Oklahoma 2023 Regular Session

Oklahoma Senate Bill SB208 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	SB208 HFLR Page 1
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	3	+	ENGR. S. B. NO. 208 Page 1 1
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29		-	HOUSE OF REPRESENTATIVES - FLOOR VERSION
30		-
31		-	STATE OF OKLAHOMA
32		-
33		-	1st Session of the 59th Legislature (2023)
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35	28		ENGROSSED SENATE
36	29		BILL NO. 208 By: Bergstrom of the Senate
37	30
38	31		and
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40	33		Kendrix of the House
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45	38		An Act relating to the Oklahoma Center for the
46	39		Advancement of Science and Technology; amending 74
47	40		O.S. 2021, Section 5060.20a, which relates t o the
48	41		development and implementation of a technology
49	42		business financing program; requiring binding
50	43		commitment to provide certain data for certain time;
51	44		requiring the Center to provide certain survey;
52	45		providing for exception; and providing an effective
53	46		date.
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59	52		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
60	53		SECTION 1. AMENDATORY 74 O.S. 2021, Section 5060.20a, is
61	54		amended to read as f ollows:
62	55		Section 5060.20a. A. The Oklahoma Center for the Advancement
63	56		of Science and Technology (OCAST), in conjunction with the
64	57		Commercialization Center, may develop and implement a technology
65	58		business financing p rogram to provide funding and financing f or and
66	59		to assist qualified Oklahoma enterprises to commercialize new
67	60		products, services, technology, innovations, and processes. In
	61	+	order to obtain funding or financing from the technology business
	62	+	financing program, a recipient shall be required to obtai n separate
	63	+	private investment or funding , and may also be required to pay
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69		-	SB208 HFLR Page 2
70		-	BOLD FACE denotes Committee Amendments. 1
	65	+	ENGR. S. B. NO. 208 Page 2 1
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95		-	order to obtain funding or financing from the technology business
96		-	financing program, a recipient shall be required to obtai n separate
97		-	private investment or funding , and may also be required to pay
98	90		royalties, fees, interest, profits, or other payments generated or
99	91		arising from the sale, lease, licensing, distribution, manufacture,
100	92		marketing, or development of products, services , technology,
101	93		innovations, and processes , whether alone or in conjunction with
102	94		others, or generated or arising from a sale, acquisition, merger, or
103	95		other transfer or takeover of the enterprise . Any such royalties,
104	96		fees, interest, profits, or other payment s or return of funding and
105	97		financing shall be retained for use in the program. OCAS T, in
106	98		conjunction with the Commercialization Center, shall establish
107	99		program specifications. OCAST may contract with the
108	100		Commercialization Center or other qualified entity to operate and
109	101		manage the program. Program funds shall not be used to pay
110	102		administrative, management, or operating expenses of OCAST.
111	103		B. Enterprises that receive funding pursuant to subsection A of
112	104		this section shall make a binding comm itment to provide data
113	105		annually through a survey provided by OCAST, in conjunction with the
114	106		Commercialization Center and the Oklahoma Tax Commission. The
115	107		binding commitment to provide data shall be for five (5) years or
116	108		until the repayment amount has been paid, whichever is later. The
117	109		data required by the survey shall include but not be limited to jobs
118	110		created, total revenue, total payroll, and avera ge annual wages.
	111	+	The enterprise must also provide the proportion of jobs , total
	112	+	revenue, and payroll that is generated in this state. OCAST may
	113	+	provide an exception to the commitment required pursuant to this
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120		-	SB208 HFLR Page 3
121		-	BOLD FACE denotes Committee Amendments. 1
	115	+	ENGR. S. B. NO. 208 Page 3 1
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146		-	The enterprise must also provide the proportion of jobs , total
147		-	revenue, and payroll that is generated in this sta te. OCAST may
148		-	provide an exception to the commitment required pursuant to this
149	140		subsection for certain circumstances that make the providing of data
150	141		unfeasible, including but not limited to the death of owners or
151	142		management, dissolution of the enterprise, or abandonment of
152	143		projects.
153	144		SECTION 2. This act shall become effective November 1, 2023.
	145	+	Passed the Senate the 9th day of March, 2023.
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155		-	COMMITTEE REPORT BY: COMMITTEE ON RULES, dated 04/11/2023 - DO PASS.
	147	+
	148	+
	149	+	Presiding Officer of the Senate
	150	+
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	152	+	Passed the House of Representatives the ____ day of __________,
	153	+	2023.
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	155	+
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	157	+	Presiding Officer of the House
	158	+	of Representatives
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