This bill amends the Small Employer Quality Jobs Act by updating definitions and eligibility criteria for incentive payments. Key changes include the introduction of the term "qualifying capital investment," which refers to new construction, renovation, or machinery purchases that occur after the application date, excluding existing real property purchases. Additionally, the bill modifies the population thresholds for municipalities that determine the minimum number of new direct jobs required for eligibility, increasing the population limit from 3,500 to 50,000 for certain criteria. It also specifies that qualifying capital investments must exceed $500,000 and outlines the procedures for the Oklahoma Department of Commerce in determining eligibility.

Furthermore, the bill establishes that before any incentive payment is made for contracts executed after November 1, 2026, the Department of Commerce must verify that the qualifying capital investment has occurred or that the out-of-state sales threshold has been met. If this verification does not occur within 36 months of the application date, the contract will be canceled, and no incentive will be paid. The act is set to take effect on July 1, 2026, and includes an emergency clause for immediate implementation upon passage and approval.