Oklahoma § 68-3634

§ 68-3634.

Conditionally prequalified rebate amount.

Oklahoma Statutes - Title 68. Revenue and Taxation

A. The total amount of rebate payments conditionally prequalified by the Department of Commerce each fiscal year with

respect to any of the incentives authorized pursuant to this act

shall not exceed Thirty Million Dollars ($30,000,000.00). Projects

not conditionally pre-qualified for rebate payments due to the

limitations provided in this section may be conditionally prequalified by the Department in subsequent fiscal years.

B. The amount of rebate payments conditionally pre-qualified by

the Department of Commerce each fiscal year with respect to any of

the incentives authorized pursuant to this act shall not exceed:

1. Seven Million Five Hundred Thousand Dollars ($7,500,000.00)

for production projects with total expenditures of less than Seven

Million Five Hundred Thousand Dollars ($7,500,000.00); and

2. Twenty-two Million Five Hundred Thousand Dollars

($22,500,000.00) for production projects with total expenditures of

Seven Million Five Hundred Thousand Dollars ($7,500,000.00) or more.

C. A production project shall have total expenditures of Fifty

Thousand Dollars ($50,000.00) or more to be eligible for the rebate

payments provided in this act.

D. In any fiscal year if the amount of rebate payments

conditionally pre-qualified by the Department of Commerce are less

than the limitations provided in this section, the excess rebate

payments not utilized shall be added to subsequent fiscal year's

limitation.

Added by Laws 2021, c. 516, § 4, eff. July 1, 2021.

NOTE: Laws 2021, c. 516, § 15 states that the provisions of this

act shall be contingent upon the enactment of the provisions of

House Bill No. 2946 (c. 512) of the 1st Regular Session of the 58th

Oklahoma Legislature. House Bill No. 2946 was approved by the

Governor on May 24, 2021.