House Bill No. 2768 amends the Oklahoma Quality Jobs Incentive Leverage Act by modifying the definitions and increasing certain limitation caps related to qualifying investment amounts. Specifically, the bill raises the required total investment in Oklahoma from $250 million to $700 million and increases the cap on additional investment for modernization and retooling from $250 million to $700 million. Additionally, it establishes that an establishment must maintain at least 1,550 full-time employees in the state and outlines the conditions under which an establishment can file a second irrevocable election with the Oklahoma Department of Commerce to access incentive payments.

The bill also stipulates that any incentive payments made after the filing of the second irrevocable election will be deposited into the Quality Jobs Program Incentive Leverage Fund and treated as an asset of the establishment. Furthermore, it clarifies that establishments utilizing proceeds from the sale of obligations issued after the effective date of the act will not be eligible for certain tax credits or exemptions related to real or personal property. The maximum investment amount for the foregone exemption is also increased to $700 million.