Bill > SB575

This bill amends the Oklahoma Local Development and Enterprise Zone Incentive Leverage Act to enhance reporting requirements for businesses and entities receiving state economic development incentives. The bill requires enterprises that receive matching payments for locating or expanding facilities in enterprise zones to submit annual reports to the Oklahoma Department of Commerce detailing employment numbers, payroll amounts, capital investments, and changes in property assessed value. Importantly, the bill now mandates that businesses provide consent for the Department to share their reported information with the Incentive Evaluation Commission for evaluation purposes, with the data to be disaggregated and provided on a per-project basis. The bill maintains existing provisions about maximum matching payment amounts (up to $200,000 per enterprise per fiscal year) and investment limits based on county population, while also extending the program's investment period through December 31, 2029. The Oklahoma Department of Commerce is required to make the reported information publicly available on its website and to establish rules that ensure the program remains fiscally neutral to the state. The bill will become effective on November 1, 2025, providing transparency and accountability in the state's economic development incentive program.

Business and Industry, Labor and Employment

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb575&Session=2500