Senate Bill No. 586 amends the Oklahoma Quality Jobs Program Act by redefining "new direct job" to include employees leased or contracted by establishments, thereby establishing an employer-employee relationship that qualifies these jobs for incentives if they did not exist prior to the establishment's application approval. This modification aims to broaden the program's inclusivity by recognizing contracted labor as part of the workforce contributing to economic growth. The bill retains existing provisions regarding qualifications for establishments to receive incentives, including health benefits and job retention requirements, while emphasizing the need for timely applications following any change-in-control events.

Additionally, the bill introduces new criteria for determining eligibility for incentive payments, including a cap of six percent on the net benefit rate for establishments expanding operations and creating new jobs above a specified wage threshold. It mandates that establishments employing U.S. military veterans allocate at least ten percent of their gross payroll to these veterans, with a minimum net benefit rate of five percent. The bill also establishes an Incentive Approval Committee to evaluate applicants based on the new criteria, with the act set to take effect on November 1, 2025.