The bill amends the Oklahoma Quality Jobs Program Act to introduce significant changes to the incentive payment structure, wage requirements, and eligibility criteria for establishments. It modifies the maximum net benefit rate from a fixed five percent to a variable rate that will not exceed the highest income tax rate imposed on individuals in Oklahoma, allowing for adjustments based on tax fluctuations. The bill also extends the duration of incentive payments for certain establishments classified under U.S. Industry No. 711211 from fifteen years to thirty years, provided they entered into a contract with the Oklahoma Department of Commerce before November 1, 2023. Additionally, it establishes new definitions for "new direct jobs" and "change-in-control events," and mandates that establishments must offer a basic health benefits plan to employees in new direct jobs.

Furthermore, the bill outlines specific eligibility criteria, including a gross payroll requirement of at least $2.5 million within three years and a minimum of 80% of new direct jobs being full-time positions. It introduces provisions for establishments on federal Superfund sites to qualify for incentives regardless of payroll or employee numbers, provided they conduct significant business activities at the site. The bill also revises the process for filing claims for incentive payments, requiring submissions within one year after the first complete calendar quarter following the start date, and emphasizes the importance of conducting a cost-benefit analysis to ensure that incentive payments do not exceed estimated net direct state benefits. Overall, these amendments aim to enhance the effectiveness of the Quality Jobs Program and promote job creation in Oklahoma.

Statutes affected:
Introduced: 68-3603, 68-3604, 68-3606, 68-4503