Bill No. 575 amends the Oklahoma Local Development and Enterprise Zone Incentive Leverage Act to enhance reporting requirements and update statutory language. The bill specifies that local governmental entities approving project plans within enterprise zones or major tourism destinations must provide estimates of incremental revenues and certifications regarding payroll and investment thresholds to qualify for state local government matching payments. Additionally, it establishes that state local government matching payments cannot be used for projects related to gambling establishments or developments with over 50% retail space, except for certain grocery or specialty food stores that promote healthy nutrition options.

The bill also introduces new reporting obligations for enterprises receiving payments, requiring them to report employment, capital investment, and property value changes to the Oklahoma Department of Commerce. Furthermore, it mandates that the Department share this information with the Incentive Evaluation Commission for evaluation purposes, ensuring that the data is disaggregated by project. The act is set to take effect on November 1, 2025.

Statutes affected:
Introduced: 62-842
Floor (Senate): 62-842
Engrossed: 62-842