Title 68, Title 68 — Revenue and Taxation

Certified historic structures. A. Except as otherwise provided by subsection I of this section, for tax years beginning after December 31, 2000, there shall be allowed a credit against the tax imposed by Sections 2355 and 2370 of this title or that portion of the tax imposed by S…

vehicle providers. A. For tax years beginning after December 31, 2000, and ending before January 1, 2009, there shall be allowed to an investor making an eligible investment a credit against the tax imposed by Section 2355 or 2370 of this title or Section 624 or 628 of Title 36 o…

For tax years beginning on or after January 1, 2022, there shall be allowed to a resident individual or a part-year resident individual as a credit against the tax imposed by Section 2355 of this title five percent (5%) of the earned income tax credit allowed under Section 32 of …

institute - Tax credit. A. 1. For tax years beginning after December 31, 2004, there shall be allowed against the tax imposed by Section 2355 of this title, a credit for any taxpayer who makes a donation to an independent biomedical research institute and for tax years beginning …

construction of certain energy efficient residential properties A. Except as otherwise provided by subsection G of this section, for the time period beginning on or after January 1, 2006, and ending on July 1, 2016, there shall be allowed a credit against the tax imposed by Secti…

modification expenses. A. 1. Except as otherwise provided in subsection D of this section, for tax years beginning after December 31, 2005, and ending before January 1, 2015, there shall be allowed against the tax imposed by Section 2355 of this title, a credit for eligible wages…

cancer. A. As used in this section: 1. “Cancer” means, but is not limited to, lung cancer, prostate cancer, testicular cancer, skin cancer, colon cancer, breast cancer, or any other form of cancer which is generally recognized as having a higher risk of occurrence in a person who…

A. Except as otherwise provided by subsection F of this section, if any person, firm, corporation, partnership or other legal entity has made application or filed an information report on forms prescribed by the Oklahoma Tax Commission to receive a credit against the tax imposed …

Sections 2357.60 through 2357.65 of this title, including the provisions of Sections 10, 11, 12, 13 and 14 of this act, shall be known and may be cited as the "Small Business Capital Formation Incentive Act". Added by Laws 1997, c. 167, § 1, eff. Jan. 1, 1998. Amended by Laws 200…

A. As used in this section, "nonrecurring adoption expenses" means adoption fees, court costs, medical expenses, attorney fees, and expenses which are directly related to the legal process of adoption of a child including, but not limited to, costs relating to the adoption study,…

As used in the Small Business Capital Formation Incentive Act: 1. "Acquisition" means the use of capital by an Oklahoma small business venture within six (6) months after obtaining the capital to purchase fifty-one percent (51%) or more of the voting interest entitled to elect th…

The Legislature hereby establishes a moratorium on tax credits authorized pursuant to Sections 2357.62 and 2357.63 of Title 68 of the Oklahoma Statutes, subject to the provisions of subsection A of Section 2357.62 and subsection A of Section 2357.63 of Title 68 of the Oklahoma St…

business capital companies. A. Except as provided in Section 1 of this act, for taxable years beginning after December 31, 1997, and before January 1, 2012, there shall be allowed a credit against the tax imposed by Section 2355 or, effective January 1, 2001, Section 2370 of this…

business ventures in conjunction with investment made by qualified small business capital company. A. Except as provided in Section 1 of this act, for taxable years beginning after December 31, 1997, and before January 1, 2012, there shall be allowed a credit against the tax impo…

business ventures - Recapture of credits - Use of near equity or subordinated debt - Offering material statement. A. For purposes of claiming any tax credits authorized by Sections 2357.62 and 2357.63 of Title 68 of the Oklahoma Statutes, any funds invested in an Oklahoma small b…

credit amount. A. As used in this section, “recapture event” means that with respect to a qualified investment in an Oklahoma small business venture: 1. The Oklahoma small business venture fails to expend at least fifty percent (50%) of the proceeds of qualified investments for a…

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, s…

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 i…

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 th…

statements to Commission - Annual written statement to investors - Required notification to Commission - Credit reporting and report filing systems. A. Each qualified small business capital company shall file an annual report with the Oklahoma Tax Commission no later than April 3…

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 c…

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 Agricult…

companies. A. For taxable years beginning after December 31, 1986, and before January 1, 2009, there shall be allowed a credit against the tax imposed by Section 2355 of this title or Section 624 of Title 36 of the Oklahoma Statutes for investments in qualified venture capital co…

