{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-2902.5","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-2902.5","heading":"Manufacturing facilities - Delay of exemption from ad","body":"valorem tax.\n\nA. Notwithstanding any other provision of law, manufacturing\n\nfacilities applying for the exemption under Section 2902 of Title 68\n\nof the Oklahoma Statutes on or after November 1, 2017, shall be\n\neligible to delay the five-year period of exemption from ad valorem\n\ntaxes following the expiration or termination of the ad valorem\n\nexemption, abatement or other incentive provided through the tax\n\nincentive district established pursuant to the Local Development\n\nAct. For the purposes of this section, \"exemption\" shall mean the\n\nexemption authorized by Section 6B of Article X of the Oklahoma\n\nConstitution and Section 2902 of Title 68 of the Oklahoma Statutes.\n\nB. In order to delay the exemption as provided in this section,\n\na manufacturing facility shall:\n\n1. Create at least one hundred new jobs at the state index wage\n\nprovided for in paragraph 2 of subsection F of Section 3604 of Title\n\n68 of the Oklahoma Statutes; and\n\n2. Invest at least ten (10) times the investment cost in new\n\ndepreciable property required in paragraph 1 of subsection B of\n\nSection 2902 of Title 68 of the Oklahoma Statutes.\n\nC. The delay of the exemption shall not be available for any\n\njob creation or investment of new depreciable property that occurred\n\nprior to November 1, 2017, or the date of the creation of the tax\n\nincentive district, whichever is later.\n\nD. In order to delay the exemption, a tax incentive district\n\nmust be created pursuant to the Local Development Act and the\n\ngoverning body established by the Local Development Act must notify\n\nthe Oklahoma Tax Commission and the Oklahoma Department of Commerce\n\nat the time of applying for the exemption.\n\nE. Prior to the investment and job creation activities required\n\npursuant to subsection B of this section commencing by the company\n\nor companies in the tax incentive district, the governing body of\n\nthe tax incentive district shall notify the Oklahoma Department of\n\nCommerce in writing of the creation of the tax incentive district.\n\nThe governing body of the tax incentive district shall provide to\n\nthe Oklahoma Department of Commerce the following information:\n\n1. Company (or companies) name and contact information;\n\n2. Complete description of the economic development activity\n\nincluding projected new job creation, projected wages of the new\n\njobs, and planned investment in new depreciable property; and\n\n3. Any other information requested by the Oklahoma Department\n\nof Commerce.\n\nThe Oklahoma Department of Commerce, in conjunction with the\n\nOklahoma Tax Commission, shall conduct a fiscal and economic impact\n\nof the proposed project. If the project has no adverse fiscal\n\nimpact and a positive economic impact, the project will be referred\n\nto the Incentive Approval Committee created in subsection B of\n\nSection 3603 of Title 68 of the Oklahoma Statutes for review of the\n\nproject. If the Incentive Approval Committee approves the project\n\nfor delay of the exemption, the Oklahoma Department of Commerce\n\nshall prepare a contract between the Oklahoma Department of\n\nCommerce, on behalf of the State of Oklahoma, and the company or\n\ncompanies that will be awarded a delay of the exemption. Once the\n\ncontract is executed by the parties, the contract will be forwarded\n\nto the Oklahoma Tax Commission. The Oklahoma Tax Commission shall\n\nbe responsible for monitoring the terms and conditions of the\n\ncontract between the Oklahoma Department of Commerce and the company\n\nor companies that have been awarded a delay of the exemption.\n\nF. If the application for an exemption is approved, the five-\n\nyear period of exemption from ad valorem taxes for any qualifying\n\nmanufacturing facility shall begin on January 1 following the\n\nexpiration or termination of the ad valorem exemption, abatement or\n\nother incentive provided through the tax incentive district.\n\nG. This section shall not apply to electric power generation\nthe exemption.\n\nF. If the application for an exemption is approved, the five-\n\nyear period of exemption from ad valorem taxes for any qualifying\n\nmanufacturing facility shall begin on January 1 following the\n\nexpiration or termination of the ad valorem exemption, abatement or\n\nother incentive provided through the tax incentive district.\n\nG. This section shall not apply to electric power generation\n\nfacilities. Electric power generation facilities shall not qualify\n\nto delay the exemption from ad valorem taxes following the\n\nexpiration or termination of the ad valorem exemption, abatement or\n\nother incentive provided through the tax incentive district pursuant\n\nto the Local Development Act.","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":"ba8705844c235e5294a1715e6a0f302fcb3b7d90d5a9268cc34a55ba0d3d50bf","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-2902.3","next":"us-ok/okla.-stat.-tit.-68-68-2902v1"},"notice":"GroundRules: Original legal text. Not legal advice."}