Okla. Stat. tit. 68 § 3645.3

Current through Laws 2024, c. 453.

Section 3645.3 - Definitions

As used in the Large-scale Economic Activity and Development Act of 2022:

1. "Application" means a submission of detailed information by an establishment that complies with all procedures established by the Oklahoma Department of Commerce related to the format, content, means, and timing of submission. Such submissions shall include, but not be limited to, a capital expenditure plan outlining anticipated annual placements-in-service of qualified property and a job creation plan outlining anticipated annual totals of new direct jobs created;

2. "Available funds" means the total amount of monies identified for deposit in the Large-scale Economic Activity and Development Fund by law, less the cumulative total of all rebate payments, pre-qualified rebate payments, encumbrances, and pre-encumbrances of the Large-scale Economic Activity and Development Fund;

3. "Establishment" means any business, no matter what legal form, including, but not limited to, a sole proprietorship, partnership, corporation, or limited liability corporation;

4. "New direct job" means full-time employment, employed by the establishment, which did not exist in this state prior to the date of approval, by the Oklahoma Department of Commerce, of an application made pursuant to this act. A job shall be deemed to exist in this state prior to approval of an application if the activities and functions for which the particular job exists have been ongoing at any time within six (6) months prior to such approval; and

5. "Qualified capital expenditure" means an expenditure on property in this state after May 1, 2022, depreciable under Internal Revenue Code, 26 U.S.C., Section 168, that has been verified by the Oklahoma Department of Commerce. The cost of property placed in service and expenditures made on behalf of or for the benefit of an establishment by a separate business entity shall be considered an "expenditure" of the establishment for purposes of this definition.

Okla. Stat. tit. 68, § 3645.3

Added by Laws 2022 , c. 66, s. 3, eff. 8/26/2022.