Oklahoma 2025 Regular Session

Oklahoma Senate Bill SB572 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	ENGR. S. B. NO. 572 Page 1 1
	3	+	SENATE FLOOR VERSION - SB572 SFLR Page 1
	4	+	(Bold face denotes Committee Amendments) 1
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28		-	ENGROSSED SENATE
29		-	BILL NO. 572 By: Rader and Jett of the
30		-	Senate
	29	+	SENATE FLOOR VERSION
	30	+	February 19, 2025
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32		-	and
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34		-	Pae of the House
	33	+	SENATE BILL NO. 572 By: Rader
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38	39		An Act relating to the Oklahoma Center for the
39	40		Advancement of Science and Technology; amending 74
40	41		O.S. 2021, Section 5060.20a, which relates to
41	42		technology business financing progra m; requiring the
42	43		cessation of the technology business financing
43	44		program; requiring the transfer of remaining funds;
44	45		requiring the transfer of payments and return of
45	46		funds; and providing an effective date .
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50	51		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKL AHOMA:
51	52		SECTION 1. AMENDATORY 74 O.S. 2021, Section 5060.20a, is
52	53		amended to read as follows:
53	54		Section 5060.20a. A. The Oklahoma Center for the Advancement
54	55		of Science and Technology (OCAST), in conjunction with the
55	56		Commercialization Center, may develop and implement a technology
56	57		business financing program to provide funding and financing for and
57	58		to assist qualified Oklahoma enterprises to commercialize new
58	59		products, services, techn ology, innovations, and processes. In
59	60		order to obtain funding or financing from the technology business
60	61		financing program, a recipient shall be required to obtain separate
61	62		private investment or funding, and may also be required to pay
62	63		royalties, fees, interest, profits, or other payments generated or
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64		-	ENGR. S. B. NO. 572 Page 2 1
	65	+	SENATE FLOOR VERSION - SB572 SFLR Page 2
	66	+	(Bold face denotes Committee Amendments) 1
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89	91		arising from the sale, lease, licensing, distribution, manufacture,
90	92		marketing, or development of products, services, technology,
91	93		innovations, and processes, whether alone or in conjunction with
92	94		others, or generated or arising from a sale, acquisition, merger, o r
93	95		other transfer or takeover of the enterprise. Any such royalties,
94	96		fees, interest, profits, or other payments or return of funding and
95	97		financing shall be retained for use in the program. OCAST, in
96	98		conjunction with the Commercialization Center, shall est ablish
97	99		program specifications. OCAST may contract with the
98	100		Commercialization Center or other qualified entity to operate and
99	101		manage the program. Program funds shall not be used to pay
100	102		administrative, management, or operating expenses of OCAST.
101	103		B. The program authorized by subsection A of this section shall
102	104		cease on the effective date of this act. Any remaining funds upon
103	105		the cessation of the program shall be transferred to the State
104	106		Treasurer and placed to the credit of the General Revenue Fund. At
105	107		the end of each fiscal year, any royalties, fees, interest, profits,
106	108		or other payments or return of funding and financing received
107	109		pursuant to the program shall be transferred to the State Treasurer
108	110		and placed to the credit of the General Revenue Fund.
109	111		SECTION 2. This act shall become effective November 1, 2025.
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136		-	Passed the Senate the 10th day of March, 2025.
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140		-	Presiding Officer of the Senate
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143		-	Passed the House of Representatives the ____ day of __________,
144		-	2025.
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148		-	Presiding Officer of the House
149		-	of Representatives
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	112	+	COMMITTEE REPORT BY: COMMITTEE ON ECONOMIC DEVELOPMENT, WORKFORCE
	113	+	AND TOURISM
	114	+	February 19, 2025 - DO PASS