A. Subject to the approval and ongoing review of the eligibility application by the Oklahoma Department of Commerce, the investment rebate payment authorized by this act shall be equal to ten percent (10%) of the cost of the qualified capital expenditures to be paid upon claims made by the establishment as provided for in subsection B of this section. An establishment shall not be eligible to submit more than one claim per calendar year.B. Investment rebate payments shall be made as follows: 1. Upon the first claim of the establishment, ten percent (10%) of the cumulative qualified capital expenditures made by the establishment, with the first investment rebate payment not to exceed Thirty-six Million Dollars ($36,000,000.00);2. Upon the second claim of the establishment, ten percent (10%) of the qualified capital expenditures made by the establishment subsequent to the first claim, plus any preceding qualified capital expenditures for which an investment rebate payment was not made due to the limitation provided in paragraph 1 of this subsection, with the second investment rebate payment not to exceed Thirty-six Million Dollars ($36,000,000.00) plus the difference, if any, between the investment rebate payment made upon the first claim and Thirty-six Million Dollars ($36,000,000.00);3. Upon the third claim of the establishment, ten percent (10%) of the qualified capital expenditures made by the establishment, subsequent to the second claim plus any preceding qualified capital expenditures for which an investment rebate payment was not made due to the limitation provided in paragraph 2 of this subsection, with the third investment rebate payment not to exceed Thirty-six Million Dollars ($36,000,000.00) plus the difference, if any, between the investment rebate payment made upon the second claim and the limitation provided in paragraph 2 of this subsection;4. Upon the fourth claim of the establishment, ten percent (10%) of the qualified capital expenditures made by the establishment subsequent to the third claim, plus any preceding qualified capital expenditures for which an investment rebate payment was not made due to the limitation provided in paragraph 3 of this subsection, with the fourth investment rebate payment not to exceed Thirty-six Million Dollars ($36,000,000.00) plus the difference, if any, between the investment rebate payment made upon the third claim and the limitation provided in paragraph 3 of this subsection; and5. Upon the fifth claim of the establishment, ten percent (10%) of the qualified capital expenditures made by the establishment subsequent to the fourth claim, plus any preceding qualified capital expenditures for which an investment rebate payment was not made due to the limitation provided in paragraph 4 of this subsection, with the fifth investment rebate payment not to exceed Thirty-six Million Dollars ($36,000,000.00) plus the difference, if any, between the investment rebate payment made upon the fourth claim and the limitation provided in paragraph 4 of this subsection.C. The Department is authorized to conditionally pre-qualify and account for anticipated future investment rebate payments. The Department shall not pre-qualify investment rebate payments, encumber funds, pre-encumber funds, or otherwise allocate resources in any way that would result in the allocation of investment rebate payments in excess of the balance of available funds in the Perform Fund.Okla. Stat. tit. 68, § 3646.4
Added by Laws 2023, c. 256,s. 4, eff. 5/17/2023.