Title 62 — Title 62 — Public Finance

A. An enterprise which locates its facility within an enterprise zone or which expands its existing facility after the designation of an enterprise zone as authorized by law and which is located in an incentive district as authorized pursuant to the provisions of the Local Develo…

A. In order to receive the state local enterprise matching payment pursuant to the provisions of subsection A of Section 844 of this title, the enterprise shall obtain a certification, provided by the governing body of the local governmental entity creating the incentive district…

amount. A. If an enterprise is located within an incentive district pursuant to the provisions of Section 856 of this title, and the enterprise either constructs or expands a facility that is located within an enterprise zone designated pursuant to the provisions of Section 690.2…

There is hereby created within the State Treasury an agency special account for the Oklahoma Tax Commission. The Oklahoma Tax Commission is hereby authorized and directed to withhold a portion of the taxes levied and collected pursuant to Section 2355 of Title 68 of the Oklahoma …

A. As soon as practicable after verification of the amount of the state local enterprise matching payments authorized by Section 844 of this title, the Oklahoma Tax Commission shall issue a warrant to the qualifying establishment in the amount of the sales tax exempted or apporti…

A. The Oklahoma Tax Commission shall maintain a record of state local enterprise matching payments and state local government matching payments made pursuant to Section 844 of this title. Local sales taxes apportioned under the applicable project plan shall be reported, collected…

The provisions of Section 1, of this act, shall not in any way impair the obligations of the bank securing such deposits as provided in Chapter 78, Article 3, of the Compiled Oklahoma Statutes, 1921. Laws 1923, c. 84, p. 150, § 2.

Sections 1 through 20 of this act shall be known and may be cited as the "Local Development Act". Added by Laws 1992, c. 342, § 1.

The Local Development Act shall serve to implement and execute Section 6C of Article X of the Oklahoma Constitution as approved by the voters of the State of Oklahoma on November 6, 1990, by: 1. Providing for the granting of incentives and exemptions from taxation within certain …

It is the intent of the Legislature that the provisions of this act be used in accordance with the following guidelines: 1. That the tools of this act be used in those cases where investment, development and economic growth is difficult, but is possible if the provisions of this …

As used in Section 850 et seq. of this title: 1. "Apportionment" means the direction by a governing body, authorized by the Legislature pursuant to Section 6C of Article X of the Oklahoma Constitution, to apply all or any portion of an increment of ad valorem taxes and all or any…

In addition to any other powers conferred by law, a city, town or county may exercise any powers necessary to carry out the purpose of this act, including power to: 1. Establish districts and create plans pursuant to the provisions of this act; 2. Cause project plans to be prepar…

district, plan or projects - Approval by governing body. A. Prior to the adoption and approval of a project plan and the ordinance or resolution required under Section 856 of this title and prior to the public hearing required under Section 859 of this title, the governing body s…

and adoption - Content of ordinance or resolution - Legislative intent. A. The governing body shall designate and adopt the proposed boundaries of any district and the proposed boundaries of any project area. Except as otherwise provided in this subsection, any districts created …

A. If any member of the governing body of a city, town or county which is in the process of adopting a project plan for a district or which has adopted such a plan pursuant to the provisions of the Local Development Act or if any member of the governing body of a taxing entity wi…

by transportation authority. A. The governing body shall cause to be prepared a project plan. The appropriate local planning commission shall review the proposed project plan and shall make a recommendation on the plan to the governing body. The project plan shall include the fol…

A. Before the adoption of a project plan or subsequent amendments thereto, the governing body must hold two public hearings. The primary purpose of the first hearing will be to provide information and to answer questions; provided, such information shall include, but not be limit…

A. A project plan may contain a provision that certain local taxes may be subject to incentives or may be exempted in reinvestment areas, historic preservation areas or enterprise areas. B. The governing body may grant incentives or exemptions from local taxation only on the new …

A. A project plan may contain a provision that the increments from certain local taxes or fees may be used to finance project costs in areas qualified under the Local Development Act. The increment from local taxes or fees levied from and after the effective date of the approval …

A. Upon approval of a project plan containing apportionment financing as provided in Section 861 of this title, the county assessor shall, within ninety (90) days, determine the total assessed value of all taxable real property and all taxable personal property within the boundar…

A. With the approval of the governing body, a public entity, other than a city, town or county, may issue tax apportionment bonds or notes, other bonds or notes, or both, the proceeds of which may be used to pay project costs pursuant to the plan notwithstanding any other statuto…

In those cases where the net assessed valuation of the real property within a school district increases as a result of the provisions of Sections 860 and 861 of this title, the school district's State Aid shall be determined by subtracting such increase in the net assessed valuat…

body. A. In accordance with the requirements of Section 6C of Article X of the Oklahoma Constitution, the tax incentives or exemptions granted pursuant to the provisions of Section 860 of this title shall only be allowed for that portion of the tax under jurisdiction of another l…

A. There shall be a written agreement between the governing body and the property owners who are granted tax incentives or exemptions pursuant to Section 860 of this title. The written agreement may include, but shall not be limited to, the following: 1. A description of all prop…

A. For those increment districts in operation for nine (9) months or more, on or before the ninetieth day following the end of each fiscal year, the governing body of a city, town or county shall submit a report to the chief executive officer of each taxing entity that levies ad …

Annual revenue loss. A. Within thirty (30) days after the creation of either an incentive district or an increment district, the sponsoring governmental entity shall notify the Oklahoma Tax Commission, upon such form as the Commission shall prescribe, of the geographic area where…

A. The powers of initiative and referendum, reserved by the Oklahoma Constitution to the people, are reserved to the people of every city, town or county with reference to the tax relief or incentives or exemptions or increment captured as authorized by Section 6C of Article X of…

The powers conferred by this act shall be in addition and supplemental to the power conferred by any other law. Added by Laws 1992, c. 342, § 20.

