Oklahoma House Bill HB3117

Oklahoma 2024 Regular Session

• Introduced: 2/5/24
• Refer: 2/6/24

Caption

Public finance; agreements; disclosures; exceptions; effective date.

Impact

The bill would significantly reshape how financial dealings between the state and private entities are documented and disclosed. It seeks to improve public accountability by requiring that the terms of agreements involving public funds must be disclosed unless they consist of proprietary information. This could lead to increased scrutiny on business incentives provided by the state, as the public would have access to information on how taxpayer resources are allocated and to whom they are granted.

Summary

House Bill 3117 aims to establish regulations concerning agreements made between state governmental entities and private entities. Specifically, the bill prohibits these governmental entities from entering agreements that restrict the disclosure of terms related to payments or benefits conferred upon the private entities using state taxes. The primary focus of this legislation is to enhance transparency regarding the financial relationships between state entities and businesses, ensuring that taxpayer funds are managed and reported appropriately.

Contention

One of the points of contention surrounding HB3117 involves the balance between transparency and the protection of proprietary business information. Critics may argue that while transparency is important, revealing too much information could dissuade businesses from engaging with the state if sensitive financial information is made public. Proponents of the bill emphasize that transparency will foster trust and public engagement in government dealings, suggesting that the benefits of disclosure outweigh the potential drawbacks for businesses concerned about proprietary information.