Oklahoma Senate Bill SB381

Oklahoma 2024 Regular Session

• Introduced: 2/6/23
• Refer: 2/7/23

Caption

Quick Action Closing Fund; requiring Department of Commerce to make available certain information. Effective date.

Impact

The bill's modifications to the Oklahoma Quick Action Closing Fund empower the Department of Commerce to hold significant discretion in the allocation of funds, which are intended to stimulate both job creation and economic growth. Conditions for funding now include assessments on the expected capital investment, job creation, and the average salary associated with new positions. Should expenditures be made for capital improvements and those improvements be sold, the recipient would be obligated to repay the state, establishing a priority claim in bankruptcy scenarios.

Summary

Senate Bill 381 aims to amend the Oklahoma Quick Action Closing Fund to enhance transparency and optimize its use for economic and infrastructure development. The legislation requires the Oklahoma Department of Commerce to provide detailed information about the establishments receiving payments from this fund. By mandating this disclosure, the bill seeks to improve accountability while leveraging the fund's resources to attract and retain high-impact business projects in Oklahoma.

Contention

Notable points of contention surround the bill's potential to create a more centralized approach to economic development funding. Critics may argue this centralization could limit local governments' ability to address unique economic needs in their communities while supporters advocate for a streamlined process that focuses resources on businesses promising substantial economic benefits. Furthermore, concerns regarding the states' oversight of recipient businesses could emerge, particularly with the requirement that no funds be utilized for political contributions.