Oklahoma 2024 Regular Session

Oklahoma House Bill HB4037

Introduced
2/5/24  

Caption

Economic development; investment rebates; Oklahoma Department of Commerce; Commerce Manufacturing Activity Development Fund; appropriation; effective date; emergency.

Impact

The bill provisions direct the Oklahoma Department of Commerce to administer the investment rebate program, approving or disapproving claims based on established criteria. Payments will be drawn from a newly created fund, the Commerce Manufacturing Activity Development Fund, which will serve as a continuous source of funding, allowing for budgeted expenditures aimed at supporting manufacturing developments in the designated municipalities. By establishing this fund, the bill signals a commitment to facilitate capital investment within smaller communities, potentially creating jobs and stimulating local economies.

Summary

House Bill 4037 establishes an investment rebate program aimed at bolstering economic development in Oklahoma. The program will be effective until July 1, 2030, and applies to establishments within specific industry classifications, namely those engaged in manufacturing activities defined in the NAICS Manual. This initiative targets municipalities with a population of 20,000 to 30,000, where qualifying capital expenditures must reach a minimum of $800 million. The rebates are designed to assist companies in offsetting costs associated with significant capital investments in eligible locations.

Contention

While the intent of HB 4037 is to attract manufacturers and provide economic incentives, concerns may arise regarding its focus on specific municipalities, thus potentially excluding larger cities or regions with different demographic profiles. Opponents might argue that the bill could lead to unequal economic advantages among different areas. Additionally, there might be debates about the sustainability of the program and its long-term benefits versus potential fiscal impacts on the state budget as it appropriates $50 million from general funds for the initiative.

Companion Bills

No companion bills found.

Previously Filed As

OK SB1176

Public finance; Large-scale Economic Activity and Development Act of 2022; modifying certain job threshold requirement; requiring transfer of funds if certain commitment is not received by the Oklahoma Department of Commerce by certain date. Emergency.

OK HB1627

Appropriations; Oklahoma Department of Commerce; Tulsa Race Massacre; revolving fund; effective date; emergency.

OK SB1177

Economic development; creating the Perform Act; providing investment rebate. Emergency.

OK HB2457

Workforce development; Oklahoma NextGen Employee Development Program; findings; definitions; Department of Commerce; Oklahoma Tax Commission; workforce training; payments; wages; NextGen Employee Development Program Revolving Fund; effective date; emergency.

OK HB2766

Commerce; Oklahoma Commerce Development Act of 2023; effective date.

OK HB2042

Workforce solutions; Oklahoma Solutions Revolving Fund; appropriation; American Rescue Plan Act; funds; Oklahoma Department of Commerce; effective date; emergency.

OK SB1160

Appropriations; making an appropriation to the Oklahoma Department of Commerce. Emergency.

OK SB1162

Appropriations; making an appropriation to the Oklahoma Department of Commerce. Emergency.

OK SB1163

Appropriations; making an appropriation to the Oklahoma Department of Commerce. Emergency.

OK SB1161

Appropriations; making an appropriation to the Oklahoma Department of Commerce. Emergency.

Similar Bills

OK HB2110

Revenue and taxation; Bringing Sitcoms Home from Hollywood Pilot Program Act; short title; definitions; incentives; procedures; revolving fund; effective date.

OK HB2459

Revenue and taxation; Filmed in Oklahoma Act of 2021; modifying incentive related to certain post production activity; logo; effective date; emergency.

OK HB2459

Revenue and taxation; Filmed in Oklahoma Act of 2021; modifying incentive related to certain post production activity; logo; effective date; emergency.

OK HB2374

Revenue and taxation; Filmed in Oklahoma Act of 2021; procedures for withholding tax; income tax treatment; set aside amount for economic impact reviews; effective date; emergency.

OK SB608

Film production incentives; enacting the Filmed in Oklahoma Act of 2021; rebate incentives. Effective date. Emergency.

OK HB4455

Economic development; creating the Large-scale Economic Activity and Development Act of 2022.

OK SB737

Filmed in Oklahoma Act of 2021; modifying certain rate of reimbursement; modifying requirements for promotional materials. Emergency.

OK SB737

Filmed in Oklahoma Act of 2021; modifying certain rate of reimbursement; modifying requirements for promotional materials. Emergency.