The bill amends the Oklahoma Quality Jobs Program Act by clarifying the definition of "new direct job" to include employees who are leased or contracted, establishing an employer-employee relationship with the establishment. This change ensures that jobs created through these arrangements are recognized as new direct jobs, provided they did not exist before the establishment applied for incentives. Additionally, the bill sets forth requirements for establishments to qualify for the program, including maintaining a specific level of new direct jobs and offering an average annualized wage of at least 125% of the average county wage, while also emphasizing the importance of health benefits for employees.

Moreover, the bill introduces new eligibility criteria for incentive payments, allowing establishments to qualify if they meet conditions such as having a per capita personal income of 85% or less of the statewide average, experiencing a population decrease over the last decade, or having an unemployment rate above 5% or two percentage points higher than the state average. It establishes a net benefit rate cap of 6% for certain establishments, including those hiring U.S. military veterans. The bill also creates an Incentive Approval Committee to assess applicant eligibility and includes provisions for proxy establishments to qualify for incentives. The act is set to take effect on November 1, 2025.