Bill No. 586 amends the Oklahoma Quality Jobs Program Act by redefining "new direct job" to include employees leased or contracted by establishments, thereby establishing an employer-employee relationship that qualifies these jobs for incentives if they were not previously existing. This modification aims to broaden the program's inclusivity by recognizing contracted labor as part of the workforce contributing to economic growth. The bill retains existing qualifications for establishments to receive incentives, such as health benefits and job creation requirements, while emphasizing the need for applications to be submitted within 180 days of a change-in-control event and adherence to wage and job maintenance standards.

Additionally, the bill introduces new criteria for eligibility, including a net benefit rate cap of six percent for certain establishments that meet conditions like employing U.S. military veterans or creating new direct jobs with wages significantly above the average. It also defines what constitutes an "establishment" and establishes the Incentive Approval Committee, which will oversee applicant eligibility and set rules for classifying subunits as establishments. The act is scheduled to take effect on November 1, 2025, aiming to enhance job growth and economic development in Oklahoma.