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Bill > SB1848
OK SB1848
OK SB1848Incentives; prohibiting certain districts from including the property of certain establishments in Local Development Act; excluding certain entities from ad valorem exemption. Effective date.
summary
Introduced
02/02/2026
02/02/2026
In Committee
02/03/2026
02/03/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
An Act relating to incentives; amending 62 O.S. 2021, Sections 860, as amended by Section 1, Chapter 145, O.S.L. 2023, and 861 (62 O.S. Supp. 2025, Section 860), which relate to the Local Development Act; prohibiting certain establishments from receiving incentives or exemptions; prohibiting certain districts from including the property of certain establishments; amending 68 O.S. 2021, Section 2902, as last amended by Section 1, Chapter 411, O.S.L. 2025 (68 O.S. Supp. 2025, Section 2902), which relates to the exemption from ad valorem tax for manufacturing facilities; limiting authorization for exemption for certain facilities to certain period; updating statutory language; updating statutory references; and providing an effective date.
AI Summary
This bill modifies existing laws related to local development incentives and ad valorem tax exemptions for manufacturing facilities. Specifically, it prohibits certain types of establishments, identified by specific North American Industry Classification System (NAICS) codes (518210 and 221114 through 221117), from receiving incentives or exemptions under the Local Development Act, and prevents "increment districts" (areas where future tax increases are used to fund development projects) from including the property of these excluded establishments. Additionally, the bill limits the duration of ad valorem tax exemptions for certain manufacturing facilities, particularly those involved in computer services and data processing, by setting a new end date for when assets can be placed into service to qualify for these exemptions. The bill also updates statutory language and references and sets an effective date of November 1, 2026.
Sponsors (1)
Last Action
Second Reading referred to Rules Committee then to Revenue and Taxation Committee (on 02/03/2026)
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=sb1848&Session=2600 |
| Fiscal Note/Analysis - Senate: SB1848 INT FI | https://www.oklegislature.gov/cf_pdf/2025-26%20SUPPORT%20DOCUMENTS/impact%20statements/fiscal/Senate/SB1848%20INT%20FI.PDF |
| Fiscal Note/Analysis - Senate: Introduced | https://www.oklegislature.gov/cf_pdf/2025-26%20SUPPORT%20DOCUMENTS/BILLSUM/Senate/SB1848%20INT%20BILLSUM.PDF |
| BillText | https://www.oklegislature.gov/cf_pdf/2025-26%20INT/SB/SB1848%20INT.PDF |
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