Okla. Stat. tit. 27A, § 27A-2-11-305: Certification of net investment expense - Allowance

of tax credit.

A. Upon a determination of all such facts posed by the

applicant's recycling, reuse, or source reduction process in this

state, the Department of Environmental Quality shall certify to the

Oklahoma Tax Commission the actual or estimated agreed net

investment expense of installing such process and shall submit all

such relevant information for use by the Tax Commission in allowing

such tax credit and in auditing income tax returns subsequently

filed by the applicant.

B. If an estimated agreed net investment expense is certified

to the Tax Commission, the Tax Commission shall subsequently adjust

such estimate to the actual cost outlay by the applicant for the

process, not in excess of the certified estimate, at the time the

tax credit is taken. The income tax return specifying the cost

outlay for the process submitted by the applicant may be accepted

by the Tax Commission as the actual net investment cost of the

process unless the Tax Commission determines that an audit of the

income tax return or income tax liability of the applicant is

warranted. In conducting an audit, the Tax Commission is authorized

to request such records and documentation as they determine to be

necessary to verify the accuracy of the return. The person, firm,

corporation or other legal entity taking such tax credit shall be

required to submit to the Tax Commission evidence of the actual

capital outlay for the installation of such process at the time such

credit is to be taken for income tax purposes or when otherwise

requested by the Tax Commission.

C. The Commission shall allow the tax credit to be taken as and

to the extent provided herein.