Form 527 - Small Business Capital Company Information Report Page 2
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32011 Form 527 - page 2
Instructions and Guidelines for Preparing
Small Business Capital Company Information Report
68 Oklahoma Statutes (OS) Sec. 2357.60-2357.65 and Rule 710:50-15-86
Reporting Requirements
Each Small Business Capital Company shall file Form 527 with the Oklahoma Tax Commission (OTC) by April 30th fol-
lowing the year in which investments were made. Enclose a copy of the capital company’s annual financial statements,
including documentation to indicate the methods of operation and conduct of the business of the capital company.* This
information will be used by the OTC to determine whether the capital company is complying with the terms of the Small
Business Capital Formation Incentive Act and any rules promulgated by the OTC. No credit shall be allowed for an invest-
ment in the capital company unless such information is provided.
This report shall contain a list of all qualified investments made in, or in conjunction with, the Small Business Capital
Company that may qualify for the tax credit allowed by this act. The report shall state the type and amount of the qualified
investment, the date of the investment, the name and identification number of the entity making the investment and the
business in which the investment was made.
This report shall also contain information regarding the qualified investments made by the Small Business Capital Com-
pany in Oklahoma Small Business Ventures. The report shall state the name and identification number of the business
in which the investment was made, the type of the business, the date of the investment, and the type and amount of the
investment.
* Note: Federally regulated investment companies are exempt from this reporting requirement. As a condition of the ex-
emption such companies are required to provide documentation as set out in 68 OS Sec. 2357.65A.
Additional Reporting Requirement
•
Each qualified Small Business Capital Company shall also make Form 527-A available to all investors in such
company by January 31st. This form shall show the name of the qualified Small Business Capital Company, the
name of the investor, the date of the investment, the total amount of qualified investments in, or in conjunction
with, the company made by such investor and the amount of credit currently available. This form shall be en-
closed with the filed Oklahoma income tax return of the taxpayer claiming the credit.
•
Qualified Small Business Capital Companies or any entity making an investment in conjunction with an
investment by a qualified Small Business Capital Company must notify the Oklahoma Tax Commission within 20
business days if:
1. The investment in an Oklahoma Small Business Venture is transferred, withdrawn or otherwise returned.
or
2. An occurrence upon which an investment is contingent has taken place.
Send such notification to the address shown at the end of the instructions.
Definitions
A qualified Small Business Capital Company can be a “C” or subchapter “S” corporation as defined by the Internal Rev-
enue Code, incorporated pursuant to the laws of Oklahoma; a limited liability company; or a registered business partner-
ship with a certificate of partnership filed as required by law. The qualified Small Business Capital Company must be
organized to provide the direct investment of equity and near-equity funds to Oklahoma Small Business Ventures. The
principal place of business must be located within Oklahoma. The capitalization of the Small Business Capital Company
must be at least $1,000,000 and it cannot invest more than 20% of its funds in any one company at any time during the
calendar year.
An Oklahoma Small Business Venture can be any business, incorporated or unincorporated, which has, or will have within
180 days after a qualified investment is made by a Small Business Capital Company, 50% of its employees or assets
in Oklahoma. Further, the business must need financial assistance to start or expand such business which provides, or
intends to provide, goods or services. The business venture must qualify as a small business as defined by the Federal
Small Business Administration. The Oklahoma Small Business Venture must be engaged in a lawful business activity
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