Oklahoma Administrative Code › Title 150 - Oklahoma Department of Commerce › Chapter 165 - Oklahoma Tourism Development Act Tax Credit Program › Section 150:165-1-2 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
The following words and terms, when used in this Subchapter
				shall have the following meaning, unless the context clearly indicated
				otherwise:
"Act"
or
"this act"
means the
				Oklahoma Tourism Development Act found in 68 O.S. § 2391-
				§2397;
"Agreement"
means an agreement entered into
				pursuant to Section
				2396
				of Title 68 of the Oklahoma Statutes, by and between the Director of the
				Oklahoma Department of Commerce and an approved company, with respect to a
				tourism attraction project.
"Approved company"
means any eligible company or
				companies seeking to undertake a tourism attraction project and is approved by
				the Director pursuant to the Act.
"Approved costs"
means:
(A) obligations incurred for labor and to vendors, contractors,
				subcontractors, builders and suppliers in connection with the acquisition,
				construction, equipping and installation of a tourism attraction
				project,
(B) the costs of acquiring real property or rights in real
				property in connection with a tourism attraction project, and any costs
				incidental thereto,
(C) the costs of contract bonds and of insurance of all kinds
				that may be required or necessary during the course of the acquisition,
				construction, equipping and installation of a tourism attraction project which
				is not paid by the vendor, supplier, contractor, or otherwise provided,
(D) all costs of architectural and engineering services
				including, but not limited to, estimates, plans and specifications, preliminary
				investigations, and supervision of construction and installation, as well as
				for the performance of all the duties required by or consequent to the
				acquisition, construction, equipping and installation of a tourism attraction
				project,
(E) all costs required to be paid under the terms of any
				contract for the acquisition, construction, equipping and installation of a
				tourism attraction project,
(F) all costs required for the installation of utilities in
				connection with a tourism attraction project including, but not limited to,
				water, sewer, sewage treatment, gas, electricity and communications, and
				including off-site construction of utility extensions paid for by the approved
				company, and
(G) all other costs comparable with those described in this
				paragraph.
"Director"
means the Executive Director of the
				Oklahoma Department of Commerce or the Director's designated
				representative.
"Eligible company"
means any corporation, limited
				liability company, partnership, sole proprietorship, business trust or any
				other entity, operating or intending to operate a tourism attraction project,
				whether owned or leased, within this state that meets the standards promulgated
				by the Director pursuant to this Act and, with respect to an Entertainment
				District, includes any such entity that will acquire, construct, develop,
				equip, install, expand or operate all or any portion of the Entertainment
				District, whether owned or leased.
"Entertainment District"
means a mixed-use planned
				development project, with approved costs of one million dollars ($1,000,000.00)
				or more in the aggregate, encompassing more than one hundred thousand (100,000)
				square feet and including an entertainment or recreational component and at
				least three of the following categories, which may or may not be anticipated to
				be completed in multiple phases:
(A) retail;
(B) housing;
(C) office;
(D) restaurants;
(E) hotel, regardless of whether the hotel is a destination
				hotel;
(F) grocery;
(G) brewery facilities for a small brewer (as defined in the
				Oklahoma Alcoholic Beverage Control Act, Section 1-103 of Title 37A of the
				Oklahoma Statutes); or
(H) structured parking.
"Entertainment District Tenant Party"
means any
				corporation, limited liability company, partnership, sole proprietorship,
				business trust or any other entity operating within a tourism attraction
				project that is an Entertainment District pursuant to a lease or similar
				agreement with an approved company or otherwise.
"Final approval"
means the action taken by the
				Director authorizing the eligible company to receive inducements under this
				Act.
"Increased state sales tax liability"
means that
				portion of an approved company's reported state sales tax liability resulting
				from taxable sales of goods and services to its customers at the tourism
				attraction which exceeds the reported state sales tax liability for sales to
				its customers for the same month in the calendar year immediately preceding the
				certification as an approved company or an Entertainment District Tenant Party,
				as applicable;
"Inducements"
means the sales tax credit or
				incentive payment as prescribed in this Act.
"Preliminary approval"
means the action taken by
				the Director conditioned upon final approval by the Director upon satisfaction
				by the eligible company of the requirements of the Act.
"Tourism Attraction"
means a cultural or
				historical site; a recreational or entertainment facility; an area of natural
				phenomenon or scenic beauty; a theme park; an amusement or entertainment park;
				an indoor or outdoor play or music show; a botanical garden, or a cultural or
				educational center, a destination hotel whose location and amenities, including
				but not limited to upscale dining, recreation and entertainment, make the hotel
				itself a destination for tourists, or an Entertainment District. A tourism
				attraction shall not include:
(A) lodging facilities, unless the facilities constitute a
				portion of a tourism attraction project and represent less than fifty percent
				(50%) of the total approved costs of the tourism attraction project, or the
				lodging facilities are a part of a destination hotel or an Entertainment
				District,
(B) facilities that are primarily devoted to the retail sale of
				goods, unless the goods are created at the site of the tourism attraction
				project, if the sale of goods is incidental to the tourism attraction project,
				or such facilities are a part of an Entertainment District.
(C) facilities that are not open to the general public, unless
				such facilities are a part of an Entertainment District wherein a substantial
				portion of the Entertainment District is open to the general public, as
				determined by the Executive Director,
(D) facilities that do not serve as a likely destination where
				individuals who are not residents of this state would remain overnight in
				commercial lodging at or near the tourism attraction project, unless such
				facilities are a part of an Entertainment District,
(E) facilities owned by the State of Oklahoma or a political
				subdivision of this state, or
(F) facilities established for the purpose of conducting
				legalized gambling. However, a facility regulated under Section 200 et seq. of
				Title 3A of the Oklahoma Statutes shall be a tourism attraction for purposes of
				the Oklahoma Tourism Development Act for any approved project as meeting the
				definition of a Tourism Attraction or for an approved project relating to
				pari-mutuel racing at the facility and not for establishing a casino or for
				offering casino-style gambling.
"Tourism attraction project"
or
"project"
means the acquisition, including the acquisition of real
				estate by leasehold interest with a minimum term of ten (10) years,
				construction, and equipping of a tourism attraction, and the construction and
				installation of improvements to facilities necessary or desirable for the
				acquisition, construction, and installation of a tourism attraction, including,
				but not limited to: surveys, and installation of utilities, which may include
				water, sewer, sewage treatment, gas, electricity, communications, and similar
				facilities, and off-site construction of utility extensions to the boundaries
				of the real estate on which the facilities are located, all of which shall be
				used to improve the economic situation of the approved company in a manner that
				shall allow the approved company to attract tourists.