{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-3658","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-3658","heading":"Irrevocable election to transfer incentive payments to","body":"Fund - Claim and use of tax credits - Ineligibility for certain\n\nexemptions.\n\nA. An establishment, as defined in Section 3653 of this title,\n\nwhich has been authorized to receive incentive payments pursuant to\n\nthe Oklahoma Quality Jobs Program Act prior to the effective date of\n\nthis act, and that intends to use proceeds derived from the sale of\n\nobligations issued pursuant to Section 3654 of this title which\n\nobligations are issued on or after the effective date of this act,\n\nshall, as a condition of being eligible to make use of such\n\nproceeds, file a second irrevocable election with the Oklahoma\n\nDepartment of Commerce.\n\nB. An establishment shall file its second irrevocable election\n\nwith the Oklahoma Department of Commerce not later than one hundred\n\neighty (180) days prior to the last date that withholding tax\n\nrevenues attributable to the payroll of the establishment are\n\nlegally required to be used in satisfaction of any debt service\n\nrequirements or related costs imposed pursuant to an issuance of\n\nobligations by the Oklahoma Development Finance Authority if such\n\nissuance occurred prior to the effective date of this act. Such\n\nsecond irrevocable election shall be required in order for the\n\nestablishment to be eligible for use of any proceeds from the sale\n\nof additional obligations authorized by Section 3654 of this title\n\nwhich obligations are issued on or after the effective date of this\n\nact. From the date upon which the second irrevocable election is\n\nfiled until the last date upon which withholding tax revenues\n\nattributable to the payroll of the establishment are legally\n\nrequired to be used in satisfaction of any debt service requirements\n\nor related costs imposed as a result of obligations issued by the\n\nOklahoma Development Finance Authority prior to the effective date\n\nof this act, the five-year period of time within which the\n\nestablishment would otherwise be required to make investment\n\npursuant to this act shall be extended.\n\nC. Upon filing such second irrevocable election, any incentive\n\npayments which would have been paid to the establishment pursuant to\n\nthe Oklahoma Quality Jobs Program Act after such filing shall be\n\ndeposited to the Quality Jobs Program Incentive Leverage Fund. Such\n\nincentive payments shall be treated as an asset of the establishment\n\nwhich has been paid to the State of Oklahoma for purposes of this\n\nact.\n\nD. Beginning upon the later date of July 1, 2009, or the first\n\ndate upon which the revenues payable to the Authority from the\n\nQuality Jobs Program Incentive Leverage Fund are no longer committed\n\nto the payment of debt service requirements and related costs in\n\nconnection with obligations issued by the Authority pursuant to the\n\nQuality Jobs Incentive Leverage Act prior to the effective date of\n\nthis act, and for each fiscal year thereafter as otherwise required\n\nby this act, monies transferred to the Quality Jobs Program\n\nIncentive Leverage Fund shall be used for the payment of principal\n\nand interest or other costs associated with the additional issuance\n\nof obligations by the Oklahoma Development Finance Authority\n\npursuant to the provisions of Section 3654 of this title as a result\n\nof a second irrevocable election. Not later than January 1 and July\n\n1 of each year, the Oklahoma Development Finance Authority shall\n\ncertify to the Oklahoma Department of Commerce and the Oklahoma Tax\n\nCommission the amount which will be required for payment of\n\nprincipal, interest and other costs associated with the issuance of\n\nsuch obligations for the succeeding six-month period.\n\nE. Beginning on the later date of July 1, 2009, or the first\n\ndate upon which the revenues payable to the Authority from the\n\nQuality Jobs Program Incentive Leverage Fund are no longer committed\n\nto the payment of debt service requirements and related costs in\n\nconnection with obligations issued by the Authority pursuant to the\nhe issuance of\n\nsuch obligations for the succeeding six-month period.