Oklahoma House Bill HB2113

Oklahoma 2025 Regular Session

• Introduced: 2/3/25
• Refer: 2/4/25

Caption

Economic development; Economic Development Act of 2025; effective date.

Impact

The Economic Development Act of 2025 is expected to significantly influence state laws surrounding economic assistance and incentives for businesses operating within Oklahoma. By establishing clearer guidelines and provisions for economic support, the legislation is designed to attract and retain businesses, thus positively impacting local economies. The effective date of the bill is set for November 1, 2025, providing time for stakeholders to prepare for its implementation.

Summary

House Bill 2113, known as the Economic Development Act of 2025, aims to enhance economic development strategies within the state of Oklahoma. This bill introduces measures intended to stimulate job growth and economic expansion by providing a framework for various business incentives. The act is proposed to be implemented as a new law under Oklahoma statutes, emphasizing non-codification to streamline application and enforcement processes in economic development activities.

Contention

While the bill aims to enhance economic growth, it may face points of contention focused on the effectiveness and fairness of the proposed incentives. Concerns could arise around whether the incentives adequately benefit small businesses or primarily larger corporations. Additionally, discussions will likely revolve around the potential need for oversight to ensure that the economic development initiatives do not lead to unintended disparities or negative outcomes in certain communities.