Oklahoma § 62-867.1 - Incentive or increment district creation – Dissolution –

§ 62-867.1. Incentive or increment district creation – Dissolution –

Annual revenue loss.

A. Within thirty (30) days after the creation of either an

incentive district or an increment district, the sponsoring

governmental entity shall notify the Oklahoma Tax Commission, upon

such form as the Commission shall prescribe, of the geographic area

where the district is located, a description of any locally

authorized tax incentives, such as property tax exemptions, sales

tax exemptions or for purposes of an increment district, whether

there is or will be indebtedness incurred the repayment of which

will partially or entirely be paid from incremental tax revenues

apportioned for such purpose.

B. If an incentive district or increment district is dissolved

or for any reason ceases to be operative, the sponsoring entity

shall notify the Oklahoma Tax Commission within thirty (30) days of

such dissolution or termination upon a form to be prescribed by the

Commission for such purpose.

C. The Oklahoma Tax Commission, in conjunction with the

Oklahoma Department of Commerce, shall make an estimate of the

annual revenue loss resulting from all matching payments to be made

pursuant to Section 844 of Title 62 of the Oklahoma Statutes.

Oklahoma Statutes - Title 62. Public Finance

Added by Laws 2008, c. 367, § 1, eff. Nov. 1, 2008.