Oklahoma Senate Bill SB1483

Oklahoma 2022 Regular Session

• Introduced: 2/7/22
• Refer: 2/8/22

Caption

Quality Jobs Program Act; expanding intent. Emergency.

Impact

The amendments proposed in SB1483 will allow the state of Oklahoma to provide enhanced economic development incentives targeted at businesses that show potential for job creation and substantial capital investment. The Oklahoma Department of Commerce, along with the Oklahoma Tax Commission, will be responsible for implementing these provisions, which are aimed at ensuring essential public purposes are met through the performance of these incentives. The bill highlights that the amount of incentives must be directly tied to the estimated net direct state benefits arising from the job creation associated with the establishment of these businesses.

Summary

Senate Bill 1483 amends the Oklahoma Quality Jobs Program by expanding the intent of the legislation to include a provision that certain enhanced incentives are necessary for the benefit of the state and its citizens. The bill not only updates the statutory language but also emphasizes the importance of providing support for businesses that can significantly impact the state's economy through job creation and substantial investments. By doing so, the legislation aims to encourage the establishment and growth of basic industries that have not previously been active in Oklahoma.

Contention

While the bill is designed to foster economic growth and improve job opportunities within the state, there may be points of contention regarding the allocation of state resources and the effectiveness of such incentives. Critics could argue that without careful oversight, providing enhanced incentives to certain industries may not always translate into the projected benefits for the state, particularly if the expected job creation does not materialize. The notion of declaring an emergency for the bill's passage may also raise eyebrows about the urgency and necessity of the changes proposed in SB1483.