The bill amends the Oklahoma Local Development and Enterprise Zone Incentive Leverage Act, specifically updating Section 842 to enhance reporting requirements and eligibility criteria for local governmental entities and enterprises seeking state local enterprise matching payments. It establishes that enterprises locating or expanding within designated enterprise zones can qualify for these payments, provided they meet certain conditions, such as generating significant payroll or investment. Additionally, local governmental entities must submit estimates of incremental revenues and certifications regarding project benefits to qualify for matching payments related to major tourism destination projects.

New provisions require enterprises receiving payments to report annually to the Oklahoma Department of Commerce on employment, capital investments, and property value changes resulting from their projects. The bill also mandates that the Department share this information with the Incentive Evaluation Commission for evaluation purposes, ensuring that data is disaggregated by project. The Department is tasked with making this reported information publicly available on its website. The act is set to take effect on November 1, 2025.

Statutes affected:
Introduced: 62-842