Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB1428 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	SB1428 HFLR Page 1
4		-	BOLD FACE denotes Committee Amendments. 1
	3	+	Req. No. 11011 Page 1 1
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29		-	HOUSE OF REPRESENTATIVES - FLOOR VERSION
30		-
31	28		STATE OF OKLAHOMA
32	29
33	30		2nd Session of the 59th Legislature (2024)
34	31
35	32		COMMITTEE SUBSTITUTE
36	33		FOR ENGROSSED
37	34		SENATE BILL NO. 1428 By: Alvord of the Senate
38	35
39	36		and
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41	38		Townley of the House
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47		-
48		-
49	44		COMMITTEE SUBSTITUTE
50	45
51	46		[ economic development - investment rebate program -
52	47		claims - payments - Commerce Manufacturing Activity
53	48		Development Fund - transfer - codification ]
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62	53		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA :
63	54		SECTION 1. NEW LAW A new section of law to be codified
64	55		in the Oklahoma Statutes as Section 3647.1 of Title 68, unless there
65	56		is created a duplication in numbering, reads as follows:
66	57		A. There is hereby created until July 1, 2030, a n investment
67	58		rebate program for the cost of qualified capital expenditures
	59	+	defined by Section 3645.3 of Title 68 of the Oklahoma Statutes, by
	60	+	establishments defined by Section 3645.3 of Title 68 of the Oklahoma
	61	+	Statutes, that:
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69		-	SB1428 HFLR Page 2
70		-	BOLD FACE denotes Committee Amendments. 1
	63	+	Req. No. 11011 Page 2 1
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95		-	defined by Section 3645.3 of Title 68 of the Oklahoma Statutes, by
96		-	establishments defined by Section 3645.3 of Title 68 of the Oklahoma
97		-	Statutes, that:
98	88		1. Refine, manufacture, or p rocess compounds or elements into
99	89		hydrogen-based products in industries defined or cla ssified in the
100	90		NAICS Manual under Industry Group No. 324 or 325; and
101	91		2. Have acquired real property located within the boundar ies of
102	92		a municipality with a population bet ween seventeen thousand (17,000)
103	93		and forty-two thousand (42,000), according to the lat est Federal
104	94		Decennial Census, where the qualified capital will be located.
105	95		B. To be eligible for consideration for an investment rebate
106	96		payment awarded under the provisi ons of this act, the establishment
107	97		shall:
108	98		1. Submit an application and documentation to the Oklahoma
109	99		Department of Commerce, as required by the Department, outlining a
110	100		capital expenditure plan in this state associated with qualified
111	101		capital expenditures t otaling no less than Eight Hundred Million
112	102		Dollars ($800,000,000.00);
113	103		2. Have made qualified capital expenditures of no less than
114	104		twenty percent (20%) of the capital expenditure plan outlined in the
115	105		application submitted by the primary establishment and a pproved by
116	106		the Oklahoma Department of Commerce, pursuant to the provisions of
117	107		this act; and
	108	+	3. Have filed all Oklahoma tax returns and tax documents
	109	+	required by law.
	110	+	C. Notwithstanding any other provision of law, no i nvestment
	111	+	expenditure shall be utiliz ed for calculation purposes that results
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119		-	SB1428 HFLR Page 3
120		-	BOLD FACE denotes Committee Amendments. 1
	113	+	Req. No. 11011 Page 3 1
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145		-	3. Have filed all Oklahoma tax returns and tax documents
146		-	required by law.
147		-	C. Notwithstanding any other provision of law, no i nvestment
148		-	expenditure shall be utiliz ed for calculation purposes that results
149	138		in the qualification of more than one establi shment under the
150	139		provisions of this act, for investment rebate payments based on the
151	140		same expenditure.
152	141		D. 1. The Oklahoma Department of Commerce shall approve or
153	142		disapprove claims for rebates and shall issue payment for all
154	143		approved claims from funds hel d in the Commerce Manufacturing
155	144		Activity Development Fund created in Section 2 of this act.
156	145		2. The Department shall disapprove all a pplications and claims
157	146		or any portion of applications and claims for rebates that would
158	147		exceed the balance of available fun ds in the Commerce Manufacturing
159	148		Activity Development Fund.
160	149		3. The total amount of applications approved and investme nt
161	150		rebate payments awarded under the provisions of t his act shall not
162	151		exceed the total amount of monies designated by law for deposit to
163	152		the Commerce Manufacturing Activity Development Fund.
164	153		E. 1. Subject to the approval and ongoing review of the
165	154		eligibility applicatio n by the Oklahoma Department of Comme rce, the
166	155		investment rebate payment authorized by this act shall be equal to
167	156		six and twenty-five hundredths percent (6.25%) of the cost of the
168	157		qualified capital expenditure in the year of expenditure.
	158	+	2. The Department is authorized to conditionally pre -qualify
	159	+	and account for anticipated future investment rebate payments. The
	160	+	Oklahoma Department of Commerce shall not pre-qualify investment
	161	+	rebate payments, encumber funds, pre -encumber funds, or otherwise
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170		-	SB1428 HFLR Page 4
171		-	BOLD FACE denotes Committee Amendments. 1
	163	+	Req. No. 11011 Page 4 1
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196		-	2. The Department is authorized to conditionally pre -qualify
197		-	and account for anticipated future investment reb ate payments. The
198		-	Oklahoma Department of Commerce shall not pre-qualify investment
199		-	rebate payments, encumber funds, pre -encumber funds, or otherwise
200	188		allocate resources that would result in the allocat ion of investment
201	189		rebate payments in excess of the balance of available funds in the
202	190		Commerce Manufacturing Activity Development Fund.
203	191		SECTION 2. NEW LAW A new section of law to be codified
204	192		in the Oklahoma Statutes as Section 3647.2 of Title 68, unless there
205	193		is created a duplication in numbering, reads as follows:
206	194		A. There is hereby created in the State Treasury a fund for the
207	195		Oklahoma Department of Commerce to be designated the “Commerce
208	196		Manufacturing Activity Development Fund ”. The fund shall be a
209	197		continuing fund, not subject to fiscal year limitations, and shall
210	198		consist of all monies designated for deposit to the fund by law.
211	199		All monies accruing to the credit of the fund are he reby
212	200		appropriated and may be budgeted and expended b y the Department for
213	201		the purpose of paying rebates as provided in this act. Expenditu res
214	202		from such fund shall be made upon warrants issued by the State
215	203		Treasurer against claims filed as prescribed by law with the
216	204		Director of the Office of Management and E nterprise Services for
217	205		approval and payment.
218	206		B. All unencumbered funds remaining in t he Commerce
219	207		Manufacturing Activity Development Fund upon January 1, 2030, shall
	208	+	be transferred to the State Treasurer for deposit in the General
	209	+	Revenue Fund.
220	210
221		-	SB1428 HFLR Page 5
222		-	BOLD FACE denotes Committee Amendments. 1
	211	+	59-2-11011 JM 04/18/24
	212	+
	213	+	Req. No. 11011 Page 5 1
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247		-	be transferred to the State Treasurer for deposit in the General
248		-	Revenue Fund.
249	238
250		-	COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS AND BUDGET, dated
251		-	04/18/2024 - DO PASS, As Amended.
252	239