{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-2357.202","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-2357.202","heading":"Definitions – Amount of credit","body":"A. As used in this act:\n\n1. “Qualified business enterprise” means an entity:\n\na. organized as a corporation, partnership, limited\n\npartnership, limited liability company, business trust\n\nor other entity, if such entity is registered to do\n\nbusiness within the state, or is otherwise lawfully\n\nconducting business within the state,\n\nb. whose principal business activity in the state is\n\ndescribed by the North American Industry\n\nClassification System by Industry No. 336413, as\n\nreflected in the 1997 edition of such publication, and\n\nis engaged in the manufacture of wing components for\n\nlarge commercial aircraft and other aerospace\n\nstructures and components for commercial and\n\ngovernment aerospace products, and\n\nc. that makes at least seventy-five percent (75%) of its\n\nsales to out-of-state customers or buyers which shall\n\nbe determined in the same manner as provided for\n\npurposes of determining eligibility for the incentive\n\npayment pursuant to the Oklahoma Quality Jobs Program\n\nAct;\n\n2. “Qualified expenditures” means:\n\na. costs incurred by the qualified business\n\nenterprise during the taxable year for the\n\nacquisition of personal property used, or to\n\nbe used, in business operations within the\n\nstate, to the extent a depreciation deduction\n\nis allowed or allowable for federal income\n\ntax purposes with respect to such property\n\npursuant to Section 167, Section 168 or\n\nSection 179 of the Internal Revenue Code of\n\n1986, as amended, in the taxable year for\n\nwhich the credit authorized by this section\n\nis claimed, and\n\nb. costs incurred during the taxable year to\n\nrefurbish, repair or maintain any existing\n\npersonal property located within the state\n\nwhether or not such costs are capitalized by\n\nthe taxpayer;\n\n3. “Qualified wages” means gross compensation and benefits paid\n\nby the taxpayer during the taxable year, including any employer-paid\n\nhealth care benefits, to full-time or part-time employees of the\n\nqualified business enterprise, if such employees are full-time\n\nresidents of this state as of the time the services for which such\n\nqualified wages are received are performed; and\n\n4. “Qualified training expenses” means those costs, whether or\n\nnot deductible as a business expense pursuant to the Internal\n\nRevenue Code of 1986, as amended, incurred during the taxable year\n\nto locate, interview, hire and train employees and prospective\n\nemployees of the qualified business enterprise who:\n\na. have not previously been employed as employees by the\n\nqualified business enterprise, either full-time or\n\npart-time, at any time within the five (5) prior\n\ntaxable years, and\n\nb. are full-time residents of the state as of\n\nthe end of the taxable year for which the\n\ncredit authorized by this section is claimed.\n\nB. For taxable years beginning after December 31, 2005, and\n\nending not later than December 31, 2008, there shall be allowed as a\n\ncredit against the tax imposed by Section 2355 of Title 68 of the\n\nOklahoma Statutes, subject to the limitations imposed by subsection\n\nC of this section, an amount equal to fifteen percent (15%) of:\n\n1. Qualified expenditures; or\n\n2. Qualified wages; or\n\n3. Qualified training expenses; or\n\n4. The sum of any of the expenses identified in paragraphs 1\n\nthrough 3 of this subsection, in any combination.\n\nC. For purposes of computing the credit amount prescribed by\n\nsubsection B of this section, the expenses described by paragraphs\n\n1, 2 and 3 of subsection B of this section may be added together or\n\ncombined in any order or considered independently, but the total\n\ncredit amount shall not exceed One Hundred Fifty Thousand Dollars\n\n($150,000.00) each year for the fiscal year ending June 30, 2007,\n\nthe fiscal year ending June 30, 2008, and the fiscal year ending\n\nJune 30, 2009.\n\nD. For purposes of the expenditures described by subsection B\nf subsection B of this section may be added together or\n\ncombined in any order or considered independently, but the total\n\ncredit amount shall not exceed One Hundred Fifty Thousand Dollars\n\n($150,000.00) each year for the fiscal year ending June 30, 2007,\n\nthe fiscal year ending June 30, 2008, and the fiscal year ending\n\nJune 30, 2009.\n\nD. For purposes of the expenditures described by subsection B\n\nof this section a qualified business enterprise may incur\n\nexpenditures beginning January 1, 2005, through December 31, 2008,\n\nfor purposes of computing the credit amount. The claim for such\n\ncredits earned for the fiscal year ending June 30, 2007, shall not\n\nbe filed earlier than July 1, 2006, and the claims for each\n\nsubsequent taxable year may be filed no earlier than July 1 of each\n\nof the two (2) succeeding years.\n\nE. For purposes of the limitation on the credit amount that may\n\nbe claimed by a qualified business enterprise, an extension of time\n\nfor filing of an income tax return shall not extend the time period\n\nfor purposes of claiming the credit authorized by this section.\n\nF. If the amount of the credit allowable is in excess of the\n\ntax liability, the amount of the credit not used shall be refunded\n\nto the taxpayer subject to the total limit of One Hundred Fifty\n\nThousand Dollars ($150,000.00) each year for the fiscal year ending\n\nJune 30, 2007, the fiscal year ending June 30, 2008, and the fiscal\n\nyear ending June 30, 2009.\n\nG. No credit for any fiscal year as otherwise authorized by\n\nthis section shall be based upon any qualified expenditure used to\n\ncompute a credit amount for any preceding taxable year.\n\nH. The credit authorized by the provisions of this section\n\nshall not be transferable.\n\nI. The Tax Commission may prescribe forms for purposes of\n\nclaiming the credit authorized by this section and for verifying\n\neligibility for the credit.","path":["OK Code","Title 68"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os68.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"9ed624ebd031c2cdabcfce27ef876db72d3913579b9faae2d0bef83770cdb21c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-2357.201","next":"us-ok/okla.-stat.-tit.-68-68-2357.204"},"notice":"GroundRules: Original legal text. Not legal advice."}