§ 3931. Definitions
Oklahoma Statutes AnnotatedTitle 68. Revenue and TaxationEffective: November 1, 2022
Effective: November 1, 2022
68 Okl.St.Ann. § 3931
§ 3931. Definitions
As used in this act:
1. “Affiliate” means an entity that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under the common control with another entity. An entity is controlled by another entity if the controlling entity holds, directly or indirectly, the majority of voting or ownership interest in the controlled entity or has control over day-to-day operations of the controlled entity by contract or by law;
a. is acquired after the effective date of this act1 at its original issuance solely in exchange for cash,
c. is designated by the rural fund as a capital investment under this act and is certified by the Department under the provisions of Section 3 of this act.2 This shall include any capital investment that does not meet the provisions of paragraph 1 of subsection A of Section 3 of this act, if such investment was a capital investment in the hands of a prior holder;
Any business which is classified as an eligible business at the time of the initial investment in such business by a rural fund shall remain classified as an eligible business and may receive follow-on investments from any rural fund, and such follow-on investments shall be qualified investments even though such business may not meet the definition of an eligible business at the time of such follow-on investment;
7. “Principal business operations” means the location where at least sixty percent (60%) of a business's employees work or where employees who are paid at least sixty percent (60%) of such business's payroll work. A business that has agreed to relocate employees using the proceeds of a qualified investment to establish its principal business operations in a new location shall be deemed to have its principal business operations in such new location if it satisfied the requirements of this paragraph no later than one hundred eighty (180) days after receiving a qualified investment;
9. “Qualified investment” means any investment in an eligible business or any loan to an eligible business with a stated maturity date of at least one (1) year after the date of issuance, excluding revolving lines of credit and senior-secured debt unless the chief executive or similar officer of the eligible business certifies that the eligible business sought and was denied similar financing from a depository institution, by a rural fund; provided that, with respect to any one eligible business, the maximum amount of investments made in such business by one or more rural funds, on a collective basis with all of the businesses' affiliates, with the proceeds of the capital investments, shall be the greater of twenty percent (20%) of the rural fund's capital investment authority or Six Million Five Hundred Thousand Dollars ($6,500,000.00), exclusive of investments made with repaid or redeemed investments or interest or profits realized thereon;
14. “State tax liability” means the tax imposed under Section 2355, 2355.1P-4, or 2370 of Title 68 of the Oklahoma Statutes or Section 624 or 628 of Title 36 of the Oklahoma Statutes. An insurance company claiming a credit against state premium tax or retaliatory tax or any other tax imposed by Section 624 or 628 of Title 36 of the Oklahoma Statutes shall not be required to pay any additional retaliatory tax under Section 628 of Title 36 of the Oklahoma Statutes as a result of claiming the credit. The credit may fully offset any retaliatory tax imposed by Section 628 of Title 36 of the Oklahoma Statutes.
Credits
Laws 2022, c. 354, § 2, eff. Nov. 1, 2022.
68 Okl. St. Ann. § 3931, OK ST T. 68 § 3931
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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