\n\nE. Beginning on the later date of July 1, 2009, or the first\n\ndate upon which the revenues payable to the Authority from the\n\nQuality Jobs Program Incentive Leverage Fund are no longer committed\n\nto the payment of debt service requirements and related costs in\n\nconnection with obligations issued by the Authority pursuant to the\n\nQuality Jobs Incentive Leverage Act prior to the effective date of\n\nthis act, and for each fiscal year thereafter as otherwise required\n\nby this act, as often as may be necessary for the Oklahoma\n\nDevelopment Finance Authority to make payments with respect to\n\nindebtedness issued pursuant to the provisions of this act as a\n\nresult of a second irrevocable election, the Tax Commission shall\n\ntransfer from the revenues specified in Section 3659 of this title\n\nan amount required to equal the difference between the incentive\n\npayment deposit and the amount certified pursuant to the provisions\n\nof subsection C of this section. The Tax Commission shall then\n\ntransfer the total amount required pursuant to the certification to\n\nthe Oklahoma Development Finance Authority.\n\nF. An establishment to which proceeds from the sale of any\n\nobligations issued by the Oklahoma Development Finance Authority are\n\nmade available as provided by this act pursuant to a second\n\nirrevocable election shall not claim any tax credits that would\n\notherwise be authorized pursuant to Section 2357.4 of Title 68 of\n\nthe Oklahoma Statutes as a result of jobs created or capital\n\ninvestment made as a direct result of the use of such bond proceeds.\n\nFor purposes of this subsection and for purposes of computing any\n\ntax credit pursuant to Section 2357.4 of Title 68 of the Oklahoma\n\nStatutes, \"bond proceeds\" shall mean the amount transferred, paid or\n\nmade available to the establishment together with the total amount\n\nof principal and interest paid by the Oklahoma Development Finance\n\nAuthority with respect to any amount of proceeds transferred, paid\n\nor made available to the establishment.\n\nG. An establishment that files a second irrevocable election\n\nauthorized by this section and to which proceeds from the sale of\n\nobligations authorized by Section 3654 of this title are paid or\n\nmade available may utilize income tax credits earned prior to the\n\neffective date of this act pursuant to Section 2357.4 of Title 68 of\n\nthe Oklahoma Statutes for a period of fifteen (15) taxable years\n\nsubsequent to the year in which the election is filed.\n\nH. An establishment that files a second irrevocable election\n\nauthorized by this section and to which any proceeds from the sale\n\nof obligations authorized by Section 3654 of this title are paid or\n\nmade available shall not be eligible to claim any exemption pursuant\n\nto Section 6B of Article X of the Oklahoma Constitution or Section\n\n2902 of Title 68 of the Oklahoma Statutes with respect to real or\n\npersonal property constituting the facility described by the\n\nestablishment pursuant to the disclosure document as provided by\n\nSection 3655 of this title. The maximum amount of investment in any\n\nfacility for purposes of the foregone exemption required by this\n\nsubsection shall be Seven Hundred Million Dollars ($700,000,000.00),\n\ninclusive of any amounts invested prior to the effective date of\n\nthis act.\n\nI. An establishment that files a second irrevocable election\n\nauthorized by this section and to which any proceeds from the sale\n\nof obligations authorized by Section 3654 of this title are paid or\n\nmade available shall not be eligible to claim any exemption\n\notherwise available pursuant to Section 1359 of Title 68 of the\n\nOklahoma Statutes with respect to the facility constructed,\n\nacquired, improved or equipped with such proceeds. The provisions\n\nof this subsection shall not require any waiver of sales tax\n\nexemption with respect to personal property acquired for the\nthis title are paid or\n\nmade available shall not be eligible to claim any exemption\n\notherwise available pursuant to Section 1359 of Title 68 of the\n\nOklahoma Statutes with respect to the facility constructed,\n\nacquired, improved or equipped with such proceeds. The provisions\n\nof this subsection shall not require any waiver of sales tax\n\nexemption with respect to personal property acquired for the\n\nmanufacturing process after completion of construction of the\n\napplicable facility.","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":"791424eaae1e6660fa6d3cef41b9b84eeb8799ebffe3f5a27d1ac0f56cbe485c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-3657","next":"us-ok/okla.-stat.-tit.-68-68-3659"},"notice":"GroundRules: Original legal text. Not legal advice."}