Oklahoma 2024 Regular Session

Oklahoma House Bill HB3055

Introduced

2/5/24

Refer

2/6/24

Refer

2/6/24

Caption

Revenue and taxation; Level Playing Field Quality Jobs Incentive Act; five-year incentive payment to qualified establishments; fund; rules; penalty; report; effective date; emergency.

Impact

The bill stipulates that once an establishment qualifies for the incentive payments, it must maintain employment levels and comply with various reporting requirements to continue receiving these funds. Qualified businesses are required to create and retain a minimum number of jobs and to pay employees wages at or above specific thresholds that are aligned with county averages. This framework aims to ensure that the incentives directly correlate to the growth and preservation of quality jobs in Oklahoma, ultimately aiming to fortify the local economy.

Summary

House Bill 3055, also known as the Level Playing Field Quality Jobs Incentive Act, is designed to promote job creation and retention in the state of Oklahoma by providing incentive payments to qualified establishments. The bill outlines a framework for establishing a special fund within the Oklahoma Tax Commission to manage these incentive payments, which can be applied for by businesses meeting certain criteria. The intent is to stimulate economic development particularly among small businesses in basic industries, which the legislature identifies as crucial for sustained economic growth.

Contention

Though the bill is primarily focused on job creation, there is potential contention regarding the limitations placed on receiving additional tax credits or exemptions by those that benefit from the incentive payments. Critics might argue that these restrictions could hinder businesses' ability to access other economic benefits or foster a competitive environment where only certain establishments thrive, potentially leading to inequities in opportunities available to businesses across the state. Additionally, the bill does not guarantee that the jobs created will be permanent or sustainable beyond the incentive period, raising concerns about its long-term efficacy.

Companion Bills

No companion bills found.

Previously Filed As

OK HB1362

Revenue and taxation; incentive payments; production expenditure amounts; effective date; emergency.

OK SB13

Quality Jobs Program; modifying term of incentive payments for certain industry. Effective date.

OK HB1352

Revenue and taxation; Oklahoma Quality Events Incentive Act; modifying definition; effective date; emergency.

OK SB604

Incentive payments; Oklahoma Quality Jobs Program Act; modifying payment period for certain industry; prohibiting the inclusion of additional award with certain contract extension. Effective date.

OK HB2459

Revenue and taxation; Filmed in Oklahoma Act of 2021; modifying incentive related to certain post production activity; logo; effective date; emergency.

OK HB2035

Economic development; 21st Century Quality Jobs Incentive Amendments Act; effective date.

OK HB2247

Revenue and taxation; creating the County Road and Bridge Funding Incentive Act of 2023; income tax credit; county population; training; effective date.

OK HB2542

Revenue and taxation; income tax credit; qualified clean burning fuels; effective date; emergency.

OK SB207

Income tax incentives; limiting certain credit and exemption to certain tax years. Effective date.

OK SB311