Senate Bill No. 575 amends the Oklahoma Local Development and Enterprise Zone Incentive Leverage Act to enhance reporting requirements and update statutory language. The bill mandates that entities receiving state local enterprise matching payments must report employment, capital investment, and changes in property value to the Oklahoma Department of Commerce. Additionally, these entities must consent to the Department sharing this information with the Incentive Evaluation Commission for evaluation purposes, with the data being disaggregated by project. The Department is also required to make this reported information publicly available on its website.

Furthermore, the bill establishes specific eligibility criteria for local governmental entities seeking state local government matching payments for projects within enterprise zones or major tourism destinations. It outlines the necessary documentation, including estimates of incremental revenues and certifications of project benefits. The bill sets investment limits based on county populations and ensures that payments do not supplant local revenue. The effective date for this legislation is November 1, 2025.

Statutes affected:
Introduced: 62-842
Floor (House): 62-842
Floor (Senate): 62-842
Engrossed: 62-842
Enrolled (final version): 62-842