§ 68-3704. Quarterly premium payments.

An establishment which is qualified for incentive payments pursuant to the Oklahoma Quality Jobs Program Act shall be entitled to claim quarterly premium payments for a period of three (3) years, to be calculated as provided by Section 5 of this act, if such establishment meets either of the following qualifications:

1.  It is certified by the Oklahoma Department of Commerce and confirmed by the Governor that the establishment has demonstrated that its existing jobs are at risk.  In order to qualify for the premium, the establishment must create one new job for each at-risk job saved.  In such cases, the premium payment shall be calculated as provided in Section 5 of this act.

The Department shall specify the type of application, information or documentation necessary to satisfy the requirement of this paragraph; or

2.  An establishment is engaged in an industry which is strategically important to the general economic development of this state due to its impact upon factors such as labor, other establishments in the same or related industries, demand for component or material supplies and other factors which may be determined by rule of the Department of Commerce.  Provided, that those industries classified and defined in the Standard Industrial Classification (SIC) Manual, latest version, as follows shall be considered strategic for purposes of this section:

a.Electronic components, n.e.c., SIC 3675,

b.Miscellaneous plastics products, SIC 3070,

c.Central administrative offices, (no SIC Code),

d.Instruments and related products, SIC 38,

e.Chemicals including pharmaceuticals, SIC 28,

f.Engineering and architectural services, SIC 871,

g.Aircraft and parts manufacturing, SIC 372, and

h.Research and testing services, SIC 873.

Added by Laws 1994, c. 322, § 4, emerg. eff. June 8, 1994.