A. Upon a determination of all such facts posed by the applicant's recycling, reuse, or source reduction process in this state, the Department of Environmental Quality shall certify to the Oklahoma Tax Commission the actual or estimated agreed net investment expense of installing such process and shall submit all such relevant information for use by the Tax Commission in allowing such tax credit and in auditing income tax returns subsequently filed by the applicant.

B. If an estimated agreed net investment expense is certified to the Tax Commission, the Tax Commission shall subsequently adjust such estimate to the actual cost outlay by the applicant for the process, not in excess of the certified estimate, at the time the tax credit is taken. The income tax return specifying the cost outlay for the process submitted by the applicant may be accepted by the Tax Commission as the actual net investment cost of the process unless the Tax Commission determines that an audit of the income tax return or income tax liability of the applicant is warranted. In conducting an audit, the Tax Commission is authorized to request such records and documentation as they determine to be necessary to verify the accuracy of the return. The person, firm, corporation or other legal entity taking such tax credit shall be required to submit to the Tax Commission evidence of the actual capital outlay for the installation of such process at the time such credit is to be taken for income tax purposes or when otherwise requested by the Tax Commission.

C. The Commission shall allow the tax credit to be taken as and to the extent provided herein.

Added by Laws 1986, c. 164, § 5, eff. Jan. 1, 1987. Amended by Laws 1987, c. 203, § 158, operative July 1, 1987; Laws 1993, c. 145, § 188, eff. July 1, 1993. Renumbered from Title 68, § 2357.18 by Laws 1993, c. 145, § 359, eff. July 1, 1993. Amended by Laws 1993, c. 275, § 22, eff. July 1, 1993.