Okla. Admin. Code § 150:65-1-6

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

Section 150:65-1-6 - Incentive contract

(a) After an incentive contract is recommended by the Department, the office of General Counsel shall prepare an incentive contract for the Director's review and signature. The signed incentive contract shall then be forwarded to the establishment. An incentive contract may be accepted by the establishment within sixty (60) days of the date of signing by the Director. The sixty (60) day period can be extended by the Director upon the request of the establishment, at the Director's discretion.

(b) The incentive contract shall be on a form prescribed by the Department which shall include the following information:

(1) The net benefit rate which will be multiplied by verified gross quarterly payroll to determine the amount of quarterly payments;

(2) The estimated direct state benefits which is the maximum amount of benefit payments available;

(3) The project start date;

(4) The baseline employment;

(5) The projected number of new jobs;

(6) The average annual wage; and

(7) Any other information the Department deems necessary.

(c) Upon execution of the incentive contract, the establishment shall return the incentive contract to the Department. The original incentive contract, signed by the chief executive officer or authorized representative, shall be returned to the Department by certified mail with return receipt requested or by personal delivery or by other means acceptable to the Department.

(d) For all purposes of the Oklahoma Quality Jobs Program Act, the effective date of approval of the incentive contract will be the date the signed and accepted incentive contract is received by the Department. Provided, however, the approved project may have a start date which is prior to a later date than the effective date of approval.

Okla. Admin. Code § 150:65-1-6

Added at 10 Ok Reg 4723, eff 9-17-93 (emergency); Added at 11 Ok Reg 3671, eff 7-15-94; Amended at 12 Ok Reg 19, eff 9-29-94 (emergency); Amended at 12 Ok Reg 1339, eff 5-25-95; Amended at 22 Ok Reg 1727, eff 6-25-05; Amended at 23 Ok Reg 1200, eff 5-25-06

Amended by Oklahoma Register, Volume 31, Issue 24, September 2, 2014, eff. 9/12/2014