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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 150. Oklahoma Department of Commerce |
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Chapter 105. Oklahoma Local Development and Enterprise Zone Incentive Leverage Act |
SECTION 150:105-1-3. Application Process
Latest version.
- (a) For the purpose of evaluating the applications, the Department will require all units of local governmental interested in the Oklahoma Local Development and Enterprise Zone Incentive Leverage Act 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 is completed, the Department shall forward to the Oklahoma Tax Commission the Net Benefit Rate determined by the Department, certification that the project plan is located in an enterprise zone or supports a qualifying major tourism destination project, and certification that the qualifying investment and development has been or will be substantially completed no later than December 31, 2024.(c) The Department shall forward a complete copy of the submitted application to the Oklahoma Tax Commission upon request.