws 2006, c. 261, § 10, eff. July 1, 2006.
68 OK Stat § 68-2357.302 (2021)
2021 Oklahoma Statutes|Title 68. Revenue and Taxation|§68-2357.302. Credit for employee tuition reimbursement.

|A. Except as provided in subsection F of this section, for taxable years beginning after December 31, 2008, and ending before January 1, 2026, a qualified employer shall be allowed a credit against the tax imposed pursuant to Section 2355 of this title for tuition reimbursed to a qualified employee. |B. The credit authorized by subsection A of this section may be claimed only if the qualified employee has been awarded an undergraduate or graduate degree within one (1) year of commencing employment with the qualified employer.C. The credit authorized by subsection A of this section shall be in the amount of fifty percent (50%) of the tuition reimbursed to a qualified employee for the first through fourth years of employment. In no event shall this credit exceed fifty percent (50%) of the average annual amount paid by a qualified employee for enrollment and instruction in a qualified program at a public institution in Oklahoma.D. The credit authorized by subsection A of this section shall not be used to reduce the tax liability of the qualified employer to less than zero (0).E. No credit authorized by this section shall be claimed after the fourth year of employment.F. No credit otherwise authorized by the provisions of this section may be claimed for any event, transaction, investment, expenditure or other act occurring on or after July 1, 2010, for which the credit would otherwise be allowable. The provisions of this subsection shall cease to be operative on July 1, 2011. Beginning July 1, 2011, the credit authorized by this section may be claimed for any event, transaction, investment, expenditure or other act occurring on or after July 1, 2011, according to the provisions of this section.Added by Laws 2008, c. 417, § 2, eff. Jan. 1, 2009. Amended by Laws 2010, c. 327, § 26, eff. July 1, 2010; Laws 2011, c. 5, § 1; Laws 2014, c. 30, § 2, eff. Nov. 1, 2014; Laws 2017, c. 153, § 1, eff. Nov. 1, 2017.