This bill amends the Oklahoma Local Development and Enterprise Zone Incentive Leverage Act by eliminating sunset date provisions and updating statutory references and language. Key changes include the removal of a requirement that state local government matching payments cannot be made for project costs related to gambling establishments or developments with over 50% retail space, except for certain grocery or specialty food stores. Additionally, the bill specifies that local governmental entities must provide estimates of incremental revenues and certifications regarding payroll and investment to qualify for matching payments.

The bill also modifies the eligibility criteria for enterprises engaged in retail activities, allowing them to qualify for state local enterprise matching payments despite previous prohibitions. It establishes new limits on the maximum amount of state local enterprise matching payments per fiscal year and sets aggregate investment limits for qualifying facilities based on county population. Furthermore, it mandates that the Oklahoma Department of Commerce conduct market and feasibility studies for major tourism destination projects and outlines the reporting requirements for enterprises receiving payments. The act is set to take effect on November 1, 2026.

Statutes affected:
Introduced: 62-842