Oklahoma Administrative Code › Title 150 - Oklahoma Department of Commerce › Chapter 130 - Oklahoma Quality Investment Act › Section 150:130-1-2 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
In addition to those terms defined elsewhere in this chapter,
				the following words and terms when used in this subchapter shall have the
				following meaning unless the context clearly indicates otherwise.
"
At-risk
				establishments"
are those manufacturing establishments,
				presently existing in Oklahoma which the Quality Investment Committee, as
				described in paragraph 6 of this section, finds would be lost within the state
				based on changes in global economies, establishment structure, consolidation of
				establishments, and which are structurally noncompetitive but which could
				regain a competitive position with new investment if incentives are
				offered.
[68 O.S. §
								4203(1)
				]
"Capital costs"
means
				costs for land, building, improvements to buildings, fixtures and for machinery
				and equipment as those terms are described in Section
				2902
				of Title 68 of the Oklahoma Statutes
. [68 O.S. §
								4203(2)
				]
"Economic impact"
means
				economic impact as described in analyses that identify the value in terms of
				sales tax and income tax revenues to the state and to the local community of
				the establishment that the retention and expansion or modernization of the
				manufacturing site provides. The Oklahoma Department of Commerce may contract
				for the performance of an economic impact analysis to aid it in determining
				whether to recommend entering into a Quality Investment Contract with a
				particular establishment.
[68 O.S. §
								4203(3)
				]
"Historical contributions
				trends"
means historical contributions of an
				establishment as described in analyses of direct and indirect historical
				contributions to the state and local economies that an establishment has had on
				jobs and tax base growth, and on payroll and tax revenue inputs and growth.
				Analyses shall include consideration of positive trends attributable to
				suppliers of the establishment. The Oklahoma Department of Commerce may
				contract for the performance of an historical contributions analysis to aid the
				Quality Investment Committee in determining whether to recommend entering into
				a Quality Investment Contract with a particular establishment
. [68
				O.S. §
								4203(4)
				]
"Local community"
means
				the town or city and the county of the location of the establishment; provided,
				a city or town and a county may jointly constitute the"local community".
				[
68 O.S. §
								4203(5)
				]
"Quality Investment
				Committee"
means the independent committee referenced in
				paragraph 6 of Section 23 of Article X of the Oklahoma Constitution that
				consists of the following members:
(A)
the Director of the Oklahoma Department of
				Commerce,
(B)
the Dean of Engineering of Oklahoma State
				University,
(C)
the Director of the Oklahoma Alliance for
				Manufacturing Excellence,
(D)
the Dean of the Price Business College of the
				University of Oklahoma,
(E)
the Executive Director for the Oklahoma Center for
				the Advancement of Science and Technology,
(F)
one small business representative from the Oklahoma
				Science and Technology Research and Development Board, and
(G)
the State Director of Career Technology
				Education.
[68 O.S. §
								4203(6)
				]
"Tax revenues
				projections"
means a projection of anticipated tax
				revenues based upon an analysis of historic taxes collected from the
				establishment in the local community and in the state overall over the previous
				ten (10) years in order to determine:
(A)
the average of the growth percentages to determine
				the projected growth in such revenues to the community and the state over the
				following ten (10) years if no retooling occurs but retention is assumed to be
				a constant and remains stagnant,
(B)
the modernization or retooling project's estimated
				impact on tax revenues and growth rates over the following ten (10) years,
				and
(C)
the projections of loss in tax revenues should the
				plant location close and operations, in whole or in part, are removed from the
				state.
The Oklahoma Department of Commerce may contract with
				the Oklahoma Tax Commission for performance of tax revenues projections
				analyses to aid it in determining whether to enter into an agreement upon
				recommendation of the Quality Investment Committee
. [68 O.S. §
								4203(7)
				]
"Establishment"
means a
				manufacturer that is a partnership, limited partnership, corporation, limited
				liability company, limited liability partnership, or sole proprietorship. The
				establishment may enter into a Quality Investment Contract pertaining to only
				one manufacturing site as that term is defined in Section
				1352 of
				Title 68 of the Oklahoma Statutes. No combination of other locations of the
				establishment, or any related entities of the establishment is contemplated. An
				establishment may have multiple contracts due to multiple sites or multiple
				expansions due to retooling and modernization at one site
. [68 O.S.
				§
								4203(8)
				]
"NAICS" Manual"
means any
				manual book or other publication containing the North American Industry
				Classification System, United States, 1997, or as updated or amended from time
				to time, promulgated by the Office of Management and Budget of the United
				States of America.
[68 O.S. §
								4203(9)
				]
"Start date"
means the
				date on which an establishment may begin accruing benefits for investment of
				new capital costs in a manufacturing site that is assigned in the agreement
				with the Oklahoma Department of Commerce. [
68 O.S. §
								4203(10)
				]
"Commission"
means the Oklahoma Tax Commission
				established pursuant to 68 O.S. Section
				102,
				and any successor agencies thereto.
"Department"
means the Oklahoma Department of
				Commerce.
Added at 24 Ok Reg 2813,
				eff 7-13-07 (emergency); Added at 25 Ok Reg 1542, eff
				6-12-08