§ 68-3602 — Legislative intent.

It is the intent of the Legislature that: 1. The State of Oklahoma provide appropriate incentives to support establishments of basic industries that hold the promise of significant development of the economy of the State of Oklahoma; 2. The amount of incentives provided pursuant to this act in connection with a particular establishment: a. be directly related to the jobs created as a result of the establishment locating in the State of Oklahoma, and b. not exceed the estimated net direct state benefits that will accrue to the state as a result of the establishment locating in the State of Oklahoma; 3. The Oklahoma Department of Commerce and the Oklahoma Tax Commission implement the provisions of this act and exercise all powers as authorized in this act. The exercise of powers conferred by this act shall be deemed and held to be the performance of essential public purposes; and 4. Nothing herein shall be construed to constitute a guarantee or assumption by the State of Oklahoma of any debt of any individual, company, corporation or association nor to authorize the credit of the State of Oklahoma to be given, pledged or loaned to any individual, company, corporation or association.

Legislative History

Added by Laws 1993, c. 275, § 2, eff. July 1, 1993.