Rebate payments; creating the Oklahoma Five Major Sports Leagues Rebate Program Act; providing rebate payments for certain establishments; prescribing requirements for qualification of payments; providing transfer of certain monies to the Oklahoma Quick Action Closing Fund; prescribing procedures; effective date.

This bill creates the Oklahoma Five Major Sports Leagues Rebate Program Act to provide quarterly financial rebates to professional sports teams from the NFL, NBA, NHL, MLB, and MLS operating in the state. Eligible teams must have an annual gross payroll of at least $10 million and employ at least 80% full-time-equivalent staff in the state to receive payments calculated based on their actual payroll. The program is limited to a maximum of $10 million per year per team and requires teams to repay all funds if they cease operations within three years. Additionally, five percent of every quarterly payment is automatically transferred to the Oklahoma Quick Action Closing Fund.