The bill amends the Oklahoma Quality Jobs Program Act by redefining "new direct job" to clarify the employer-employee relationship for leased or contracted employees, ensuring that jobs created through these arrangements are recognized as new direct jobs if they did not exist prior to the establishment's application for incentives. It also sets forth requirements for establishments to qualify for the program, including maintaining specified levels of new direct jobs and average annualized wages. If an establishment experiences a change-in-control event, it must apply for the program within 180 days and comply with employment and wage levels, with non-compliance potentially leading to the suspension of incentive payments and repayment obligations.

Additionally, the bill establishes criteria for incentive payments based on a net benefit rate, set at five percent (5%) for businesses in opportunity zones or areas with economic challenges, and a maximum of six percent (6%) for businesses creating high-wage jobs or employing a significant number of military veterans. It introduces new definitions related to the program and outlines the responsibilities of the Incentive Approval Committee, which will assess eligibility. The Department is also empowered to create rules for defining establishments and measuring employment gains. The act is scheduled to take effect on November 1, 2025.