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Bill > HB1352
OK HB1352
OK HB1352Revenue and taxation; Large-scale Economic Activity and Development Act; repealer; funding; effective date; emergency.
summary
Introduced
02/03/2025
02/03/2025
In Committee
02/04/2025
02/04/2025
Crossed Over
Passed
Dead
Introduced Session
2025 Regular Session
Bill Summary
An Act relating to revenue and taxation; repealing Sections 1, 2, 3, 4, and 5, Chapter 66, O.S.L. 2022 (68 O.S. Supp. 2024, Sections 3645.1, 3645.2, 3645.3, 3645.4, and 3645.5), which relate to the Large-scale Economic Activity and Development Act of 2022; amending Section 6, Chapter 66, O.S.L. 2022, as amended by Section 2, Chapter 1, O.S.L. 2023 (68 O.S. Supp. 2024, Section 3645.6), which relates to the LEAD Revolving fund; providing for transfer of funds; providing an effective date; and declaring an emergency.
AI Summary
This bill repeals several sections of the Large-scale Economic Activity and Development (LEAD) Act of 2022 and amends provisions related to the LEAD Fund. Specifically, the bill eliminates Sections 1-5 of the original 2022 legislation and modifies Section 6, which governs the LEAD Fund. The key change involves redirecting unencumbered funds in the LEAD Fund: if the Oklahoma Department of Commerce does not receive a binding commitment from a primary establishment by April 15, 2023, the remaining funds will now be transferred to the State Transportation Fund for highway construction and repair, instead of being deposited in the General Revenue Fund as previously specified. The bill includes an effective date of July 1, 2025, and contains an emergency clause, which means it can take effect immediately upon passage. The legislation appears to be adjusting the state's approach to economic development funding and infrastructure investment by reallocating potential unused funds to transportation infrastructure.
Sponsors (1)
Last Action
Second Reading referred to Rules (on 02/04/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1352&Session=2600 |
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1352&Session=2500 |
| BillText | https://www.oklegislature.gov/cf_pdf/2025-26%20INT/hB/HB1352%20INT.PDF |
| BillText | https://www3.oklegislature.gov/cf_pdf/2025-26%20INT/hB/HB1352%20INT.PDF |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2025-26%20INT/hB/HB1352%20INT.PDF |
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