Oklahoma § 68-4403 - Definitions

§ 68-4403. Definitions

As used in this act:

1. “Base Year” or “Lake Murray Designated Area Base Year” means

the amount of state sales tax revenue remitted by vendors located

Oklahoma Statutes - Title 68. Revenue and Taxation

within the Lake Murray Designated Area during the fiscal year ending

June 30, 2007, or the amount of state sales tax revenue remitted by

vendors as a result of sales taxable transactions occurring within

the Lake Murray Designated Area during the fiscal year ending June

30, 2007, or the sum of both such amounts;

2. “Incremental sales tax revenues” means the amount of sales

tax revenue in excess of the amount of sales tax revenue collected

within the Lake Murray Designated Area during the Base Year for

purposes of the computation required by subsection A of Section 10

of this act;

3. “Lake Murray Designated Area” means the area of land

bordered on the north by State Highway 70, on the east by the

eastern side of Townships 5 and 6 South, Range 2 East, on the south

by the southern side of Township 6 South, Range 2 East and on the

west by Interstate 35;

4. “State sales tax revenue” means a portion of the proceeds

from the state sales tax levy imposed pursuant to Section 1354 of

Title 68 of the Oklahoma Statutes upon taxable transactions

occurring within the Lake Murray Designated Area; and

5. “Vendors” means those persons or business entities making

taxable sales of tangible personal property or services within the

Lake Murray Designated Area or which are required to remit sales tax

based upon transactions occurring within the Lake Murray Designated

Area and unless the context otherwise requires shall have the same

meaning as defined by Section 1352 of Title 68 of the Oklahoma

Statutes.

Added by Laws 2007, c. 106, § 7, eff. July 1, 2007.