Bill > HB3984

This bill establishes the "Oklahoma Talent Attraction and Relocation Act," administered by the Oklahoma Department of Commerce, to incentivize households to move to Oklahoma from outside the state through grant programs. The act defines key terms like "Department" (Oklahoma Department of Commerce), "Eligible applicant" (cities, towns, counties, or non-profits focused on economic or community development), and "Household" (one or more individuals living together). Grants will be awarded to eligible applicants for their talent recruitment programs, with a limit of $250,000 per municipality annually, and disbursement is contingent on meeting at least half of the program's relocation goals. Applicants must submit a detailed plan including costs, relocation goals, and estimated economic and tax impacts, and must contribute at least 20% of the program's total cost, with previous grant recipients only eligible for new grants if they met prior goals. Recipients failing to meet goals or misusing funds may be required to repay the grant with interest, and must submit semiannual reports detailing program progress, household demographics, and economic impact, with financial audits required for grants over $100,000. Eligible households must reside outside Oklahoma, have an individual income of at least $55,000, and apply for incentives. The Department will also submit biennial reports to legislative leadership evaluating the program's effectiveness. Additionally, the bill creates the "Oklahoma Talent Attraction and Relocation Revolving Fund" within the State Treasury, managed by the Department, to hold and disburse funds for the program, including legislative appropriations, federal funds, gifts, and repayments, ensuring continuous availability of funds for grants and administrative costs. This act will become effective on November 1, 2026.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb3984&Session=2600