Bill > SB572

This bill modifies the existing law regarding the Oklahoma Center for the Advancement of Science and Technology (OCAST) and its technology business financing program. Specifically, the bill requires the complete cessation of the technology business financing program, which previously was designed to provide funding and assistance to qualified Oklahoma enterprises for commercializing new products, technologies, and innovations. Under the existing program, recipients were required to obtain separate private investment and potentially pay royalties, fees, or other payments back into the program. The new bill mandates that upon the effective date (November 1, 2025), the program will be terminated, and all remaining funds will be transferred to the State Treasurer and placed in the General Revenue Fund. Additionally, any future royalties, fees, interest, profits, or other payments received from past program investments must also be transferred to the General Revenue Fund at the end of each fiscal year, effectively winding down the program and redirecting its financial resources to the state's general budget.

Budget and Finance, Labor and Employment

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb572&Session=2500