Oklahoma § 68-4102 - Legislative intent – Incentives to support retention of

§ 68-4102. Legislative intent – Incentives to support retention of

manufacturing and jobs.

It is the intent of the Legislature that:

1. The State of Oklahoma provide appropriate incentives to

support retention of a qualified manufacturing establishment:

a.

that is imminently at risk of ceasing operations in

this state,

b.

that provides long-term benefits through retention of

quality jobs which increase the wealth of the state,

and

c.

that agrees to engage in significant modernization and

retooling that will promote the growth of the industry

in Oklahoma and, by doing so, stabilize the economy of

the State of Oklahoma when there is a direct threat to

the existing revenue base and wealth of the state

because existing establishments are at risk of being

lost to other states or nations;

2. The amount of incentives provided pursuant to this act in

connection with a particular establishment be directly related to

benefits due to retention of jobs and the investment of additional

capital for modernizing and retooling;

3. The Oklahoma Department of Commerce and the Oklahoma Tax

Commission implement the provisions of this act and exercise all

powers as authorized in this act. The exercise of powers conferred

by this act shall be deemed and held to be the performance of

essential public purposes; and

4. Nothing herein shall be construed to constitute a guarantee

or assumption by the State of Oklahoma of any debt of any

individual, company, corporation or association. Nor does this act

authorize the credit of the State of Oklahoma to be given, pledged

or loaned to any individual, company, corporation or association.

Nothing herein shall be construed to constitute a gift by the State

of Oklahoma to any individual, company, corporation or association.

Added by Laws 2004, c. 391, § 2, eff. July 1, 2004.