OK HB2753

Department shall certify capital investment authority limited to $15,000,000 in state tax credits per calendar year for applications approved before the effective date and $15,000,000 for applications approved on or after the effective date, excluding carried-forward credits.

Rural funds receiving prior certifications remain eligible to receive additional certification on new applications submitted after the effective date of this act.

Rural funds must issue capital investments and receive cash within 90 days of receiving certification notice, with at least 10% of the rural investor's capital composed of funds from directors, members, employees, officers, and affiliates.

Rural funds must provide the Department proof of cash investment receipt within 95 days of receiving certification notice, or the certification lapses and must be reapplied for.

Rural funds may request written Department opinion on whether a proposed investment business is eligible, with the Department having 15 business days to respond; failure to respond by day 20 deems the business eligible.