The bill amends the Oklahoma Quality Jobs Program Act and the 21st Century Quality Jobs Incentive Act, focusing on wage requirements and the filing period for rebate claims. It establishes a maximum average wage threshold of $25,000 for applications submitted before January 1, 2027, which will be indexed to the Consumer Price Index. Additionally, it extends the incentive payment period for certain establishments from fifteen years to thirty years, provided they entered into a contract before November 1, 2023. The bill also introduces a cost-benefit analysis requirement for the Oklahoma Department of Commerce to evaluate the net direct state benefits for qualifying establishments.

Moreover, the bill specifies that federal contractors must meet an average annualized wage of either 110% or 100% of the average county wage, with a maximum threshold of $29,409 for applications submitted before January 1, 2027. It sets a minimum average qualified labor rate for subcontractors at $31 per hour and outlines the process for federal contractors to apply for incentive payments, including quarterly claims to demonstrate continued eligibility. The average annualized wage requirement for new direct jobs under the 21st Century Quality Jobs Incentive Act is adjusted to 300% of the average county wage, with a maximum threshold of $94,000. The timeframe for filing claims has been reduced from three years to one year, and the duration of incentive payments is modified to allow for payments over a ten-year period. The act is set to take effect on November 1, 2026.

Statutes affected:
Introduced: 68-3604, 68-3606