Okla. Stat. tit. 27A, § 27A-2-11-304

Oklahoma Statutes - Title 27A. Environment and Natural Resources Page 267

A. In order to qualify for the income tax credit, said person,

firm, corporation or other legal entity engaged, or proposing to

engage, in such recycling, reuse, or source reduction of hazardous

waste shall first make application to the Department of

Environmental Quality on forms to be provided by the Department and

shall submit all available information relative to the applicant's

operations bearing upon the nature and amount of hazardous waste

resulting, or expected to result therefrom, the effectiveness of the

proposed recycling, reuse, or source reduction process and such

other relevant information bearing upon the process as may be

required by the Department. Upon receipt of such application for

tax credit and supporting information, it shall be the duty of the

Department to make as accurately as possible:

1. A verification of the accuracy of supporting information

submitted by the applicant, or otherwise officially to determine the

character and chemical content of the hazardous waste;

2. A determination of the most effective type of recycling,

reuse, or source reduction process taking into consideration

alternative types of recycling, reuse, or source reduction methods

if any, and the relative cost of each such type;

3. A determination of the actual or approximate capital

investment required to effectuate such installation so as to arrive

at an actual or estimated agreed, net, nonprofitable or profitable

investment expense of installing said recycling, reuse, or source

reduction process; and

4. A determination as to whether or not such recommended

installation of recycling, reuse, or source reduction processes will

of itself be productive of additional income or savings and will

result in a reduction of hazardous waste for said applicant.

B. The actual or estimated agreed net investment cost of such

process shall be certified to the Oklahoma Tax Commission by the

Department. In no event shall the Oklahoma Tax Commission allow a

tax credit to be taken in excess of the actual net investment cost

of such approved recycling, reuse, or source reduction processing

operations.