Oklahoma § 68-3659 - Remitted withholding taxes - Transfer and apportionment

§ 68-3659. Remitted withholding taxes - Transfer and apportionment

A. Beginning on the later date of July 1, 2009, or the first

date upon which the revenues payable to the Authority from the

Quality Jobs Program Incentive Leverage Fund are no longer committed

to the payment of debt service requirements and related costs in

connection with obligations issued by the Authority pursuant to the

Quality Jobs Incentive Leverage Act prior to the effective date of

this act, and for each fiscal year thereafter during which any

obligations issued by the Oklahoma Development Finance Authority

issued pursuant to Section 3654 of this title remain unpaid as a

result of a second irrevocable election, the Oklahoma Tax Commission

shall identify an establishment that makes the second irrevocable

election authorized by Section 3658 of this title and shall compute

the amount of withholding taxes imposed pursuant to Section 2385.2

of Title 68 of the Oklahoma Statutes attributable to employees of

that establishment whose wages are subject to the levy.

Oklahoma Statutes - Title 68. Revenue and Taxation

B. Beginning on the later date of July 1, 2009, or the first

date upon which the revenues payable to the Authority from the

Quality Jobs Program Incentive Leverage Fund are no longer committed

to the payment of debt service requirements and related costs in

connection with obligations issued by the Authority pursuant to the

Quality Jobs Incentive Leverage Act prior to the effective date of

this act, and for each fiscal year thereafter during which any

obligations issued by the Oklahoma Development Finance Authority

issued pursuant to Section 3654 of this title as a result of a

second irrevocable election remain unpaid, the Oklahoma Tax

Commission shall transfer to the Quality Jobs Program Incentive

Leverage Fund an amount of withholding taxes remitted by an

establishment which has made the second irrevocable election equal

to the amount required pursuant to subsection E of Section 3658 of

this title. With respect to the withholding taxes remitted by an

establishment that makes the second irrevocable election pursuant to

Section 3658 of this title, the Tax Commission shall continue to

transfer such taxes to the Quality Jobs Program Incentive Leverage

Fund for any period of time after which the establishment files the

second irrevocable election. If the Oklahoma Development Finance

Authority does not issue obligations as a result of the second

irrevocable election, the establishment shall notify the Tax

Commission and the Oklahoma Development Finance Authority that

further transfers of withholding taxes remitted by the establishment

to the Quality Jobs Program Incentive Leverage Fund are not

required.

C. Subject to the provisions of Section 11, Chapter 299, O.S.L.

2002, if the amount of the withholding taxes remitted by the

establishment is less than the amount required pursuant to

subsection E of Section 3658 of this title, the proceeds from the

guaranty required by subsection M of Section 3654 of this title

shall be paid to the Quality Jobs Program Incentive Leverage Fund.

D. After the amount of withholding taxes required to be

transmitted to the Quality Jobs Program Incentive Leverage Fund has

been computed, the remaining withholding tax remitted by a qualified

establishment shall be apportioned in the manner prescribed by law.

E. The amount of withholding taxes transferred to the Quality

Jobs Program Incentive Leverage Fund pursuant to this section shall

be deemed not to have accrued to the State Treasury for purposes of

certifications required by the State Board of Equalization pursuant

to Section 23 of Article X of the Oklahoma Constitution and shall be

deemed to be monies held in trust for the benefit of the Oklahoma

Development Finance Authority in order to repay obligations issued

by the Authority pursuant to Section 3654 of this title.

F. The withholding taxes attributable to the wages of employees

of an establishment which has made the second irrevocable election

provided for by Section 3658 of this title shall be apportioned in

Oklahoma Statutes - Title 68. Revenue and Taxation

the manner prescribed by law as soon as all of the obligations of

the Oklahoma Development Finance Authority issued pursuant to

Section 3654 of this title have been fully repaid and after such

time the provisions of this section shall cease to have the force

and effect of law.

Added by Laws 2002, c. 299, § 9, emerg. eff. May 23, 2002. Amended

by Laws 2008, c. 182, § 8, eff. Nov. 1, 2008.