§ 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 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.