SECTION 150:65-6-4. Approval of Application

(a)   After an incentive contract is recommended by the Department, the office of General Counsel shall prepare an incentive contract for the Director's review and signature. The signed incentive contract shall then be forwarded to the establishment. An incentive contract may be accepted by the establishment within sixty (60) days of the date of signing by the Director.

(b)   The incentive contract shall be in a form prescribed by the Department which shall include the following information:

(1)   The net benefit rate which will be multiplied by verified gross quality payroll to determine the amount of quarterly payments provided the establishment has met the requirements for the average annual wage and creation and maintenance of the threshold of new direct jobs as specified in the incentive contract;

(2)   The project start date;

(3)   The baseline employment;

(4)   The number of new direct jobs threshold and the date by which such jobs must be in place;

(5)   The date as specified in the application on which the automatic payments will begin provided all other requirements of the Small Employer Incentives Act have been met; and

(6)   Any other information the Department deems necessary.

(c)   Upon execution of the incentive contract, the establishment shall return the incentive contract to the Department. The original incentive contract, signed by the chief executive officer or authorized representative, shall be returned to the Department by certified mail with return receipt requested or by personal delivery or by other means acceptable to the Department.

(d)   For all purposes of the Small Employer Incentives Act, the effective date of approval of the incentive offer will be the date the signed and accepted incentive is received by the Department; provided, however, the approved project may have a start date which is prior to the effective date of approval.

[Source: Added at 18 Ok Reg 3504, eff 9-14-01; Amended at 23 Ok Reg 1200, eff 5-25-06; Amended at 23 Ok Reg 3123, eff 8-25-06; Amended at 24 Ok Reg 1202, eff 5-25-07]