Oklahoma § 68-4205 - Application for incentive payment – Cessation of payment

§ 68-4205. Application for incentive payment – Cessation of payment

– New application – Verification and payment.

A. As soon as practicable after the end of a calendar year for

which an establishment has qualified to receive an incentive

payment, the establishment shall file a claim for the payment with

the Oklahoma Tax Commission for one-tenth (1/10) or less of the

total amount of investment identified and specified in its Quality

Investment Contract. Provided, in the event the establishment

applies for an incentive payment before all investment for retooling

or modernization has occurred, the payment shall be reduced by the

percentage of investment costs predicted but not incurred at the

time of the claim as those costs bear to the whole investment. In

no event shall the first claim for investment payment be filed later

than two (2) years from the start date designated by the Quality

Oklahoma Statutes - Title 68. Revenue and Taxation

Investment Committee. The Tax Commission shall verify for each

calendar year the actual amount of capital investment in Oklahoma

and the amounts of local communities’ sales tax rebates for the

establishment. If the Tax Commission is not able to provide such

verification utilizing all available resources, the Tax Commission

may request such additional information from the establishment as

may be necessary or may reject the establishment’s claim.

B. If the capital costs for investment in retooling or

investment does not meet or exceed One Million Dollars

($1,000,000.00) within twenty-four (24) months of the start date of

the establishment as set out in its agreement with the Quality

Investment Committee, incentive payments shall cease and shall not

be resumed.

C. An establishment that has qualified pursuant to Section 4 of

this act may receive payments only in accordance with the provisions

under which it initially applied and was approved.

D. An establishment that is receiving incentive payments may

not apply for additional incentive payments for any new capital

improvement projects until twelve (12) quarters after receipt of the

first incentive payment, or until the establishment’s actual

verified capital costs of retooling and modernization equals or

exceeds One Million Dollars ($1,000,000.00), whichever comes first.

After meeting the requirements of this subsection, an establishment

may apply for additional incentive payments based upon additional

retooling and modernization capital costs and investment.

E. As soon as practicable after verification of the eligibility

of the manufacturer as required by this section, the Tax Commission

shall issue a warrant to the establishment.

Added by Laws 2006, c. 1, § 5, eff. July 1, 2007, following passage

of State Question No. 725 (SB 755, Laws 2005, c. 239) on Nov. 7,

2006.