Bill > SB294

This bill amends Oklahoma's existing law regarding the Oklahoma Quick Action Closing Fund (QACF), a state economic development fund used to attract and retain businesses. The key change is excluding electric automobile manufacturers (specifically those classified under NAICS Industry Group No. 336110) from being eligible to receive funds from the QACF. The bill maintains the fund's existing provisions, which allow the Governor and Oklahoma Department of Commerce to provide economic incentives to businesses that meet certain criteria, such as creating new jobs, maintaining existing jobs at risk of termination, making capital investments, and generating additional tax revenues. The fund can be used for economic development and infrastructure projects where the funding could be a determining factor in a business locating or staying in Oklahoma. The bill also preserves existing requirements for detailed analysis of potential business impacts, transparency in fund allocation, and provisions for repayment if performance conditions are not met. Notably, the bill includes specific administrative procedures, such as requiring the Commerce Department to evaluate projects, the Governor to consult with legislative leaders before final approval, and mandatory public disclosure of fund payments. The amendments are technical in nature, primarily updating language and references, with the significant substantive change being the exclusion of electric automobile manufacturing from QACF eligibility. The bill is set to become effective on November 1, 2025.