{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-48.2v1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-48.2v1","heading":"Oklahoma Quick Action Closing Fund","body":"A. There is hereby created in the State Treasury a revolving\n\nfund for the Oklahoma Department of Commerce to be designated the\n\nOklahoma Quick Action Closing Fund. The fund shall be a continuing\n\nfund, not subject to fiscal year limitations and shall consist of:\n\n1. All monies apportioned or allocated to the fund pursuant to\n\nlaw;\n\n2. Any amounts appropriated by the Legislature to the fund;\n\n3. Interest earned on the investment of money in the fund;\n\n4. Gifts, grants, and other donations received for the fund;\n\nand\n\n5. Five percent (5%) of all funds paid by the Tax Commission to\n\nestablishments that execute contracts for payment of incentives\n\npursuant to the Oklahoma Quality Jobs Program Act and the 21st\n\nCentury Quality Jobs Incentive Act if the contract is executed on or\n\nafter August 2, 2018.\n\nB. All monies accruing to the credit of the fund are hereby\n\nappropriated and may be budgeted and expended by the Governor for\n\nthe purposes of economic development and related infrastructure\n\ndevelopment in instances in which expenditure of such funds would\n\nlikely be a determining factor in locating a high-impact business\n\nproject or facility in Oklahoma or in retaining such project or\n\nfacility within the state. Expenditures from the fund shall be made\n\nupon warrants issued by the State Treasurer against claims filed as\n\nprescribed by law with the Director of the Office of Management and\n\nEnterprise Services for approval and payment.\n\nC. In order to qualify for any funds from the Oklahoma Quick\n\nAction Closing Fund, the establishment making application shall:\n\n1. Be engaged in a business activity described by a North\n\nAmerican Industry Classification System (NAICS) Code used to define\n\neligibility for incentive payments from the Oklahoma Quality Jobs\n\nProgram Act as defined in Section 3603 of Title 68 of the Oklahoma\n\nStatutes or a business activity described by Section 3603 of Title\n\n68 of the Oklahoma Statutes or be engaged in a \"basic industry\" used\n\nto define eligibility for incentive payments from the 21st Century\n\nQuality Jobs Incentive Act as prescribed by Section 3913 of Title 68\n\nof the Oklahoma Statutes; and\n\n2. Be required to pay new jobs for which an application is\n\nbeing made an average annualized wage which exceeds the average\n\ncounty wage as that percentage is determined by the Department of\n\nCommerce based upon the most recent U.S. Department of Commerce data\n\nfor the county in which the new jobs are located. For purposes of\n\nthis paragraph, health care premiums paid by the applicant for\n\nindividuals in new jobs shall not be included in the annualized\n\nwage.\n\nD. The Governor shall not approve payments from the Oklahoma\n\nQuick Action Closing Fund unless the Department of Commerce has\n\nconducted a complete analysis of the potential impact of the\n\napplicant's business activity which shall include, but not be\n\nlimited to:\n\n1. The number of jobs to be created by a new business\n\nestablishment;\n\n2. The number of jobs to be retained by an existing business\n\nestablishment;\n\n3. The average salary of jobs to be created by a new\n\nestablishment;\n\n4. The average salary of jobs to be retained by an existing\n\nbusiness establishment;\n\n5. The total capital investment to be made by the business\n\nestablishment;\n\n6. The likelihood of other business establishments locating\n\nwithin the same vicinity or within the state as a result of the\n\nbusiness activity to be conducted by the entity to receive payments\n\nfrom the Oklahoma Quick Action Closing Fund;\n\n7. The impact on the economy of the area or community in which\n\nthe business activity of the applicant is or will be conducted; and\n\n8. Such other factors as the Governor and the Department of\n\nCommerce determine to be relevant.\n\nE. The Oklahoma Department of Commerce shall administer the\n\nOklahoma Quick Action Closing Fund, and expenditures from the fund\nm the Oklahoma Quick Action Closing Fund;\n\n7. The impact on the economy of the area or community in which\n\nthe business activity of the applicant is or will be conducted; and\n\n8. Such other factors as the Governor and the Department of\n\nCommerce determine to be relevant.\n\nE. The Oklahoma Department of Commerce shall administer the\n\nOklahoma Quick Action Closing Fund, and expenditures from the fund\n\nshall be recommended by the Director of the Oklahoma Department of\n\nCommerce to the Governor after a thorough evaluation of selected\n\nprojects or facilities. The Director of the Oklahoma Department of\n\nCommerce shall only recommend expenditures that the Director\n\ndetermines are expected to result in a net economic benefit to the\n\nstate through the following:\n\n1. The creation of new jobs which offer a basic health benefit\n\nplan, as defined in the Oklahoma Quality Jobs Program Act;\n\n2. The maintenance of existing jobs which are at a risk for\n\ntermination;\n\n3. Investment in new real property, plant or equipment or in\n\nthe improvement or retooling of existing plant or equipment; or\n\n4. Additional revenues in either ad valorem, income or sales\n\nand use taxes.