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Bill > HB2860
OK HB2860
OK HB2860Revenue and taxation; Oklahoma Remote Quality Jobs Incentive Act; benefit payments; procedures; fund; effective date; emergency.
summary
Introduced
02/01/2021
02/01/2021
In Committee
04/07/2021
04/07/2021
Crossed Over
03/04/2021
03/04/2021
Passed
04/21/2021
04/21/2021
Dead
Signed/Enacted/Adopted
04/26/2021
04/26/2021
Introduced Session
2021 Regular Session
Bill Summary
An Act relating to revenue and taxation; enacting the Oklahoma Remote Quality Jobs Incentive Act; stating legislative intent; defining terms; providing for payment of incentive amounts; providing for computation of incentive payment amounts; prescribing procedures for applications and incentive payments; imposing restriction on eligibility dates for projects; imposing requirements related to payment of average annualized wages; providing for cost/benefit analysis; providing for computation of net benefit rate; providing for computation of incentive payment amounts; prescribing procedures related to claims filed with the Oklahoma Tax Commission; authorizing audit; providing for continued incentive payments; providing exception; creating the Oklahoma Remote Quality Jobs Incentive Payment Fund; providing for deposit of income tax revenues; prescribing method for determining deposit; requiring verification of payroll; providing for termination of incentive payments under certain conditions; providing for incentive payments to resume; prohibiting payment of incentives in excess of certain amount; prohibiting participation in designated incentives based upon payment of incentives pursuant to this act; requiring promulgation of rules; prescribing penalties for false statements; providing for punishment as felony; requiring repayment of incentive amounts; requiring Oklahoma Department of Commerce to prepare report; requiring periodic submission of report; providing for codification; providing an effective date; and declaring an emergency. SUBJECT: Revenue and taxation
AI Summary
This bill enacts the Oklahoma Remote Quality Jobs Incentive Act, which aims to attract growth industries and sectors that employ remote workers to Oklahoma. The key provisions are:
1. Establishes definitions for terms like "basic industry", "new direct job", "proxy establishment", and "remote worker", and sets requirements for health benefits plans.
2. Allows proxy establishments that facilitate the attraction of remote workers to receive quarterly incentive payments for 10 quarters, based on a net benefit rate multiplied by the actual gross payroll of new direct jobs.
3. Creates the Oklahoma Remote Quality Jobs Incentive Payment Fund, funded by a portion of state income tax revenues, to make the incentive payments.
4. Outlines procedures for proxy establishments to apply for and claim the incentive payments, including requirements for gross payroll and average annualized wages.
5. Prohibits qualified proxy establishments and associated companies from receiving certain other tax credits and exemptions.
6. Requires the Oklahoma Department of Commerce to prepare a triennial report on the program's costs, benefits, and impact.
The bill takes effect July 1, 2021 and declares an emergency.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Approved by Governor 04/26/2021 (on 04/26/2021)
Official Document
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