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ENGROSSED SENATE AMENDMENT
TO
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 ]
AMENDMENT NO. 1. Page 1, strike the enacting clause
Passed the Senate the 25th day of April, 2024.
Presiding Officer of the Senat e
Passed the House of Representatives the ____ day of __________,
2024.
Presiding Officer of the House
of Representatives
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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 se ction of law to be co dified
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 expenditures
defined by Section 3645.3 of Title 68 of the Oklahoma Statutes, by
establishments defined by Section 3645.3 of Title 68 of the Oklahoma
Statutes, that:
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1. Are defined or classified in the NAICS Manual under Industry
Group No. 325120; and
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 loca ted.
B. To be eligible for consideration for an invest ment rebate
payment awarded under the provisions of this act, the establishment
shall:
1. Submit an applica tion 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 n o less than
twenty percent (20%) of t he 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
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provisions of this act, for investment rebate payment s based on the
same expenditure.
D. 1. The Oklahoma Department of Commerce shall approve o r
disapprove claims for rebates and shall issue payment for all
approved claims from funds held in the Commerce Manufacturing
Activity Development Fund created in Section 2 of 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 monies designated by law for deposit to
the Commerce Manufacturing Activity Development Fund.
E. 1. Subject to the approval and ongoing review of the
eligibility application by the Oklahom a 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 expenditure in th e year of expenditure.
2. The Department is authorized to conditionally pre -qualify
and account for anticipated future investment rebate paym ents. The
Oklahoma Department of Commerce shall not pre-qualify investment
rebate payments, encumber funds, pre-encumber funds, or otherwise
allocate resources that would result in the allocation of investment
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rebate payments in excess of the balance of a vailable funds in the
Commerce Manufacturing Activity De velopment Fund.
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 numberin g, 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 th e credit of the fund are hereby
appropriated and may be budgeted and expended by the Department for
the purpose of paying rebates 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 Offic e of Management and Enterprise Services for
approval and payment.
B. All unencumbered funds remaining in the Commerce
Manufacturing Activit y Development Fund upon January 1, 2030, shall
be transferred to the State Treasurer for deposit in the General
Revenue Fund.
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Passed the House of Representatives the 5th day of March, 2024.
Presiding Officer of th e House
of Representatives
Passed the Senate the ___ day of __________, 2024.
Presiding Officer of the Senate