This bill amends Section 48.2 of Title 62 of the Oklahoma Statutes, which pertains to the Oklahoma Quick Action Closing Fund. The amendments include the exclusion of establishments engaged in manufacturing electric automobiles for highway use from eligibility for funding. Additionally, the bill updates statutory language and references, ensuring that terms such as "high-impact" production company and "North American Industry Classification System (NAICS) code" are consistently used. The bill also specifies that the Oklahoma Department of Commerce will administer the fund and outlines the criteria for evaluating applications for funding, including job creation, capital investment, and economic impact.

Furthermore, the bill mandates that the Oklahoma Department of Commerce must conduct a thorough analysis of potential applicants before the Governor can approve any payments from the fund. It requires transparency by stipulating that all payments made from the fund must be disclosed on the department's website, while protecting proprietary information of the businesses involved. The bill also includes provisions for repayment of funds if they are not used for their intended purposes or if capital improvements are sold. The effective date for this act is set for November 1, 2025.

Statutes affected:
Introduced: 62-48.2