OK
Oklahoma Senate Bill SB2017

Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB2017

Introduced
2/5/24  
Refer
2/6/24  
Report Pass
2/12/24  
Engrossed
3/5/24  
Refer
3/25/24  
Report Pass
4/11/24  
Enrolled
4/24/24  

Caption

Oklahoma Local Development and Enterprise Zone Incentive Leverage Act; prescribing reporting requirements and availability of reports. Effective date.

Impact

The bill stipulates that local government entities that approve projects eligible for matching payments must demonstrate the likely economic benefits of such projects, including generating significant payroll or investment. The provisions also limit the use of state payments in specific contexts, such as gambling establishments and certain retail developments not aligning with health needs. By tightening these regulations, the bill seeks to maximize the economic impact of state matching payments while preventing misuse of state funds intended for local development.

Summary

Senate Bill 2017 seeks to amend the Oklahoma Local Development and Enterprise Zone Incentive Leverage Act by establishing reporting requirements and ensuring the availability of certain information. This bill aims to enhance transparency in government incentives for businesses, particularly those that choose to locate or expand in designated enterprise zones. The proposed changes are expected to facilitate tracking the impact of these incentives on local economies and ensure compliance with state regulations regarding economic development.

Sentiment

The general sentiment surrounding SB 2017 appears to be supportive among proponents of fiscal responsibility and business development. Advocates argue that clearer guidelines and reporting requirements will lead to better outcomes for local economies and ensure that state resources are utilized effectively. However, some opponents may express concerns that the tightening of incentives could deter potential businesses from pursuing opportunities in less developed areas, thus negating the intended benefits.

Contention

A notable point of contention is the balance between encouraging economic growth through state incentives and ensuring that those incentives are responsibly managed. Proponents of the bill advocate for the elimination of potential exploitations of state funds, while critics may argue that overly stringent regulations could hinder local governments' flexibility to attract and support businesses. This debate reflects broader discussions on the role of state intervention in local economic matters and the best ways to promote sustainable development.

Companion Bills

No companion bills found.

Previously Filed As

OK SB317

Development incentives as it relates to the Local Development Act; modifying certain reporting requirements. Effective date.

OK HB2858

Construction Industries Board; powers and duties; reports; votes; workforce development; contacts; reporting requirements; effective date; emergency.

OK HB2866

Revenue and taxation; Oklahoma Tourism Development Act; cumulative inducement cap; effective date; emergency.

OK SB405

Income tax; modifying reporting requirement on exemption for certain transfer of technology. Effective date.

OK SB394

Sales tax credit; modifying certain annual limit to the Oklahoma Tourism Development Act. Effective date.

OK HB2315

Revenue and taxation; DRIVE Act; tax rate; reporting; effective date.

OK SB612

Oklahoma Lottery; modifying certain requirements of the Oklahoma Lottery Commission; modifying requirements to claim prize. 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 SB209

Seed-Capital Revolving Fund; requiring certain data reporting to be included in binding commitment; providing certain exception. Effective date.

OK HB1774

Oklahoma Central Purchasing Act; acquisition initiation; adding exemption for certain contracts from competitive bidding requirements; requiring State Purchasing Director to review and audit all exceptions; effective date.

Similar Bills

OK SB575

Oklahoma Local Development and Enterprise Zone Leverage Act; prescribing reporting requirements. Effective date.

OK SB71

Local Development and Enterprise Zone Incentive Leverage Act; modifying reporting requirements for evaluation purposes. Effective date.

OK SB1430

State government; creating Oklahoma Central Purchasing Department. Effective date.

OK SB317

Development incentives as it relates to the Local Development Act; modifying certain reporting requirements. Effective date.

OK SB317

Development incentives as it relates to the Local Development Act; modifying certain reporting requirements. Effective date.

OK HB1775

State Government; creating the Department of Central Services; making Division a separate and distinct agency; modifying references; effective date.

OK HB1775

State Government; creating the Department of Central Services; making Division a separate and distinct agency; modifying references; effective date.

OK SB606

Public finance; Local Development and Enterprise Zone Incentive Leverage Act; converting fund to special account; eliminating liability limit. Effective date.