The bill amends the Oklahoma Quality Jobs Program Act by redefining "basic industry" to clarify the employer-employee relationship concerning leased or contracted employees. It introduces new language that establishes this relationship, ensuring that jobs created through leasing arrangements are recognized as new direct jobs under the program. This change aims to broaden the scope of eligible employment, thereby enhancing the effectiveness of the Act in promoting job creation.

Furthermore, the bill sets specific criteria for incentive payments based on the net benefit rate for businesses in designated areas, establishing a rate of five percent (5%) for establishments in opportunity zones within high-employment counties or those with low per capita income, declining populations, or high unemployment rates. The rate can increase to six percent (6%) for businesses that create high-paying jobs or employ a significant number of military veterans. The bill also introduces new definitions related to the program and outlines the responsibilities of the newly formed Incentive Approval Committee, which will oversee eligibility determinations. The provisions of the act are scheduled to take effect on November 1, 2025.