Okla. Stat. tit. 68, § 68-2357.59

Oklahoma Statutes - Title 68. Revenue and Taxation Page 830

A. Except as otherwise provided by subsection F of this

section, if any person, firm, corporation, partnership or other

legal entity has made application or filed an information report on

forms prescribed by the Oklahoma Tax Commission to receive a credit

against the tax imposed by Section 2355 of this title or Section 624

of Title 36 of the Oklahoma Statutes pursuant to the provisions of

Sections 2357.23, 2357.51, 2357.52, 2357.53, 2357.54, 2357.55,

2357.56, 2357.57 or 2357.58 of this title on or before July 1, 1993,

such credit may be received notwithstanding the provisions of

Section 51 of Senate Bill No. 459 of the 1st Session of the 44th

Oklahoma Legislature or that the other requirements for allowance of

such credit are not established until after July 1, 1993.

B. Except as provided in this section, no person, firm,

corporation, partnership or other legal entity shall qualify to

receive any such credit after July 1, 1993.

C. For any person, firm, corporation, partnership or other

legal entity or its successor who has filed the information report

specified in subsection A of this section, for taxable years

beginning after December 31, 1995, and ending on or before December

31, 2000, there shall be allowed a credit against the tax imposed by

Section 2355 of this title for fifteen percent (15%) of the

investment cost of a new qualified recycling facility. A person,

firm, corporation, partnership or other legal entity or its

successor which has withdrawn its application or information report

specified in subsection A of this section shall not be eligible for

such credit. For purposes of this subsection, a "qualified

recycling facility" shall mean buildings, land, improvements,

machinery and equipment located in Oklahoma and used in

manufacturing as defined by the Standard Industrial Classification

Code and at which facility is produced a qualified finished product,

provided that up to ten percent (10%) of the square feet of a

building may be devoted to office space used to provide clerical

support for the manufacturing operation. Such ten percent (10%) may

be in a separate building as long as it is part of the same

contiguous tract of property on which the manufacturing facility is

located. For purposes of this subsection, a "qualified finished

product" shall mean a marketable product or component thereof which

has economic value to the consumer and ninety percent (90%) of which

is composed of materials which have been separated, diverted or

removed from the waste stream and incorporated into the finished

product by any means or method.

D. The credit provided for in subsection C of this section

shall be subject to the following limitations:

1. The credit shall apply to investment in a qualified

recycling facility only if construction or on-site installation of

the facility commences on or after January 1, 1996, and before

December 31, 1999;

Oklahoma Statutes - Title 68. Revenue and Taxation Page 831

2. The credit shall only be available if the total cost of the

new qualified recycling facility exceeds Twenty Million Dollars

($20,000,000.00) and employs at least seventy-five new full-time-

equivalent employees, as certified by the Oklahoma Employment

Security Commission;

3. The credit shall be initially allowed for the tax year in

which the qualified recycling facility is placed in service.

However, any credit allowed but not used in any tax year due to the

limitation provided in paragraph 4 of this subsection shall be

carried over in order, but used only once, to each of the fourteen
nt employees, as certified by the Oklahoma Employment

Security Commission;

3. The credit shall be initially allowed for the tax year in

which the qualified recycling facility is placed in service.

However, any credit allowed but not used in any tax year due to the

limitation provided in paragraph 4 of this subsection shall be

carried over in order, but used only once, to each of the fourteen

(14) years following the year of initial allowance; and

4. The credit shall not be utilized in any tax year to reduce

the income tax liability of the owner of the qualified recycling

facility for such year by more than fifty percent (50%) of the tax

liability calculated from the income of the qualified recycling

facility. For purposes of subsections C and D of this section, the

"owner" shall include the user of a qualified recycling facility

under a lease with a term of five (5) years or more.

E. The Oklahoma Tax Commission may promulgate rules in order to

implement the provisions of this section including requirements to

submit any additional information as deemed necessary to implement

and administer this credit.

F. No credit otherwise authorized by the provisions of this

section may be claimed for any event, transaction, investment,

expenditure or other act occurring on or after July 1, 2010, for

which the credit would otherwise be allowable. The provisions of

this subsection shall cease to be operative on July 1, 2012.

Beginning July 1, 2012, the credit authorized by this section may be

claimed for any event, transaction, investment, expenditure or other

act occurring on or after July 1, 2012, according to the provisions

of this section.