The bill amends Section 7005 of Title 62 of the Oklahoma Statutes, which pertains to the Incentive Evaluation Commission's evaluation process. It requires the Commission to submit an electronic report to the Secretary of State, along with the Governor and legislative leaders, detailing the results of incentive evaluations, prior recommendations, and any changes to statutes or administration related to those evaluations. The bill also mandates that the Commission or its contractor evaluate each incentive annually, with specific criteria for assessing economic and fiscal impacts, including the incentive's effectiveness and its alignment with strategic economic goals.

Additionally, the bill introduces new provisions that allow the Commission to contract with private entities for assistance in evaluations and establishes a requirement for draft reports to be provided before final reports are issued. It modifies the considerations for estimating economic impacts, emphasizing the need to assess whether incentives create competitive advantages for the state and whether they effectively change business behavior. The bill also updates statutory language and references, ensuring that the evaluation process is thorough and transparent while enhancing the Commission's ability to assess the effectiveness of state incentives.

Statutes affected:
Introduced: 62-7005