Bill > SB577

This bill modifies the ad valorem (property) tax exemption rules for manufacturing facilities in Oklahoma by requiring companies receiving tax exemptions to provide annual reports to the Oklahoma Tax Commission detailing the number of new jobs created and their payroll data. The Tax Commission will then be required to share this information with the Incentive Evaluation Commission for evaluation purposes. The bill also amends confidentiality rules to explicitly allow the disclosure of this job and payroll information. Specifically, for each year a manufacturing facility receives a tax exemption, the company must submit a report documenting new job creation and payroll, which helps the state track the economic impact of tax incentives. The bill continues Oklahoma's practice of offering five-year property tax exemptions to qualifying manufacturing facilities that meet certain investment and job creation requirements, while adding a new layer of transparency and accountability to the process. The changes will take effect on November 1, 2025, giving businesses and government agencies time to prepare for the new reporting requirements.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb577&Session=2600