Oklahoma § 68-3504 - Incentive payments - Amount - Application Qualifications - Approval - Notice - Additional information
Full text of Oklahoma Oklahoma Statutes § 68-3504 — Incentive payments - Amount - Application Qualifications - Approval - Notice - Additional information, with citation guidance and answers to common questions.
§ 68-3504. Incentive payments - Amount - Application Qualifications - Approval - Notice - Additional information
A. A political subdivision may receive quarterly incentive
payments from the Oklahoma Tax Commission pursuant to the provisions
of this act in an amount which shall be equal to the net benefit
rate multiplied by the actual gross payroll of new direct jobs for a
calendar quarter; provided, the total amount of such payments shall
not exceed the total net benefit.
B. In order to receive incentive payments pursuant to the
provisions of this act, a political subdivision shall apply to the
Oklahoma Department of Commerce. The application shall be on a form
prescribed by the Department and shall contain such information as
may be required by the Department.
C. The Department shall determine if the applicant is qualified
to receive incentive payments pursuant to the provisions of this act
and if so, conduct a cost/benefit analysis to determine the
estimated net direct state benefits and the net benefit rate and to
estimate the amount of gross payroll for the project term. In
conducting such cost/benefit analysis, the Department shall consider
quantitative factors, such as the anticipated level of new tax
revenues to the state along with the added cost to the state of
providing services, qualitative factors, and such other criteria as
deemed appropriate by the Department.
D. Upon approval of such an application, the Department shall
notify the Oklahoma Tax Commission and shall provide the Commission
with a copy of the application and the results of the cost/benefit
analysis. The Tax Commission may require the political subdivision
or the qualified federal facility to submit such additional
information as may be necessary to administer the provisions of this
act.
Added by Laws 1993, c. 1, § 4, emerg. eff. Feb. 8, 1993.
Frequently Asked Questions About Oklahoma § 68-3504
What does Oklahoma Statutes § 68-3504 cover?
Section 68-3504 ("Incentive payments - Amount - Application Qualifications - Approval - Notice - Additional information") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 68-3504?
A common citation format is "Oklahoma Statutes § 68-3504" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 68-3504 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.