Section 3645.6 - Large-scale Economic Activity and Development Fund (LEAD Fund)A. There is hereby created in the State Treasury a fund for the Oklahoma Tax Commission to be designated the "Large-scale Economic Activity and Development Fund", also known as the "LEAD Fund". The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of all monies designated for deposit to the fund by law. All monies accruing to the credit of the fund are hereby appropriated and may be budgeted and expended by the Tax Commission for the purpose of paying rebates as provided in the Large-scale Economic Activity and Development Act of 2022. Expenditures from such fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment.B. All unencumbered funds remaining in the Large-scale Economic Activity and Development Fund upon the expiration of the Large-scale Economic Activity and Development Act of 2022 shall be transferred to the State Treasurer for deposit in the General Revenue Fund.C. If the Oklahoma Department of Commerce has not received a binding commitment from a primary establishment for an investment determined by the Department to qualify for payment under the provisions of division (1) of subparagraph a of paragraph 1 of subsection E of Section 3645.4 of this title by April 15, 2023, all unencumbered funds remaining in the Large-scale Economic Activity and Development Fund shall be transferred to the State Treasurer for deposit in the General Revenue Fund of the State Treasury for the fiscal year ending June 30, 2022.Okla. Stat. tit. 68, § 3645.6
Amended by Laws 2023, c. 1,s. 2, eff. 3/2/2023.Added by Laws 2022, c. 66,s. 6, eff. 8/26/2022.