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STATE OF OKLAHOMA
1st Session of the 59th Legislature (2023)
COMMITTEE SUBSTITUTE
FOR
SENATE BILL 208 By: Bergstrom
COMMITTEE SUBSTITUTE
An Act relating to the Oklahoma Center for the
Advancement of Science and Technology; amending 74
O.S. 2021, Section 5060.20a, which relates to the
development and implementatio n of a technology
business financing program; requiring binding
commitment to provide certain data for certain time;
requiring the Center to provide certain survey;
providing for exception; and providing an effective
date.
BE IT ENACTED BY THE PEOPLE OF TH E STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 74 O.S. 2021, Section 5060.20a, is
amended to read as f ollows:
Section 5060.20a. A. The Oklahoma Center for the Advancement
of Science and Technology (OCAST), in conjunction with the
Commercialization Center, may develop and implement a technology
business financing p rogram to provide funding and financing f or and
to assist qualified Oklahoma enterprises to commercialize new
products, services, technology, innovations, and processes. In
order to obtain funding or financing from the technology business
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financing program, a recipient shall be required to obtai n separate
private investment or funding , and may also be required to pay
royalties, fees, interest , profits, or other payments generated or
arising from the sale, lease, licensing, distribution, manufacture,
marketing, or development of products, services , technology,
innovations, and processes , whether alone or in conjunction with
others, or generated or arising from a sale, acquisition, merger, or
other transfer or takeover of the enterprise . Any such royalties,
fees, interest, profits, or other payment s or return of funding and
financing shall be retained for use in the program. OCAST, in
conjunction with the Commercialization Center, shall establish
program specifications. OCAST may contract with the
Commercialization Center or other qualified entity to operate and
manage the program. Program funds shall not be used to pay
administrative, manageme nt, or operating expenses of OCAST.
B. Enterprises that receive funding pursuant to subsection A of
this section shall make a binding comm itment to provide data
annually through a survey provided by OCAST, in conjunction with the
Commercialization Center and the Oklahoma Tax Commission . The
binding commitment to provide data shall be for five (5) years or
until the repayment amount has been paid, whichever is later. The
data required by the survey shall include but not be limited to jobs
created, total revenue, total payroll, and avera ge annual wages.
The enterprise must also provide the proportion of jobs , total
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revenue, and payroll that is generated in this state. OCAST may
provide an exception to the commitment required pursuant to this
subsection for certain circumstances that make the providing of data
unfeasible, including but not limited to the death of owners or
management, dissolution of the enterprise, or abandonment of
projects.
SECTION 2. This act shall become effective November 1, 2023.
59-1-1737 QD 2/13/2023 4:16:28 PM