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 approval. It also sets forth requirements for establishments seeking incentives, particularly in the context of change-in-control events, mandating that they maintain a specified level of new direct jobs and pay an average annualized wage of at least 125% of the average county wage. Failure to meet these conditions may result in the denial of incentive payments and potential repayment of previously received incentives if the establishment ceases operations within three years.

Additionally, the bill introduces a net benefit rate of five percent (5%) for businesses located in opportunity zones within high-employment counties or in counties facing economic challenges, such as low per capita income or high unemployment rates. This rate can increase to six percent (6%) for businesses that expand operations and create new jobs with above-average wages or employ a significant number of military veterans. The legislation also defines "establishment," outlines eligibility criteria for subunits of larger entities, and establishes the Incentive Approval Committee to assess applicants. The changes are set to take effect on November 1, 2025, with the overall goal of promoting job creation in economically distressed areas while ensuring compliance with specific criteria for state benefits.