{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-2396","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-2396","heading":"Approved projects - Agreement terms and provisions","body":"A. Upon granting final approval, the Executive Director of the\n\nOklahoma Department of Commerce may enter into an agreement with an\n\napproved company with respect to its tourism attraction project.\n\nThe terms and provisions of each agreement shall include, but shall\n\nnot be limited to:\n\n1. The amount of approved costs, which shall be determined by\n\nnegotiations between the Executive Director and the approved\n\ncompany;\n\n2. A date certain by which the approved company shall have\n\ncompleted the tourism attraction project or an individual component\n\nor phase of the project if the tourism attraction project is an\n\nEntertainment District. Within three (3) months of the completion\n\ndate of the whole or an individual component or phase of the\n\nproject, the approved company shall document its actual costs of the\n\nproject through a certification of the costs by an independent\n\ncertified public accountant acceptable to the Executive Director;\n\nand\n\n3. The following provisions:\n\na. the term of the agreement may be up to ten (10) years\n\nfrom the later of:\n\n(1) the date of the final approval of the tourism\n\nattraction project, or\n\n(2) the completion date specified in the agreement,\n\nif the completion date is within three (3) years\n\nof the date of the final approval of the tourism\n\nattraction project. However, the term of the\n\nagreement may be extended for up to two (2)\n\nadditional years by the Executive Director, with\n\nthe advice and consent of the Oklahoma Tax\n\nCommission, if the Executive Director determines\n\nthat the failure to complete the tourism\n\nattraction project within three (3) years\n\nresulted from:\n\n(a) unanticipated and unavoidable delay in the\n\nconstruction of the tourism attraction\n\nproject,\n\n(b) an original completion date for the tourism\n\nattraction project, as originally planned,\n\nwhich will be more than three (3) years from\n\nthe date construction began, or\n\n(c) a change in business structure resulting\n\nfrom a merger or acquisition,\n\nb. in any tax year during which an agreement is in\n\neffect, if the amount of sales tax to be remitted by\n\nthe approved company or an Entertainment District\n\nTenant Party, if applicable, exceeds the sales tax\n\ncredit available to the approved company or\n\nEntertainment District Tenant Party, if applicable,\n\nthen the approved company or Entertainment District\n\nTenant Party, if applicable, shall pay the excess to\n\nthis state as sales tax,\n\nc. within forty-five (45) days after the end of each\n\ncalendar year the approved company shall supply the\n\nExecutive Director with such reports and\n\ncertifications as the Executive Director may request\n\ndemonstrating to the satisfaction of the Executive\n\nDirector that the approved company is in compliance\n\nwith the provisions of the Oklahoma Tourism\n\nDevelopment Act, and\n\nd. the approved company or an Entertainment District\n\nTenant Party, if applicable, shall not receive an\n\ninducement with respect to any calendar year if:\n\n(1) with respect to any tourism attraction project\n\nthat is not an Entertainment District in any\n\ncalendar year following the fourth year of the\n\nagreement, the tourism attraction project fails\n\nto attract at least fifteen percent (15%) of its\n\nvisitors from among persons who are not residents\n\nof this state, or\nif applicable, shall not receive an\n\ninducement with respect to any calendar year if:\n\n(1) with respect to any tourism attraction project\n\nthat is not an Entertainment District in any\n\ncalendar year following the fourth year of the\n\nagreement, the tourism attraction project fails\n\nto attract at least fifteen percent (15%) of its\n\nvisitors from among persons who are not residents\n\nof this state, or\n\n(2) in any calendar year following the first year of\n\nthe project or the tourism attraction project is\n\nnot operating and open to the public on a regular\n\nand consistent basis, which for a tourism\n\nattraction project that is an Entertainment\n\nDistrict shall mean that a substantial portion of\n\nthe Entertainment District is not operating and\n\nopen to the public on a regular and consistent\n\nbasis.\n\nB. The agreement shall not be transferable or assignable by the\n\napproved company without the written consent of the Executive\n\nDirector but, with respect to a tourism attraction project that is\n\nan Entertainment District, the approved company can elect to pass-\n\nthrough all or a portion of the sales tax credit to one or more\n\nEntertainment District Tenant Parties in accordance with Section\n\n2397 of this title.\n\nC. If the approved company utilizes or receives inducements\n\nwhich are subsequently disallowed then the approved company will be\n\nliable for the payment to the Tax Commission of an amount equal to\n\n(i) all taxes resulting from the disallowance of the inducements\n\nplus applicable penalties and interest, whether owed by the approved\n\ncompany or an Entertainment District Tenant Party to which the\n\ncredits have been passed-through in accordance with Section 2397 of\n\nthis title, and/or (ii) all incentive payments previously received\n\nby the approved company, plus applicable penalties and interest.\n\nOnly the approved company originally allowed a sales tax credit\n\nshall be held liable to make such payments and not any Entertainment\n\nDistrict Tenant Party to whom the credit has been passed-through in\n\naccordance with Section 2397 of this title.\n\nD. The Executive Director shall provide a copy of each\n\nagreement entered into with an approved company to the Tax\n\nCommission.\n\nE. For a tourism attraction project that is an Entertainment\n\nDistrict and anticipated to have multiple components or phases, the\n\nExecutive Director may enter into more than one agreement with\n\ndifferent approved companies for the different components or phases\n\nof the Entertainment District and such agreements may be entered\n\ninto at different times as though the different components or phases\n\nof the Entertainment District are their own separate project. In\n\nsuch case, the Executive Director shall not be required to obtain a\n\nseparate report (referred to in subsection C of Section 2394 of this\n\ntitle) for each individual component or phase of the Entertainment\n\nDistrict, but only one report for the entire Entertainment District.","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":"bfeabbc338b1b64e21da674f5c094a5b39bb80eb334c850635712c02f43f9696","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-2395","next":"us-ok/okla.-stat.-tit.-68-68-2397"},"notice":"GroundRules: Original legal text. Not legal advice."}