Bill > HB2402

This bill establishes the Oklahoma Advanced Manufacturing Incentive Act of 2025, which creates a tax incentive and direct grant program designed to attract manufacturers of low-grade waste heat electrification technology to Oklahoma. The program offers corporate income tax abatements in two tiers: Tier 1 provides up to 30% tax abatement for 5 years for manufacturers investing $10 million and creating at least 50 jobs, while Tier 2 offers up to 50% tax abatement for 5 years for those investing $20 million and creating at least 100 jobs, with both tiers renewable for an additional five years. The Oklahoma Department of Commerce is authorized to administer a direct grant program capped at $20 million over five years, prioritizing manufacturing facilities in areas qualifying for federal tax credits or within existing manufacturing hubs. To qualify, manufacturers must establish new operations in Oklahoma producing low-grade waste heat electrification technology (defined as technology recovering heat below 200 degrees Celsius and using advanced heat exchangers) and submit detailed applications. The program includes annual reporting requirements, collaboration with educational institutions for workforce development, and has a sunset provision ending on July 1, 2030. The total annual incentives are capped at $8 million, with unused funds rolling over to subsequent years within the program's five-year term.

Budget and Finance, Labor and Employment

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2402&Session=2600