Oklahoma § 68-3915 - Quarterly reports

§ 68-3915. Quarterly reports

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

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

ten-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.

during the initial twelve (12) quarters of the

contract or until the establishment creates ten new

direct jobs, paid the individuals it employed in new

direct jobs an average annualized wage that exceeded

the requirements of paragraph 3 of subsection C of

Section 3914 of this title, or

b.

after the establishment created ten new direct jobs:

(1) paid the individuals it employed in new direct

jobs an average annualized wage which equaled or

exceeded the requirements of paragraph 3 of

subsection C of Section 3914 of this title, and

(2) created and/or maintained the minimum number of

new direct jobs as specified in the 21st Century

Quality Jobs Incentive Act.

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

Oklahoma Statutes - Title 68. Revenue and Taxation

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

equal to either:

a.

the initial net benefit rate multiplied by the amount

of gross taxable payroll of new direct jobs actually

paid by the establishment during the initial twelve

(12) quarters of the contract or until the

establishment reaches ten new direct jobs, whichever

comes first, or

b.

the fulfillment net benefit rate multiplied by the

amount of gross taxable payroll of new direct jobs

actually paid by the establishment after it creates or

maintains ten new direct jobs.

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 thirty-nine (39) 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)

quarters 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 thirty-nine

(39) 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.

3. An establishment which has met the requirements of paragraph

2 of subsection A of this section within twelve (12) quarters of the

date of its application, but which at any time during the subsequent

twenty-eight (28) quarters fails to meet the requirements of

paragraph 2 of subsection A of this section in four (4) consecutive

quarters, shall be ineligible to receive any further incentive

payments pursuant to its application and approval.

Added by Laws 2009, c. 285, § 5, eff. Nov. 1, 2009. Amended by Laws

2011, c. 341, § 1, eff. Nov. 1, 2011.