B. The investment rebate program shall be administered by the Oklahoma Department of Commerce and the Oklahoma Tax Commission.

C. By October 1 of each year, the Oklahoma Department of Commerce shall submit electronically an annual report to the President Pro Tempore of the Senate, the Chair of the Appropriations Committee of the Senate, the Speaker of the House of Representatives, the Chair of the Appropriations and Budget Committee of the House of Representatives, and the Executive Director of the Legislative Office of Fiscal Transparency detailing the program and investment rebate payments.

D. The Oklahoma Department of Commerce and the Oklahoma Tax Commission may promulgate rules to implement the provisions of this act.

E. To be eligible for consideration for an investment rebate payment awarded under the provisions of this act, an establishment shall:

F. Notwithstanding any other provision of law, if an establishment receives an investment rebate payment pursuant to the provisions of this act, neither the qualified establishment nor its subsidiaries shall be eligible to receive the credits provided for in Section 2357.4 of Title 68 of the Oklahoma Statutes or the investment rebate payments provided pursuant to the Large-scale Economic Activity and Development Act of 2022, in Section 3645.1 et seq. of Title 68 of the Oklahoma Statutes, in connection with the project or development for which the investment rebate payment was based.

G. Notwithstanding any other provision of law, no investment expenditure shall be utilized for calculation purposes that result in the qualification of more than one establishment under the provisions of this act, for investment rebate payments based on the same expenditure.

H. Except as limited by subsection I of this section, the Oklahoma Department of Commerce shall approve or disapprove claims for rebates and shall notify the Tax Commission. Upon notification of approval from the Department, the Commission shall issue payment for all approved claims from funds held in the Perform Fund created pursuant to Section 5 of this act¹ and subject to the limitations set forth in Section 4 of this act.²

I. The Department shall disapprove all or any portion of applications and claims for rebates that would exceed the balance of available funds in the Perform Fund. The total amount of applications approved and investment rebate payments awarded under the provisions of this act shall not exceed the total amount of monies designated by law for deposit to the Perform Fund.