This act shall be known and may be cited as the “Oklahoma Rural Housing Incentive District Act”. Added by Laws 1999, c. 140, § 1, eff. Nov. 1, 1999.

As used in the Oklahoma Rural Housing Incentive District Act: 1. “County” means any county with a population of less than seventy-five thousand (75,000) persons, according to the most recent federal decennial census; 2. “Developer” means the person, firm or corporation responsibl…

It is hereby declared to be the purpose of the Oklahoma Rural Housing Incentive District Act to encourage the development and renovation of housing in the rural municipalities and counties of Oklahoma by authorizing municipalities and counties to assist directly in the financing …

Authority of municipality or county - Findings and determinations - Review by Executive Director of Oklahoma Housing Finance Agency. A. The governing body of any municipality or county is hereby authorized to designate rural housing incentive districts within such municipality or…

development or redevelopment – Resolution - Public hearing - Notice. A. Upon receipt of the approval of the Executive Director of the Oklahoma Housing Finance Agency as provided in subsection C of Section 4 of this act, the governing body may proceed with the establishment of the…

Ordinance or resolution establishing district - Determination of adverse effect. A. At the public hearing, a representative of the municipality or county shall present the proposed project plan for the development or renovation of housing in the proposed district. Each project pr…

A. Any governing body which has established a rural housing incentive district as provided in the Oklahoma Rural Housing Incentive District Act may purchase or otherwise acquire real property; however, the property may not be acquired through the exercise of the power of eminent …

Execution and recitals. A. Any municipality or county which has established a housing incentive district as provided in the Oklahoma Rural Housing Incentive District Act may issue special obligation bonds to finance the implementation of the project plan adopted for the district …

A. Any municipality or county which has established a rural housing incentive district may use the proceeds of special obligation bonds issued under Section 8 of this act, or any uncommitted funds derived from those sources of revenue set forth in subsection A of Section 8 of thi…

fund. A. The governing body of a municipality or county, subject to the provisions of the Oklahoma Rural Housing Incentive District Act, may levy assessments by and for the benefit of a taxing subdivision on property located within such district, the revenue from which shall be a…

Sections 1 through 9 of this act shall be known and may be cited as the "Oklahoma Small Business Linked Deposit Act". Added by Laws 1988, c. 183, § 1, eff. July 1, 1988.

62 O.S. § 88.1A Repealed by Laws 1997, c. 164, § 11, eff. July 1, 1997

A. The amount that the State Treasurer may invest in all linked deposit programs authorized by law shall not exceed the lesser of Five Hundred Million Dollars ($500,000,000.00) or fifteen percent (15%) of all monies available to the State Treasurer for investment as calculated by…

As used in the Oklahoma Small Business Linked Deposit Act: 1. "Eligible participant" means: a. any small business organized for profit, including any business related to tourism, doing business in and from the State of Oklahoma, which employs not more than two hundred (200) emplo…

62 O.S. § 88.3 Repealed by Laws 2013, c. 87, § 1, eff. Nov. 1, 2013

report. A. The State Treasurer is hereby authorized to administer the Oklahoma Small Business Linked Deposit Program. The State Treasurer is further authorized to issue guidelines in a manner similar to the Administrative Procedures Act, Section 250 et seq. of Title 75 of the Okl…

Completing loan package - Acceptance and review of loan applications - Conditions of loans - Forwarding loan packages to State Treasurer and Board. A. The State Treasurer and the Department of Commerce are hereby authorized to disseminate information and to provide small business…

A. Applications approved by the Board shall be subject to available funds, and if a loan or loan package is not funded for such reason, it will be funded in the chronological order of its approval. B. The State Treasurer shall reject any small business linked deposit loan package…

in payment of loan. The State of Oklahoma and the State Treasurer shall not be liable to any eligible lending institution in any manner for payment of the principal or interest on the loan to an eligible participant. Any delay in payments in default on the part of an eligible par…

62 O.S. § 88.8 Repealed by Laws 1994, c. 277, § 18

Any funds placed with an eligible lending institution shall be collateralized in the same manner as deposits of other state funds. Added by Laws 1988, c. 183, § 9, eff. July 1, 1988.

After the adoption by the governing body of a project plan which contains the provisions required by Section 5 of this act, the clerk of the municipality or county shall transmit a copy of the description of the land within the district, a copy of the ordinance or resolution adop…