Oklahoma § 68-3936 - Reports on investments by rural funds - Application to

§ 68-3936. Reports on investments by rural funds - Application to

exit the program.

A. Rural funds shall submit a report to the Department within

the first fifteen (15) business days after the second and third

anniversary of the initial credit allowance date. The report

following the second anniversary shall provide documentation as to

the investment of sixty percent (60%) of the purchase price of such

capital investment in qualified investments. The report following

the third anniversary shall provide documentation as to the

investment of one hundred percent (100%) of the purchase price of

such capital investment in qualified investments. Unless previously

reported pursuant to this subsection, such reports shall also

include:

1. The name and location of each eligible business receiving a

qualified investment;

2. Bank statements of such rural fund evidencing each qualified

investment;

3. A copy of the written opinion of the Department, as provided

in subsection C of Section 4 of this act, or evidence that such

business was an eligible business at the time of such qualified

investment, as applicable;

4. The number of jobs created and jobs retained as a result of

each qualified investment;

5. The average salary of positions described in paragraph 4 of

this subsection; and

6. Such other information as required by the Department.

B. For all subsequent years, rural funds shall submit an annual

report to the Department within ninety (90) days of the beginning of

the calendar year during the compliance period. The report shall

include, but is not limited to, the following:

1. The number of jobs created and jobs retained as a result of

qualified investments;

2. The average annual salary of positions described in

paragraph 1 of this subsection; and

3. Such other information as required by the Department.

Oklahoma Statutes - Title 68. Revenue and Taxation

C. On or after the sixth anniversary of the credit allowance

date, a rural fund may apply to the Department to exit the program

and no longer be subject to the regulation hereunder. The

Department shall respond to the exit application within fifteen (15)

days of receipt. In evaluating the exit application, the fact that

no credits have been recaptured and that the rural fund has not

received a notice of recapture that has not been cured pursuant to

subsection E of Section 5 of this act shall be sufficient evidence

to prove that the rural fund is eligible for exit. The Department

shall not unreasonably deny an exit application submitted under this

section. If an exit application is denied, the notice shall include

the reasons for the determination.

Added by Laws 2022, c. 354, § 7, eff. Nov. 1, 2022.