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…

As used in the Rural Venture Capital Formation Incentive Act: 1. "Acquisition" means the use of capital by an Oklahoma rural small business venture within six (6) months after obtaining the capital to purchase fifty-one percent (51%) or more of the voting interest entitled to ele…

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 …

business capital companies. A. Except as provided in Section 4 of this act, for taxable years beginning after December 31, 2000, and before January 1, 2012, there shall be allowed a credit against the tax imposed by Section 2355 or, effective January 1, 2001, Section 2370 of this…

ventures in conjunction with investment made by qualified rural small business capital company. A. Except as provided in Section 4 of this act, for taxable years beginning after December 31, 2000, and before January 1, 2012, there shall be allowed a credit against the tax imposed…

business ventures - Recapture of credits - Use of near equity or subordinated debt - Offering material statement. A. For purposes of claiming any tax credits authorized by Sections 2357.73 and 2357.74 of Title 68 of the Oklahoma Statutes, any funds invested in an Oklahoma rural s…

credit amount. A. As used in this section, “recapture event” means that with respect to a qualified investment in an Oklahoma rural small business venture: 1. The Oklahoma rural small business venture fails to expend at least fifty percent (50%) of the proceeds of qualified inves…

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, addr…

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 th…

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 th…

A. Each qualified rural small business capital company shall file an annual report with the Oklahoma Tax Commission no later than April 30 of each year which lists all qualified investments in or in conjunction with such company which may qualify for the tax credit allowed by Sec…

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 sha…

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 Ag…

capital company investment credit. 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 sta…

Written statement to investors - Violations and penalties - Registration system. 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 th…

A. As used in this section: 1. "Activities of daily living (ADL)" shall include: a. ambulating, which is the extent of an individual's ability to move from one position to another and walk independently, b. feeding, which is the ability of an individual to feed oneself, c. dressi…

Recaptured credit amount - Tax increase. A. The provisions of this section shall only be applicable to investments in qualified venture capital companies made on or after June 7, 2006, pursuant to Section 2357.7 of this title. As used in this section, “recapture event” means that…

OS 68-2358v1 (SB 1452, Laws 2024, c. 166, § 1). OS 68-2358v2 (HB 3388, Laws 2024, c. 277, § 2). OS 68-2358v3 (SB 2038, Laws 2024, c. 452, § 155).

Refunds. The income of a member of the Armed Forces of the United States or a civilian who has been or is detained as a prisoner of war or listed as missing in action in a conflict with the enemy in the Southeast Asia and Vietnam war or conflict, and in any future war or conflict…

Notwithstanding any other provision of law to the contrary, any taxpayer who has filed an income tax return for the 2004 or 2005 income tax year or who requested an extension, whether or not the extension was granted, and whether or not the extension has expired prior to the effe…

2022 through 2026. A. As used in this section: 1. "Accredited investor" means a person or entity as defined pursuant to Section 230.501 of Title 17 of the Code of Federal Regulations; 2. "Eligible Oklahoma business venture" means a lawful business entity that is determined by the…

Exemptions - refunds. A. Any payment made by the United States Department of Defense as a result of the death of a member of the Armed Forces of the United States who has been killed in action in a United States Department of Defense designated combat zone shall be exempt from Ok…

A. For taxable years beginning after December 31, 2000, at the election of an individual engaged in a farming business, the tax imposed by Section 2355 of Title 68 of the Oklahoma Statutes for such taxable year shall be equal to the sum of: 1. A tax computed under such section on…

from income tax. A. Interest on local governmental obligations issued after the effective date of this act for purposes other than to provide financing for projects for nonprofit corporations shall be exempt from Oklahoma income taxation. For these purposes, local governmental ob…

For taxable years beginning on or after January 1, 2019, there shall be allowed a deduction for a taxpayer who contracts with a child-placing agency, as defined in Section 402 of Title 10 of the Oklahoma Statutes, in the amount of Five Thousand Dollars ($5,000.00) for expenses in…

exempt from taxation. A. All bonds, notes, debentures, evidences of indebtedness, lease purchase agreements, certificates of participation, commercial paper, or other obligations issued by the State of Oklahoma, the Oklahoma Capitol Improvement Authority, the Oklahoma Municipal P…

Addition to federal taxable income - Subtraction in later years. A. For income tax returns filed after September 10, 2001, by corporations and fiduciaries, federal taxable income shall be increased by eighty percent (80%) of any amount of bonus depreciation received under the fed…