A. The total amount of rebate payments conditionally pre-qualified by the Department of Commerce each fiscal year with respect to any of the incentives authorized pursuant to this act shall not exceed Thirty Million Dollars ($30,000,000.00). Projects not conditionally pre-qualified for rebate payments due to the limitations provided in this section may be conditionally pre-qualified by the Department in subsequent fiscal years.
B. The amount of rebate payments conditionally pre-qualified by the Department of Commerce each fiscal year with respect to any of the incentives authorized pursuant to this act shall not exceed:
1. Seven Million Five Hundred Thousand Dollars ($7,500,000.00) for production projects with total expenditures of less than Seven Million Five Hundred Thousand Dollars ($7,500,000.00); and
2. Twenty-two Million Five Hundred Thousand Dollars ($22,500,000.00) for production projects with total expenditures of Seven Million Five Hundred Thousand Dollars ($7,500,000.00) or more.
C. A production project shall have total expenditures of Fifty Thousand Dollars ($50,000.00) or more to be eligible for the rebate payments provided in this act.
D. In any fiscal year if the amount of rebate payments conditionally pre-qualified by the Department of Commerce are less than the limitations provided in this section, the excess rebate payments not utilized shall be added to subsequent fiscal year's limitation.
Added by Laws 2021, c. 516, § 4, eff. July 1, 2021.
NOTE: Laws 2021, c. 516, § 15 states that the provisions of this act shall be contingent upon the enactment of the provisions of House Bill No. 2946 (c. 512) of the 1st Regular Session of the 58th Oklahoma Legislature. House Bill No. 2946 was approved by the Governor on May 24, 2021.