A. In order to qualify for the income tax credit, said person, firm, corporation or other legal entity engaged, or proposing to engage, in such recycling, reuse, or source reduction of hazardous waste shall first make application to the Department of Environmental Quality on forms to be provided by the Department and shall submit all available information relative to the applicant's operations bearing upon the nature and amount of hazardous waste resulting, or expected to result therefrom, the effectiveness of the proposed recycling, reuse, or source reduction process and such other relevant information bearing upon the process as may be required by the Department. Upon receipt of such application for tax credit and supporting information, it shall be the duty of the Department to make as accurately as possible:

1. A verification of the accuracy of supporting information submitted by the applicant, or otherwise officially to determine the character and chemical content of the hazardous waste;

2. A determination of the most effective type of recycling, reuse, or source reduction process taking into consideration alternative types of recycling, reuse, or source reduction methods if any, and the relative cost of each such type;

3. A determination of the actual or approximate capital investment required to effectuate such installation so as to arrive at an actual or estimated agreed, net, nonprofitable or profitable investment expense of installing said recycling, reuse, or source reduction process; and

4. A determination as to whether or not such recommended installation of recycling, reuse, or source reduction processes will of itself be productive of additional income or savings and will result in a reduction of hazardous waste for said applicant.

B. The actual or estimated agreed net investment cost of such process shall be certified to the Oklahoma Tax Commission by the Department. In no event shall the Oklahoma Tax Commission allow a tax credit to be taken in excess of the actual net investment cost of such approved recycling, reuse, or source reduction processing operations.

Added by Laws 1986, c. 164, § 4, eff. Jan. 1, 1987. Amended by Laws 1987, c. 203, § 157, operative July 1, 1987; Laws 1992, c. 403, § 47, eff. Sept. 1, 1992; Laws 1993, c. 145, § 187, eff. July 1, 1993. Renumbered from Title 68, § 2357.17 by Laws 1993, c. 145, § 359, eff. July 1, 1993. Amended by Laws 1993, c. 275, § 21, eff. July 1, 1993.