{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-4202","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-4202","heading":"Purpose – Legislative intent – Incentive payments","body":"A. It is the purpose of this act to implement the provisions of\n\nthe constitutional amendment contained in Enrolled Senate Bill No.\n\n755 of the 1st Session of the 50th Oklahoma Legislature.\n\nB. It is the intent of the Legislature that:\n\n1. The State of Oklahoma provide appropriate incentives to\n\nsupport retention of manufacturing establishments:\n\na. that yield higher long-term benefits for job retention\n\nand increase the wealth of the state,\n\nb. that create competitive advantages for the State of\n\nOklahoma in attracting and retaining industries and\n\njobs, and\n\nc. that hold the promise of significant modernization and\n\nretooling that will assure the stability of the\n\nindustry in Oklahoma and, by doing so, help enlarge\n\nthe tax base and stabilize the economy of the State of\n\nOklahoma when there is a direct threat to the existing\n\nrevenue base and wealth of the state because existing\n\nestablishments are at risk of being lost to other\n\nstates or nations;\n\n2. The amount of incentives provided pursuant to this act in\n\nconnection with a particular establishment be directly related to\n\nbenefits caused by retention of jobs and investment and the placing\n\nof new investment, created as a result of the establishment\n\nmodernizing and retooling in, and thereby remaining and growing in\n\nthe State of Oklahoma as reflected by the economic impact,\n\nhistorical contributions trends and tax revenue projections\n\nanalyses;\n\n3. The Quality Investment Committee created by this act, the\n\nOklahoma Department of Commerce, the Oklahoma Tax Commission, the\n\nGovernor, the President Pro Tempore of the Senate and the Speaker of\n\nthe House of Representatives implement the provisions of this act\n\nand exercise all powers as authorized in this act. The exercise of\n\npowers conferred by this act shall be deemed and held to be the\n\nperformance of essential public purposes; and\n\n4. Nothing herein shall be construed to constitute a guarantee\n\nor assumption by the State of Oklahoma of any debt of any\n\nindividual, company or corporation or association. Nor does this\n\nact authorize the credit of the State of Oklahoma to be given,\n\npledged or loaned to any individual, company, corporation or\n\nassociation. Nothing herein shall be construed to constitute a gift\n\nby the State of Oklahoma to any individual, company, corporation or\n\nassociation.\n\nC. In fiscal years when the provisions of subparagraph a of\n\nparagraph 6 of Section 23 of Article X of the Oklahoma Constitution\n\nare not applicable and the balance at the beginning of such fiscal\n\nyear in the Constitutional Reserve Fund is equal to or greater than\n\nEighty Million Dollars ($80,000,000.00), up to Ten Million Dollars\n\n($10,000,000.00) may be expended for the purpose of providing\n\nincentives to support retention of at-risk manufacturing\n\nestablishments in this state in order to retain employment for\n\nresidents of this state. Such incentives shall be paid by the\n\nOklahoma Tax Commission upon a unanimous finding by the Governor,\n\nthe Speaker of the House of Representatives and the President Pro\n\nTempore of the Senate that:\n\n1. Such incentives have been recommended by the Quality\n\nInvestment Committee created by this act pursuant to criteria set\n\nout by law;\n\n2. The incentive will result in a substantial benefit to this\n\nstate; and\n\n3. Payment of the incentive would be in accordance with law.","path":["OK Code","Title 68"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os68.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"c84dbfa2da78c3b70a3b1dbbbbb51ea8d6c7dc0befdf05af727571c1ff0469e0","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-4201","next":"us-ok/okla.-stat.-tit.-68-68-4203"},"notice":"GroundRules: Original legal text. Not legal advice."}