Bill
Bill > HB2781
OK HB2781
Economic development; creating the Reindustrialize Oklahoma Act of 2025; investment rebate program; creating the ROA-25 Revolving Fund and the ROA-25 Beneficiary Revolving Fund.
summary
Introduced
02/03/2025
02/03/2025
In Committee
05/19/2025
05/19/2025
Crossed Over
05/20/2025
05/20/2025
Passed
05/28/2025
05/28/2025
Dead
Signed/Enacted/Adopted
05/28/2025
05/28/2025
Introduced Session
2025 Regular Session
Bill Summary
An Act relating to economic development; creating the Reindustrialize Oklahoma Act of 2025; providing for alternative reference; declaring legislative findings; defining terms; providing for certain interpretations under certain conditions; creating certain investment rebate program until certain date; establishing qualifying criteria; providing capital expenditure and job creation thresholds for qualification; assigning administrative responsibilities for rebate program; requiring certain annual reporting of certain information; authorizing the promulgation of rules for implementation of program; establishing eligibility criteria; requiring certain application submissions and evaluations; disqualifying participation in certain program if participating in rebate program; providing methodology for certain calculations; authorizing issuances of ROA-25 investment rebate payments under certain conditions for certain period of years; limiting authorization to award payments; providing for ongoing review of eligibility; authorizing and limiting certain budgeting procedures related to encumbering funds; creating the ROA-25 Revolving Fund and the ROA-25 Beneficiary Revolving Fund; establishing fund characteristics; deeming funds appropriated; requiring and limiting certain budgetary procedures related to utilization of funds; providing for transfer of unencumbered funds after certain date; and providing for codification. SUBJECT: Economic development
AI Summary
This bill creates the Reindustrialize Oklahoma Act of 2025 (ROA-25 Act), a targeted economic development initiative designed to incentivize large-scale industrial investments in Oklahoma. The act establishes an investment rebate program for businesses that make significant capital investments ($2 billion) and create a substantial number of new jobs (700 in the first year, increasing to 1,000 in subsequent years), primarily focusing on manufacturing establishments (NAICS Sector 31-33). Participating businesses will receive annual rebate payments equal to one-fifteenth of a financial instrument's value over 15 years, contingent upon maintaining job creation and investment targets. To administer the program, the bill creates two new revolving funds: the ROA-25 Revolving Fund (used to purchase an annuity or similar financial instrument) and the ROA-25 Beneficiary Revolving Fund (used to distribute rebate payments). Importantly, businesses participating in this program will be ineligible for other state job incentive programs for the same project. The Oklahoma Department of Commerce will manage the program, conducting annual reviews of participant eligibility and submitting yearly reports to legislative leadership. The act is set to operate until July 1, 2045, with unencumbered funds to be transferred to the General Revenue Fund after the program's expiration.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Approved by Governor 05/28/2025 (on 05/28/2025)
Official Document
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