Section 3653 - DefinitionsAs used in this act:
1. "Establishment" means a business that: a. has at least One Hundred Fifteen Million Dollars ($115,000,000.00) in annual gross compensation paid with respect to jobs located in Oklahoma according to Oklahoma Employment Security records and company reports for the three (3) years prior to the irrevocable election filing date provided by Section 3658 of this title,b. has an average salary of at least Forty Thousand Dollars ($40,000.00) paid to employees as of the irrevocable election filing date provided by Section 3658 of this title,c. intends to add substantial gross compensation, as defined below, with respect to full-time-equivalent employment located in Oklahoma within three (3) years of filing an initial irrevocable election with the Oklahoma Department of Commerce pursuant to the provisions of subsection A of Section 3658 of this title,d. has at least Two Hundred Million Dollars ($200,000,000.00) total investment in Oklahoma,e. intends to add investment for additional modernization and retooling of a facility located in the state, on or after the effective date of this act, of at least One Hundred Million Dollars ($100,000,000.00), but for purposes of this act not in excess of an additional Two Hundred Fifty Million Dollars ($250,000,000.00) within five (5) years of filing a second irrevocable election with the Oklahoma Department of Commerce pursuant to the provisions of subsection A of Section 3658 of this title, unless the establishment has completed at least eighty percent (80%) of the expenditures for the additional investment by the end of the five-year period in which case the establishment shall be allowed a one-year extension for completion of the investment,f. for purposes of an initial irrevocable election filed prior to the effective date of this act, has and maintains at least one thousand five hundred fifty (1,550) full-time employees in the state, andg. is described by Industry Number 3011, Industry Group Number 301, Major Group 30 of the Standard Industrial Classification Manual (SIC), latest revision;2. "Gross compensation" means wages, as defined in Section 2385.1 of Title 68 of the Oklahoma Statutes, and benefits paid on behalf of employees receiving wages; and3. "Substantial gross compensation" means annualized compensation of Four Million Dollars ($4,000,000.00) or more within three (3) years of filing the initial irrevocable election with the Oklahoma Department of Commerce pursuant to Section 3658 of this title.Okla. Stat. tit. 68, § 3653
Added by Laws 2002, HB 2245, c. 299, §3, emerg. eff. 5/23/2002; Amended by Laws 2008, SB 1891, c. 182, §2, eff. 11/1/2008.