Establishments ceasing to qualify for incentive payment - Liability for payment of principal, interest or other costs

Official textoscn.netlast amended Nov 01, 2008

# A.

An establishment making the second irrevocable election pursuant to the provisions of Section 3658 of this title and which ceases to qualify for an incentive payment pursuant to the provisions of the Oklahoma Quality Jobs Program Act, other than a payment in the amount of One Dollar ($1.00) as provided in paragraph 1 of subsection D of Section 3658 of this title, and the withholding tax collections of which are not sufficient to make required payments of principal or interest because of a reduction in gross payroll at a facility constructed with or equipped with personal property acquired through the use of proceeds from the issuance of obligations by the Oklahoma Development Finance Authority pursuant to the provisions of this act, shall be liable to the State of Oklahoma and the Oklahoma Development Finance Authority for the amount of any required principal or interest payment associated with obligations issued as a result of a second irrevocable election the proceeds of which have been paid to the establishment or are available for use by the establishment that remains after using the incentive payment plus the withholding taxes of the establishment.

# B.

An establishment incurring an obligation for the payment of any principal, interest or other costs pursuant to subsection A of this section shall be liable only for amounts accrued during such period of time. The establishment shall not have any direct liability for subsequent periods of time during which the sum of the incentive payment and the withholding tax collected from the establishment is sufficient to make required payments in satisfaction of the obligations issued pursuant to subsection A of Section 3654 of this title.

Amendment history

Added by Laws 2002, c. 299, § 10, emerg. eff. May 23, 2002. Amended by Laws 2008, c. 182, § 9, eff. Nov. 1, 2008.

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