As used in the Perform Act:
1. "Application" means the submission to the Oklahoma Department of Commerce of detailed information by an establishment that complies with all procedures established by the Department related to the format, content, means, and timing of the submission of the application. A submission shall include, but not be limited to, a capital expenditure plan detailing anticipated annual placements-in-service of qualified property and a job creation plan detailing anticipated annual totals of new direct jobs created;2. "Available funds" means the total amount of monies identified for deposit in the Perform Fund pursuant to this act, less the cumulative total of all rebate payments, pre-qualified rebate payments, encumbrances, and pre-encumbrances of the Perform Fund;3. "Establishment" means any business including, but not limited to, a sole proprietorship, partnership, corporation, or limited liability company;4. "New direct job" means full-time employment positions that did not exist in this state prior to the date of approval of an application made pursuant to this act. A job shall be deemed to exist in this state prior to the approval date of an application if the activities and functions for which the particular job exists have been ongoing on a full-time equivalent basis at any time within six (6) months prior to the approval date; and5. "Qualified capital expenditure" means an expenditure on property in this state after April 1, 2023, depreciable under Internal Revenue Code, 26 U.S.C., Section 168, that has been verified by the Oklahoma Department of Commerce.Okla. Stat. tit. 68, § 3646.2
Added by Laws 2023, c. 256,s. 2, eff. 5/17/2023.