Okla. Admin. Code § 150:170-1-3 - Application process
(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.
Notes
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