Oklahoma Senate Bill SB71

Oklahoma 2022 Regular Session

• Introduced: 2/1/21
• Refer: 2/2/21
• Report Pass: 2/9/21
• Engrossed: 3/3/21
• Refer: 3/22/21
• Report Pass: 4/7/21
• Enrolled: 4/15/21
• Passed: 4/21/21

Caption

Local Development and Enterprise Zone Incentive Leverage Act; modifying reporting requirements for evaluation purposes. Effective date.

Impact

The bill is expected to have a significant positive impact on local laws related to economic development and investment within enterprise zones. By providing matching payments based on incremental revenues generated by projects, it encourages both public and private investment in areas that have historically faced economic challenges. Importantly, it updates provisions to make the program fiscally neutral to the state, thereby avoiding potential financial strain on state resources while still promoting local economic activity.

Summary

Senate Bill 71, known as the Oklahoma Local Development and Enterprise Zone Incentive Leverage Act, aims to modify existing legislation to enhance the local development framework in Oklahoma. The bill facilitates additional support for local governmental entities by allowing for matching payments for projects situated within designated enterprise zones or that support major tourism destination projects. It incorporates specific eligibility requirements and aims to ensure that these incentives contribute positively to local economies while maintaining accountability through new reporting mandates.

Sentiment

General sentiment towards SB71 appears to be positive among proponents who advocate for the growth of local economies and the importance of revitalizing struggling areas through targeted investment incentives. However, concerns were raised regarding the potential for abuse of the matching payment system and ensuring that funds are utilized effectively for their intended purpose. Proponents emphasize the importance of aligning economic development efforts with community needs, underlining the necessity for clear guidelines and monitoring.

Contention

Notable points of contention surrounding SB71 include the restrictions placed on funding for certain types of developments, such as gambling establishments and retail spaces that do not meet specific criteria for food access. Critics argue that such limitations could hinder the economic development potential of some projects, whereas supporters maintain that these restrictions are necessary to prioritize health-focused initiatives and ensure a balanced economic growth approach. The bill's successful passage reflects a compromise aimed at fostering economic revitalization while addressing stakeholders' concerns.