The bill amends Section 48.2 of Title 62 of the Oklahoma Statutes, which pertains to the Oklahoma Quick Action Closing Fund. Key changes include the exclusion of establishments engaged in manufacturing electric automobiles for highway use from eligibility for funding. The bill also updates statutory language and references, ensuring that the fund's operations align with current economic development goals. Additionally, it specifies that the fund will consist of various sources of revenue, including a percentage of funds paid by the Oklahoma Tax Commission for incentive contracts executed after August 2, 2018.

Furthermore, the bill mandates that the Oklahoma Department of Commerce conduct a thorough analysis of potential applicants for funding, assessing factors such as job creation, average salaries, and overall economic impact. It establishes that the Governor must provide evaluations and recommendations to legislative leaders before approving expenditures from the fund. The bill also emphasizes transparency by requiring the Department of Commerce to disclose all payments made from the fund on its website. The effective date for these changes is set for November 1, 2025.

Statutes affected:
Introduced: 62-48.2