Economic development; investment rebate program; Commerce Manufacturing Activity Development Fund; expenditures.

This bill creates an investment rebate program in Oklahoma designed to encourage large manufacturing projects in smaller cities. To qualify, businesses must invest at least $800 million in real property located within a municipality of 20,000 to 30,000 people and have already spent at least 20% of their planned investment. The Oklahoma Department of Commerce will review applications and may offer a rebate equal to 6.25% of the qualified capital expenditure costs. Funding for these rebates comes from a new state fund initially seeded with $50 million, with any remaining funds transferred to the general revenue after 2030.