Okla. Admin. Code § 150:140-1-4

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

Section 150:140-1-4 - Award process

(a)The Oklahoma Department of Commerce shall administer the Oklahoma Quick Action Closing Fund, and expenditures from the fund shall be recommended by the Director of the Oklahoma Department of Commerce to the Governor after a thorough evaluation of selected projects or facilities or after a rebate is approved for payment to a high impact production company pursuant to the provisions of Section 3624 of Title 68 of the Oklahoma Statutes. Except for rebates approved pursuant to the provisions of Section 3624 of Title 68 of the Oklahoma Statutes, the Director of the Oklahoma Department of Commerce shall only recommend expenditures that the Director determines are expected to result in a net economic benefit to the state through the following:

(1)The creation of new jobs which offer a basic health benefit plan, as defined in the Oklahoma Quality Jobs Program Act;

(2)The maintenance of existing jobs which are at a risk for termination;

(3)Investment in new real property, plant or equipment or in the improvement or retooling of existing plant or equipment; or

(4)Additional revenues in either ad valorem, income or sales and use taxes. [62 O.S. § 48.2(E)]

(b) The Governor will make the funding decision, after review of the recommendation and evaluation submitted by the Director of the Oklahoma Department of Commerce.

(c)Except in the case of a high impact production company which has been approved for a rebate pursuant to the provisions of Title 68 of the Oklahoma Statutes, the Governor shall not approve payments from the Oklahoma Quick Action Closing Fund unless the Department of Commerce has conducted a complete analysis of the potential impact of the applicant's business activity which shall include, but not be limited to:

(1)The number of jobs to be created by a new business establishment;

(2)The number of jobs to be retained by an existing business establishment;

(3)The average salary of jobs to be created by a new establishment;

(4)The average salary of jobs to be retained by an existing business establishment;

(5)The total capital investment to be made by the business establishment;

(6)The likelihood of other business establishments locating within the same vicinity or within the state as a result of the business activity to be conducted by the entity to receive payments from the Oklahoma Quick Action Closing Fund;

(7)The impact on the economy of the area or community in which the business activity of the applicant is or will be conducted; and

(8)Such other factors as the Governor and the Department of Commerce determine to be relevant. [62 O.S. § 48.2(D) ]

(d) The Director of the Oklahoma Department of Commerce may consider the following factors when determining whether to recommend expenditures from the Closing Fund to a high impact production company:

(1) The amount of money available in the fund for payment of rebates;

(2) The amount of the anticipated rebate;

(3) The anticipated economic impact to the State of the production;

(4) The degree of net benefit or net cost to the State of the production;

(5) Any other factor that the Director deems relevant to the Governor's funding decision.

(e) At the beginning of each fiscal year, the lesser amount of five hundred thousand dollars ($500,000.00) or twenty percent (20%) of the available funds held within the closing fund may be set aside by the Director for qualified expenditures affecting cities, towns or unincorporated rural areas, the population of which does not exceed fifty thousand persons according to the most recent Decennial Census. This set aside shall expire and become available for all otherwise permissible uses on January 1 st of the fiscal year. This provision shall in no way be construed to limit the amount of funds that can be expended from the Quick Action Closing Fund for projects affecting these communities.

Okla. Admin. Code § 150:140-1-4

Added at 30 Ok Reg 101, eff 11-1-12 (emergency); Added at 30 Ok Reg 481, eff 5-25-13

Amended by Oklahoma Register, Volume 37, Issue 24, September 1, 2020, eff. 9/11/2020