\n\nF. The Oklahoma Department of Commerce shall develop rules for\n\nthe process of reviewing proposed expenditures from the Oklahoma\n\nQuick Action Closing Fund and for the determination of whether or\n\nnot proposed expenditures meet the criteria identified in subsection\n\nE of this section. Criteria shall include requirements for economic\n\nimpact, local participation in the project, capital investment and\n\naverage wage thresholds.\n\nG. Upon receipt of an evaluation that recommends an expenditure\n\nfrom the Oklahoma Quick Action Closing Fund from the Director of the\n\nOklahoma Department of Commerce, the Governor shall provide the\n\nevaluation and recommendation to the President Pro Tempore of the\n\nState Senate and the Speaker of the Oklahoma House of\n\nRepresentatives before giving final approval for the expenditure on\n\nthe project. The Executive Office of the Governor shall recommend\n\nfinal approval of an expenditure on a project pursuant to\n\nconsultation with the President Pro Tempore of the State Senate and\n\nthe Speaker of the Oklahoma House of Representatives.\n\nH. Upon approval by the Governor, the Oklahoma Department of\n\nCommerce shall enter into an agreement that sets forth the\n\nconditions for payment of monies from the Oklahoma Quick Action\n\nClosing Fund. The agreement must include:\n\n1. The total amount of funds awarded;\n\n2. The performance conditions that must be met to obtain the\n\naward, including, but not limited to, net new employment in the\n\nstate, average salary, and total capital investment;\n\n3. If appropriate, a baseline of current service and measure of\n\nenhanced capability;\n\n4. The methodology of validating performance;\n\n5. The schedule of payments from the fund, and claw-back\n\nprovisions for failure to meet performance conditions; and\n\n6. A requirement that no monies paid from the Oklahoma Quick\n\nAction Closing Fund shall be used by a recipient or any other person\n\nor entity for purposes of any political contribution to or on behalf\n\nof any candidate or for the support of or opposition to any measure\n\nincluding but not limited to an initiative petition or referendum.\n\nI. The Department of Commerce shall make available on its\n\nwebsite or other website dedicated for this purpose a complete\n\ndisclosure of all payments made from the Oklahoma Quick Action\n\nClosing Fund. The disclosure shall include a description of the\n\nexpenditures made by the business establishment with the payments\n\nmade from the fund. No proprietary information of the business\n\nestablishment shall be subject to the requirements of this\n\nsubsection.\n\nJ. If any or all of the amount to be awarded is used to build a\n\ncapital improvement:\n\n1. The funds used for the capital improvement shall be deemed\ndisclosure shall include a description of the\n\nexpenditures made by the business establishment with the payments\n\nmade from the fund. No proprietary information of the business\n\nestablishment shall be subject to the requirements of this\n\nsubsection.\n\nJ. If any or all of the amount to be awarded is used to build a\n\ncapital improvement:\n\n1. The funds used for the capital improvement shall be deemed\n\nto be held in trust for the benefit of the state and shall be\n\nconsidered as a priority claim for purposes of federal bankruptcy\n\nlaw; and\n\n2. If the capital improvement is sold, the recipient of the\n\naward shall:\n\na. repay the state the money awarded to pay for the\n\ncapital improvement, with interest at the rate and\n\naccording to the other terms provided by the\n\nagreement, and\n\nb. share with the state a proportionate amount of any\n\nprofit realized from the sale.\n\nK. If, as of the date certain provided in the agreement, the\n\naward recipient has not used monies awarded for the intended\n\npurposes, the recipient shall repay that amount and any related\n\ninterest to the state at the agreed rate and on the agreed terms and\n\nany such amounts shall be deemed to be held in trust for the benefit\n\nof the state and shall be considered as a priority claim for\n\npurposes of federal bankruptcy law.\n\nL. The provisions of this act shall cease to have the force and\n\neffect of law on July 1, 2024.","path":["OK Code","Title 62"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os62.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"2c35e65bc9c3e0348ec1c592a5db95be522d938fd28c34982b6b8d5c5c64e057","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-48.2","next":"us-ok/okla.-stat.-tit.-62-62-48.2v2"},"notice":"GroundRules: Original legal text. Not legal advice."}