Oklahoma § 68-3905 - Quarterly reports to Commission - Quarterly incentive

§ 68-3905. Quarterly reports to Commission - Quarterly incentive

payments.

A. 1. Beginning with the first complete calendar quarter after

the application of the establishment is approved by the Oklahoma

Department of Commerce, the establishment shall begin filing

quarterly reports with the Oklahoma Tax Commission that specify the

actual number and individual gross taxable payroll of new direct

jobs for the establishment and such other information as required by

the Tax Commission. In no event shall the first claim for incentive

payments be filed later than three (3) years from the start date

designated by the Department. The Tax Commission shall verify the

actual individual gross taxable payroll for new direct jobs. If the

Tax Commission is not able to provide such verification utilizing

Oklahoma Statutes - Title 68. Revenue and Taxation

all available resources, the Tax Commission may request additional

information from the establishment as may be necessary or may

request the establishment to revise its reports.

The establishment shall continue filing such reports during the

seven-year incentive period or until it is no longer qualified to

receive incentive payments. Such reports shall constitute a claim

for quarterly incentive payments by the establishment.

2. Upon receipt of a report for the initial calendar quarter of

the incentive period and for each subsequent calendar quarter

thereafter, the Tax Commission shall determine if the establishment

has met the following requirements:

a.

created and or maintained the minimum number of new

direct jobs as specified in paragraph 3 of subsection

C of Section 3904 of this title, and

b.

paid the individuals it employed in new direct jobs an

annualized wage which equaled or exceeded the

applicable percentage of the average county wage as

that percentage was determined by the Oklahoma

Department of Commerce upon approval of the

application.

3. Upon determining that an establishment has met the

requirements of paragraph 2 of this subsection for the initial

calendar quarter of the incentive period, the Tax Commission shall

issue a warrant to the establishment in an amount which shall be

equal to the net benefit rate multiplied by the amount of gross

taxable payroll of new direct jobs actually paid by the

establishment.

B. Except as provided in subsection C of this section, the

quarterly incentive payment provided for in subsection A of this

section shall be allowed in each of the twenty-seven subsequent

calendar quarters.

C. 1. An establishment which does not meet the requirements of

paragraph 2 of subsection A of this section within twelve (12)

months of the date of its application, or after July 1, 2011, within

twenty-four (24) months of the date of its application, shall be

ineligible to receive any incentive payments pursuant to its

application and approval.

2. An establishment which at any time during the twenty-seven

subsequent calendar quarters does not meet the requirements of

paragraph 2 of subsection A of this section shall be ineligible to

receive an incentive payment during the calendar quarter in which

such requirements are not met.

Added by Laws 1997, c. 419, § 5, eff. Jan. 1, 1998. Amended by Laws

1999, c. 67, § 2, emerg. eff. April 7, 1999; Laws 2002, c. 308, § 4,

eff. July 1, 2002; Laws 2006, c. 281, § 36, eff. July 1, 2006; Laws

2010, c. 254, § 2, eff. Jan. 1, 2011.

Oklahoma Statutes - Title 68. Revenue and Taxation