Bill > SB688

This bill amends Oklahoma's ad valorem (property) tax law to modify exemption requirements for manufacturing facilities. The bill provides several key changes, including waiving payroll requirements for certain manufacturing facilities during tax years 2021 and 2022 due to potential economic disruptions. Specifically, the bill allows manufacturing facilities to receive a five-year property tax exemption even if they did not meet typical payroll thresholds during those years. For facilities in specific industry classifications (such as those in NAICS code 3364), the bill provides additional flexibility by waiving payroll requirements for exemption applications filed between January 2020 and March 2021. The legislation maintains the core purpose of encouraging manufacturing investment by offering tax incentives, while providing temporary relief for manufacturers who may have experienced workforce challenges during the recent pandemic period. The bill also clarifies definitions of manufacturing facilities, investment costs, and specifies ongoing requirements for maintaining the tax exemption, such as offering health benefits to full-time employees and meeting certain wage standards. The bill contains an emergency clause, meaning it will take effect immediately upon passage and approval.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb688&Session=2600