§ 68-54002. Definitions.

As used in the Oklahoma Research and Development Incentives Act:

1.  "Qualified purchaser" means any new or expanding business which adds and maintains for a period of at least thirty-six (36) months at least ten (10) new full-time-equivalent in-state employees at an average annual salary of Thirty-five Thousand Dollars ($35,000.00) per employee, as certified by the Employment Security Commission and is a business which derives at least fifty percent (50%) of its annual gross revenues from the sale of a product or service to an out-of-state buyer or consumer;

2.  "Qualified purchases" means computers, data processing equipment, related peripherals and telephone, telegraph or telecommunications service and equipment; and

3.  "Primarily engaged in" means that not less than seventy-five percent (75%) of the combined annual gross revenues of the original business and the expanding business or not less than seventy-five percent (75%) of the annual gross revenues of the new business result from such activities.

Added by Laws 1992, c. 225, § 6, eff. July 1, 1992.