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Bill > SB1176
OK SB1176
OK SB1176Public finance; Large-scale Economic Activity and Development Act of 2022; modifying certain job threshold requirement; requiring transfer of funds if certain commitment is not received by the Oklahoma Department of Commerce by certain date. Emergency.
summary
Introduced
02/20/2023
02/20/2023
In Committee
02/27/2023
02/27/2023
Crossed Over
02/28/2023
02/28/2023
Passed
03/02/2023
03/02/2023
Dead
Signed/Enacted/Adopted
03/02/2023
03/02/2023
Introduced Session
2023 Regular Session
Bill Summary
An Act ENROLLED SENATE BILL NO. 1176 By: Thompson (Roger) and Hall of the Senate and Wallace and Martinez of the House An Act relating to economic development; amending Sections 4 and 6, Chapter 66, O.S.L. 2022 (68 O.S. Supp. 2022, Sections 3645.4 and 3645.6), which relate to the Large-scale Economic Activity and Development Act of 2022; modifying certain job threshold requirement; requiring transfer of funds if certain commitment is not received by the Oklahoma Department of Commerce by certain date; updating statutory language; updating statutory references; and declaring an emergency. SUBJECT: Large-scale Economic Activity and Development Act of 2022
AI Summary
This bill amends the Large-scale Economic Activity and Development Act of 2022 (LEAD Act) in Oklahoma. It modifies the job threshold requirement for establishments to qualify for investment rebate payments, reducing the cumulative new direct jobs required in years four and five from 4,000 to 3,500. The bill also requires the transfer of any unencumbered funds remaining in the LEAD Fund to the state's General Revenue Fund if the Oklahoma Department of Commerce does not receive a binding commitment for a qualifying investment by April 15, 2023. The bill is declared an emergency measure.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Approved by Governor 03/02/2023 (on 03/02/2023)
Official Document
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