Economic Incentives; expanding requirements; defining term. Effective date.

SB 471 requires all new or extended economic incentive programs in Oklahoma (including tax credits, grants, loans, or payments to businesses) to include measurable long-term goals for evaluation. It specifically limits tax credit incentives to a maximum of 10 years, preventing indefinite use of these programs. The bill applies to all such incentives enacted after January 1, 2016, or extended beyond their expiration date after that date. This amendment to Oklahoma law aims to ensure incentives have clear outcomes and time limits.