Oklahoma § 68-3803 - Former Military Facility Projects Fund

§ 68-3803. Former Military Facility Projects Fund

There is hereby created within the State Treasury a special fund

for the Oklahoma Tax Commission to be designated the "Former

Military Facility Projects Fund". The Oklahoma Tax Commission is

hereby authorized and directed to withhold a portion of the taxes

levied and collected pursuant to Section 2355 of Title 68 of the

Oklahoma Statutes for deposit into the Fund. The amount deposited

shall equal the sum of an amount determined by multiplying the net

benefit rate provided by the Department of Commerce by the gross

payroll of each qualified military facility project establishment.

All of the amounts deposited in such Fund shall be used and expended

by the Tax Commission solely for the purposes and in the amounts

authorized by the Former Military Facility Development Act.

Liability of the State of Oklahoma to make the payments under the

Former Military Facility Development Act shall be limited to the

balance contained in the Fund created by this section.

Provided,

the Tax Commission may never pay more than Two Million Five Hundred

Thousand Dollars ($2,500,000.00) from the Fund in any one (1) fiscal

year.

Added by Laws 1994, c. 363, § 3, eff. July 1, 1994.