{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-2357.59","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-2357.59","heading":"Certain tax credits to be allowed","body":"\n\nA. Except as otherwise provided by subsection F of this\n\nsection, if any person, firm, corporation, partnership or other\n\nlegal entity has made application or filed an information report on\n\nforms prescribed by the Oklahoma Tax Commission to receive a credit\n\nagainst the tax imposed by Section 2355 of this title or Section 624\n\nof Title 36 of the Oklahoma Statutes pursuant to the provisions of\n\nSections 2357.23, 2357.51, 2357.52, 2357.53, 2357.54, 2357.55,\n\n2357.56, 2357.57 or 2357.58 of this title on or before July 1, 1993,\n\nsuch credit may be received notwithstanding the provisions of\n\nSection 51 of Senate Bill No. 459 of the 1st Session of the 44th\n\nOklahoma Legislature or that the other requirements for allowance of\n\nsuch credit are not established until after July 1, 1993.\n\nB. Except as provided in this section, no person, firm,\n\ncorporation, partnership or other legal entity shall qualify to\n\nreceive any such credit after July 1, 1993.\n\nC. For any person, firm, corporation, partnership or other\n\nlegal entity or its successor who has filed the information report\n\nspecified in subsection A of this section, for taxable years\n\nbeginning after December 31, 1995, and ending on or before December\n\n31, 2000, there shall be allowed a credit against the tax imposed by\n\nSection 2355 of this title for fifteen percent (15%) of the\n\ninvestment cost of a new qualified recycling facility. A person,\n\nfirm, corporation, partnership or other legal entity or its\n\nsuccessor which has withdrawn its application or information report\n\nspecified in subsection A of this section shall not be eligible for\n\nsuch credit. For purposes of this subsection, a \"qualified\n\nrecycling facility\" shall mean buildings, land, improvements,\n\nmachinery and equipment located in Oklahoma and used in\n\nmanufacturing as defined by the Standard Industrial Classification\n\nCode and at which facility is produced a qualified finished product,\n\nprovided that up to ten percent (10%) of the square feet of a\n\nbuilding may be devoted to office space used to provide clerical\n\nsupport for the manufacturing operation. Such ten percent (10%) may\n\nbe in a separate building as long as it is part of the same\n\ncontiguous tract of property on which the manufacturing facility is\n\nlocated. For purposes of this subsection, a \"qualified finished\n\nproduct\" shall mean a marketable product or component thereof which\n\nhas economic value to the consumer and ninety percent (90%) of which\n\nis composed of materials which have been separated, diverted or\n\nremoved from the waste stream and incorporated into the finished\n\nproduct by any means or method.\n\nD. The credit provided for in subsection C of this section\n\nshall be subject to the following limitations:\n\n1. The credit shall apply to investment in a qualified\n\nrecycling facility only if construction or on-site installation of\n\nthe facility commences on or after January 1, 1996, and before\n\nDecember 31, 1999;\n\n2. The credit shall only be available if the total cost of the\n\nnew qualified recycling facility exceeds Twenty Million Dollars\n\n($20,000,000.00) and employs at least seventy-five new full-time-\n\nequivalent employees, as certified by the Oklahoma Employment\n\nSecurity Commission;\n\n3. The credit shall be initially allowed for the tax year in\n\nwhich the qualified recycling facility is placed in service.\n\nHowever, any credit allowed but not used in any tax year due to the\n\nlimitation provided in paragraph 4 of this subsection shall be\n\ncarried over in order, but used only once, to each of the fourteen\nnt employees, as certified by the Oklahoma Employment\n\nSecurity Commission;\n\n3. The credit shall be initially allowed for the tax year in\n\nwhich the qualified recycling facility is placed in service.\n\nHowever, any credit allowed but not used in any tax year due to the\n\nlimitation provided in paragraph 4 of this subsection shall be\n\ncarried over in order, but used only once, to each of the fourteen\n\n(14) years following the year of initial allowance; and\n\n4. The credit shall not be utilized in any tax year to reduce\n\nthe income tax liability of the owner of the qualified recycling\n\nfacility for such year by more than fifty percent (50%) of the tax\n\nliability calculated from the income of the qualified recycling\n\nfacility. For purposes of subsections C and D of this section, the\n\n\"owner\" shall include the user of a qualified recycling facility\n\nunder a lease with a term of five (5) years or more.\n\nE. The Oklahoma Tax Commission may promulgate rules in order to\n\nimplement the provisions of this section including requirements to\n\nsubmit any additional information as deemed necessary to implement\n\nand administer this credit.\n\nF. No credit otherwise authorized by the provisions of this\n\nsection may be claimed for any event, transaction, investment,\n\nexpenditure or other act occurring on or after July 1, 2010, for\n\nwhich the credit would otherwise be allowable. The provisions of\n\nthis subsection shall cease to be operative on July 1, 2012.\n\nBeginning July 1, 2012, the credit authorized by this section may be\n\nclaimed for any event, transaction, investment, expenditure or other\n\nact occurring on or after July 1, 2012, according to the provisions\n\nof this section.","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":"079418342dd9dd4d72c2090f733940eee047f78617db130882b9e8f544650af6","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-2357.501","next":"us-ok/okla.-stat.-tit.-68-68-2357.60"},"notice":"GroundRules: Original legal text. Not legal advice."}