Section 55009 - [Effective Until 7/1/2024] XXXA. Upon the effective date of this act, there is hereby created the Oklahoma Emission Reduction Technology Rebate Program. There is hereby created a rebate in the amount of up to twenty-five percent (25%) of documented expenditures made in this state directly attributable to the implementation of a qualified Emission Reduction Project.B. The rebate program shall be administered by the Department of Environmental Quality and the Oklahoma Tax Commission, as provided in the Oklahoma Emission Reduction Technology Incentive Act.C. To be eligible for a rebate payment: 1. The applicant responsible for the implementation of a qualified Emission Reduction Project in this state shall submit documentation to the Department of Environmental Quality no later than six (6) months after the end of the fiscal year in which the expenditures were made stating the amount of expenditures made in this state directly related to the implementation of the qualified Emission Reduction Project;2. The applicant has filed all Oklahoma tax returns and tax documents which are required by the laws of this state; and3. The applicant shall provide evidence of a certificate of general liability insurance with a minimum coverage of One Million Dollars ($1,000,000.00) and a workers' compensation policy pursuant to the laws of this state which shall include coverage of employer's liability.D. The Department of Environmental Quality shall approve or disapprove all claims for a rebate payment and shall notify the Oklahoma Tax Commission. The Tax Commission shall, upon notification of approval from the Department of Environmental Quality, issue a rebate payment for all approved claims from funds in the Oklahoma Emission Reduction Technology Incentive Revolving Fund created in Section 5 of this act. Rebate payments from the fund shall not exceed Ten Million Dollars ($10,000,000.00) in any fiscal year. If the amount of approved claims exceeds the amount specified in this subsection in a fiscal year, payments shall be made proportionately to all of the parties making a claim prior to the deadline which is approved by the Department of Environmental Quality with the amount to be paid to each approved party being product of the individual claim amount times the percentage resulting from Ten Million Dollars ($10,000,000.00) divided by the total amount of approved claims for the period. If an approved claim is not paid in whole or in part, the unpaid claim or unpaid portion shall be paid in the following fiscal years in the order in which the claims are approved by the Department.E. Approved claims for rebate that exceed the balance of the Oklahoma Emission Reduction Technology Incentive Revolving Fund created in Section 5 of this act may be paid in part and the unpaid portion shall be paid upon the fund reaching a sufficient balance in the order in which the claims are approved by the Department.Okla. Stat. tit. 68, § 55009
Added by Laws 2022 , c. 346, s. 4, eff. 5/26/2022.This section is set out more than once due to postponed, multiple, or conflicting amendments.