Oklahoma Administrative Code
Title 150 - Oklahoma Department of Commerce
Chapter 170 - Oklahoma Strategic Industrial Development Enhancement Tax Credit
Section 150:170-1-3 - Application process

Universal Citation: OK Admin Code 150:170-1-3

Current through Vol. 42, No. 1, September 16, 2024

(a) For the purpose of evaluating the applications, the Department will require all entities interested in the Oklahoma Strategic Industrial Development Enhancement Tax Credit to submit an application in a form prescribed by departmental guidelines as provided in the application packet. All applications will be required to contain sufficient information to permit the Department to comprehensively review the project proposal.

(1) The Department will make available upon request application forms and application guidelines.

(2) The forms and guidelines will provide threshold criteria information that will assist applicants in their application preparation.

(3) The guidelines and forms set forth shall apply to all applications and awards made in the program year corresponding with the application and application guidelines packet.

(b) After the Department's evaluation and review of the application are completed, the Department shall provide an approval letter for eligible expenditures and qualifying projects prior to the commencement of the project.

(c) After the Department's evaluation and review of eligible expenditures and qualifying project status is completed, the Department shall forward certification of verification to the Oklahoma Tax Commission for the issuance of the project tax credit amount that may be claimed or assigned. The certificate of verification shall satisfy all requirements of the Oklahoma Tax Commission pertaining to the eligibility of the eligible taxpayer claiming the credit.

(d) The Department shall forward a complete copy of the submitted application to the Oklahoma Tax Commission upon request.

(e) Applications shall be reviewed quarterly and tax credits shall be allocated to qualifying applicants that have the highest net benefit to the state. Entities submitting incomplete applications shall have fifteen (15) business days to cure its application before it is rejected for other applications that have been submitted.

Disclaimer: These regulations may not be the most recent version. Oklahoma may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.