Okla. Admin. Code § 150:130-1-5

Current through Vol. 42, No. 7, December 16, 2024

Section 150:130-1-5 - Quality investment contract

An establishment which meets the qualifications specified in the Oklahoma Quality Investment Act may apply to enter into a Quality Investment Contract with the Oklahoma Department of Commerce to receive annual incentive payments over a five-year period from the Oklahoma Tax Commission pursuant to the provisions of the Oklahoma Quality Investment Act pursuant to the requirements set forth in 68 O.S. § 4204, with the following specific requirements more fully set forth:

(1) Be engaged in manufacturing in activities described under Industry Group Nos. 31 through 33 of the NAICS Manual;

(2) Incur capital costs for new retooling or modernization projected to equal or exceed One Million Dollars ($1,000,000.00) within twenty-four (24) months of the start date; and

(3) Apply to and enter into a Quality Investment Contract specifying:

(A) The amount of capital investment the establishment must make within twenty-four (24) months of the start date in order to remain in the Oklahoma Quality Investment Program,

(B) The total minimum amount of Oklahoma taxable payroll it will maintain in this state during the course of the agreement,

(C) The total amount in incentive payments it may receive,

(D) If applicable, the amount of local revenues a county or municipality intends to apportion to the establishment annually, and

(E) That it will offer "basic health insurance" as defined in the Oklahoma Quality Jobs Program Act, within twelve (12) months of entering into a Quality Investment Contract.

Okla. Admin. Code § 150:130-1-5

Added at 24 Ok Reg 2813, eff 7-13-07 (emergency); Added at 25 Ok Reg 1542, eff 6-12-08