Bill > SB471

This bill amends Oklahoma's economic incentive law to expand requirements for new or extended economic incentive provisions. The bill requires that all economic incentives enacted or reauthorized after the effective date must include measurable goals and, for tax credits, a limitation of ten years or less. The bill provides new definitions for key terms: "incentive" is broadly defined to include tax credits, exemptions, deductions, rebates, state grants, loans, financing programs, and incentive payments, while "measurable goal" is defined as a statement about the expected long-term result of an incentive that can be used for data collection, comparison, and evaluation. Specifically, the bill aims to add more accountability and transparency to economic incentive programs by ensuring that each incentive has a clear, evaluable purpose and a defined time frame. The changes will become effective on November 1, 2025, giving state agencies and businesses time to prepare for the new requirements.

Labor and Employment

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb471&Session=2600