Oklahoma 2024 Regular Session

Oklahoma House Bill HB4019

Introduced
2/5/24  
Refer
2/6/24  
Report Pass
2/26/24  
Engrossed
3/6/24  
Refer
3/19/24  
Report Pass
4/8/24  
Refer
4/8/24  

Caption

Economic development; investment rebate program; Commerce Manufacturing Activity Development Fund; expenditures.

Impact

The introduction of HB 4019 is expected to enhance economic development by incentivizing capital investments that could lead to job creation and increased local economic activity. By providing rebates for qualifying expenditures, the bill aims to attract businesses to establish operations in targeted municipalities. This initiative is seen as critical in bolstering the manufacturing sector within the state and ensuring that Oklahoma competes effectively for large-scale investments.

Summary

House Bill 4019 establishes an investment rebate program aimed at encouraging significant capital investments in certain sectors, specifically within municipalities in Oklahoma. The bill outlines the criteria and process through which businesses can apply for rebates on qualified capital expenditures, defined as expenditures meeting or exceeding $800 million. Eligible businesses must be categorized in a specified industry group and located in municipalities with populations between 20,000 and 30,000, promoting growth in these areas.

Sentiment

The sentiment surrounding HB 4019 appears to be cautiously optimistic among stakeholders in economic development and manufacturing sectors. Supporters contend that the proposed rebates will stimulate investment and economic growth, while critics may raise concerns over the fiscal sustainability of the rebate program and potential inequities in distribution among different regions and business types. The bill has sparked dialogues around the balance between state support for businesses and ensuring fair competition.

Contention

Notable points of contention include the concerns from some legislators about the potential long-term implications of fiscal commitments tied to the rebate program. There are apprehensions that over-reliance on such incentives could burden the state budget, especially if businesses fail to meet the anticipated investment thresholds. Additionally, discussions around the eligibility criteria could lead to debates regarding whether the compliance requirements are appropriate and attainable for potential applicants.

Companion Bills

No companion bills found.

Previously Filed As

OK SB1177

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

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 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 SB381

Quick Action Closing Fund; requiring Department of Commerce to make available certain information. Effective date.

OK SB317

Development incentives as it relates to the Local Development Act; modifying certain reporting requirements. Effective date.

OK SB119

Economic development; creating the Right-to-Start Act. Effective date.

OK SB587

Quality Jobs Program Act; adding net benefit rate limit for hydrogen manufacturing establishments; modifying qualification requirements for hydrogen manufacturing industry. Effective date.

OK SB760

Oklahoma Capital Investment Board; dissolving Board; transferring management of certain investments and agreements. Effective date.

OK SB997

Investments; prohibiting investments of public funds in communist governments and organizations. Effective date.

OK HB2766

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

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 HB4455

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

OK SB608

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

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.