Okla. Stat. tit. 68, § 68-2902.5

valorem tax.

A. Notwithstanding any other provision of law, manufacturing

facilities applying for the exemption under Section 2902 of Title 68

of the Oklahoma Statutes on or after November 1, 2017, shall be

eligible to delay the five-year period of exemption from ad valorem

taxes following the expiration or termination of the ad valorem

exemption, abatement or other incentive provided through the tax

incentive district established pursuant to the Local Development

Act. For the purposes of this section, "exemption" shall mean the

exemption authorized by Section 6B of Article X of the Oklahoma

Constitution and Section 2902 of Title 68 of the Oklahoma Statutes.

B. In order to delay the exemption as provided in this section,

a manufacturing facility shall:

1. Create at least one hundred new jobs at the state index wage

provided for in paragraph 2 of subsection F of Section 3604 of Title

68 of the Oklahoma Statutes; and

2. Invest at least ten (10) times the investment cost in new

depreciable property required in paragraph 1 of subsection B of

Section 2902 of Title 68 of the Oklahoma Statutes.

C. The delay of the exemption shall not be available for any

job creation or investment of new depreciable property that occurred

prior to November 1, 2017, or the date of the creation of the tax

incentive district, whichever is later.

D. In order to delay the exemption, a tax incentive district

must be created pursuant to the Local Development Act and the

governing body established by the Local Development Act must notify

the Oklahoma Tax Commission and the Oklahoma Department of Commerce

at the time of applying for the exemption.

E. Prior to the investment and job creation activities required

pursuant to subsection B of this section commencing by the company

or companies in the tax incentive district, the governing body of

the tax incentive district shall notify the Oklahoma Department of

Commerce in writing of the creation of the tax incentive district.

The governing body of the tax incentive district shall provide to

the Oklahoma Department of Commerce the following information:

1. Company (or companies) name and contact information;

Oklahoma Statutes - Title 68. Revenue and Taxation Page 1248

2. Complete description of the economic development activity

including projected new job creation, projected wages of the new

jobs, and planned investment in new depreciable property; and

3. Any other information requested by the Oklahoma Department

of Commerce.

The Oklahoma Department of Commerce, in conjunction with the

Oklahoma Tax Commission, shall conduct a fiscal and economic impact

of the proposed project. If the project has no adverse fiscal

impact and a positive economic impact, the project will be referred

to the Incentive Approval Committee created in subsection B of

Section 3603 of Title 68 of the Oklahoma Statutes for review of the

project. If the Incentive Approval Committee approves the project

for delay of the exemption, the Oklahoma Department of Commerce

shall prepare a contract between the Oklahoma Department of

Commerce, on behalf of the State of Oklahoma, and the company or

companies that will be awarded a delay of the exemption. Once the

contract is executed by the parties, the contract will be forwarded

to the Oklahoma Tax Commission. The Oklahoma Tax Commission shall

be responsible for monitoring the terms and conditions of the

contract between the Oklahoma Department of Commerce and the company

or companies that have been awarded a delay of the exemption.

F. If the application for an exemption is approved, the five-

year period of exemption from ad valorem taxes for any qualifying

manufacturing facility shall begin on January 1 following the

expiration or termination of the ad valorem exemption, abatement or

other incentive provided through the tax incentive district.

G. This section shall not apply to electric power generation
the exemption.

F. If the application for an exemption is approved, the five-

year period of exemption from ad valorem taxes for any qualifying

manufacturing facility shall begin on January 1 following the

expiration or termination of the ad valorem exemption, abatement or

other incentive provided through the tax incentive district.

G. This section shall not apply to electric power generation

facilities. Electric power generation facilities shall not qualify

to delay the exemption from ad valorem taxes following the

expiration or termination of the ad valorem exemption, abatement or

other incentive provided through the tax incentive district pursuant

to the Local Development Act.