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§ 4305. Eligible local support--Economic impact study

Oklahoma Statutes AnnotatedTitle 68. Revenue and TaxationEffective: April 19, 2021

Oklahoma Statutes Annotated
Title 68. Revenue and Taxation (Refs & Annos)
Chapter 1. Tax Codes (Refs & Annos)
Article 43. Oklahoma Quality Events Incentive Act
Effective: April 19, 2021
68 Okl.St.Ann. § 4305
§ 4305. Eligible local support--Economic impact study
A. The host community shall provide to the Oklahoma Tax Commission detailed information disclosing the total amount of eligible local support amounts for purposes of determining the amount of incremental state sales tax revenue that may be paid to a host community in which a quality event occurs.
B. The Tax Commission shall verify the amount of eligible local support amounts prior to making any payment to a host community.
C. After the conclusion of an event, the host community shall provide information related to the event, such as attendance figures, financial information or other public information held by the host community that the Tax Commission considers necessary to evaluate the actual economic impact of the event.
D. The Tax Commission shall compare the total amount of eligible local support amounts with the total amount of incremental state sales tax revenues remitted by vendors, such revenues to be established through the economic impact study.
E. If the Tax Commission determines through an analysis of the economic impact study that the total amount of incremental state sales tax revenues is zero, no payment shall be made to a host community.
F. If the Tax Commission determines through an analysis of the economic impact study that the total amount of incremental state sales tax revenues is greater than zero, but less than the total amount of eligible local support amounts, the Tax Commission shall make payment, subject to the limitations of subsection I of this section, to the host community of the quality event in an amount equal to the incremental state sales tax revenues.
G. If the Tax Commission determines through an analysis of the economic impact study that the total amount of incremental state sales tax revenues is at least equal to the amount of eligible local support amounts, the Tax Commission shall make payment, subject to the limitations of subsection I of this section, to the host community in which the quality event occurs in an amount equal to, but not greater than, the eligible local support amounts.
H. No payment shall be made to any host community from a source other than the incremental state sales tax revenues, if any, derived from state sales tax remittances of vendors as a result of the quality event, as determined by an economic impact study verified by the Oklahoma Tax Commission.
I. No payment shall be made to any host community in excess of Two Hundred Fifty Thousand Dollars ($250,000.00) for a single quality event regardless of the amount of eligible local support paid by the host community.

Credits

Laws 2010, c. 386, § 5, eff. July 1, 2012; Laws 2014, c. 3, § 4, eff. Nov. 1, 2014; Laws 2018, c. 201, § 4, eff. July 1, 2018; Laws 2021, c. 30, § 4, emerg. eff. April 19, 2021.
68 Okl. St. Ann. § 4305, OK ST T. 68 § 4305
Current with emergency effective legislation through Chapter 182 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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