SENATE FLOOR VERSION - HB4019 SFLR Page 1
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SENATE FLOOR VERSION
April 18, 2024
AS AMENDED
ENGROSSED HOUSE
BILL NO. 4019 By: McBride and Townley of the
House
and
Alvord of the Senate
[ economic development – investment rebate program –
qualifying criteria – application – Oklahoma
Department of Commerce – claims – payments –
conditional pre-qualification – Commerce
Manufacturing Activity Development Fund -
codification ]
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of l aw to be codified
in the Oklahoma Statutes as Section 3647.1 of Title 68, unless there
is created a duplication in numbering, reads as follows:
A. There is hereby created until July 1, 2030, an investment
rebate program for the cost of qualified capital e xpenditures
defined by Section 3645.3 of Title 68 of the Oklahoma Statutes, by
establishments defined by Section 3645.3 of Title 68 of t he Oklahoma
Statutes, that:
1. Are defined or classified in the NAICS Manual under Industry
Group No. 325120; and
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2. Have acquired real property located within the boundaries of
a municipality with a population between twenty thousand (20,000)
and thirty thousand (30,000), according to the latest Federal
Decennial Census, where the qualified capital will be located.
B. To be eligible for consideration for an investment rebate
payment awarded under the provisions of this act, the establishment
shall:
1. Submit an application and documentation to the Oklahoma
Department of Commerce, as required by the Department, outlining a
capital expenditure plan in this state associated with qualified
capital expenditures totaling no less than Eight Hundred Million
Dollars ($800,000,000.00);
2. Have made qualified capital expenditures of no less than
twenty percent (20%) of the capital expenditure plan outlined in the
application submitted by the primary establishment and approved by
the Oklahoma Department of Commerce , pursuant to the provisions of
this act; and
3. Have filed all Oklahoma tax returns and tax documents
required by law.
C. Notwithstanding any other provision of law, no investment
expenditure shall be utilized for calculation purposes that results
in the qualification of more than one establishment under the
provisions of this act, for investment rebate payments based on the
same expenditure.
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D. 1. The Oklahoma Department of Commerce shall approve or
disapprove claims for rebates and shall issue paymen t for all
approved claims from funds held in the Commerce Manufacturing
Activity Development Fund created in Section 2 o f this act.
2. The Department shall disapprove all applications and claims
or any portion of applications and claims for rebates that would
exceed the balance of available funds in the Commerce Manufacturing
Activity Development Fund.
3. The total amount of applications approved and investment
rebate payments awarded under the provisions of this act shall not
exceed the total amount of m onies designated by law for deposit to
the Commerce Manufacturing Activity Development Fund.
E. 1. Subject to the appr oval and ongoing review of the
eligibility application by the Oklahoma Department of Commerce, the
investment rebate payment authorized by this act shall be equal to
six and twenty-five hundredths percent (6.25%) of the cost of the
qualified capital expend iture in the year of expenditure.
2. The Department is authorized to conditionally pre -qualify
and account for anticipated future inves tment rebate payments. The
Oklahoma Department of Commerce shall not pre -qualify investment
rebate payments, encumber f unds, pre-encumber funds, or otherwise
allocate resources that would result in the allocation of investment
rebate payments in excess of the balance of available funds in the
Commerce Manufacturing Activity Development Fund.
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SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3647.2 of Title 68, unless there
is created a duplication in numbering, reads as follows:
A. There is hereby created in the State Treasury a fund for the
Oklahoma Department of Commerce to be designated the "Commerce
Manufacturing Activity Development Fund". The fund shall be a
continuing fund, not subject to fiscal year limitations, and shall
consist of all monies designated for deposit to the fund by law.
All monies accruing to the credit of the fund are hereby
appropriated and may be budgeted and expended by the Department for
the purpose of paying reb ates as provided in this act. Expenditures
from such fund shall be made upon warrants issued by the State
Treasurer against claims filed as prescribed by law with the
Director of the Office of Management and Enterprise Services for
approval and payment.
B. All unencumbered funds remaining in the Commerce
Manufacturing Activity Development Fund upon January 1, 2030, shall
be transferred to the State Treasurer for deposit in the General
Revenue Fund.
COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS
April 18, 2024 - DO PASS