Bill > SB2015

This bill modifies the Local Development Act to ensure that development incentives and exemptions primarily benefit the public as a whole, rather than exclusively private entities. Key provisions include limiting incentives or exemptions to a maximum of fifty percent of new investment and requiring project plans to include provisions or investments that serve the entire community within a governing body's jurisdiction. Furthermore, the bill prohibits project plans that solely allocate increments, which are portions of local taxes or fees generated by increased property values in designated areas, to the project costs of private entities. The bill also makes technical changes, such as updating the title of an official from "Director" to "Chief Executive Officer" of the Oklahoma Department of Commerce for waiver approvals, and sets an effective date of November 1, 2026.

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb2015&Session=2600