SB 575: Oklahoma Local Development and Enterprise Zone Leverage Act; prescribing reporting requirements. Effective date. - Oklahoma

Floor (House) → Floor (Senate) · 5 edits

MODERATE

This bill version transitioned from the House to Senate floor, resulting in significant structural changes including the addition of new subsections, formatting updates, and reorganization of eligibility criteria for state matching payments. The Senate version introduces clearer distinctions between enterprise zone and tourism project eligibility requirements.

Scope change

The bill's scope was expanded to include more detailed eligibility criteria for tourism destination projects and added specific exclusions for certain types of retail development.

ELIGIBILITY

Added new subsection B with specific eligibility requirements for local governmental entities approving projects in enterprise zones or supporting major tourism destinations.

Added exclusions preventing matching payments for gambling establishments and retail developments exceeding 50% net leasable space, with exceptions for grocery and specialty food stores.

REQUIREMENT

Reorganized and clarified reporting requirements for project estimates and certifications related to payroll and investment thresholds.

Added new subsection F establishing calculation methodology for aggregated investment limits across all enterprises.

TECHNICAL

Updated header information to reflect Senate floor version with February 19, 2025 date and reorganized page numbering and formatting.

Enrolled (final version) → Floor (House) · 3 edits

MINOR

This bill updates the Oklahoma Local Development and Enterprise Zone Incentive Leverage Act by reorganizing the bill's structure from Senate to House floor version and clarifying eligibility requirements for state matching payments. The substantive policy content remains largely the same, with the primary changes being formatting and structural adjustments rather than new policy provisions.

TECHNICAL

Bill structure changed from Senate enrolled version to House floor version with updated page numbering and formatting

Legislative session information updated to reflect 1st Session of the 60th Legislature (2025)

Minor formatting adjustments to section headers and spacing throughout the document

Engrossed → Enrolled (final version) · 6 edits · May 7, 2025

MODERATE

This bill was finalized and enacted into law, with substantive changes to the Oklahoma Local Development and Enterprise Zone Incentive Leverage Act. The final version adds new restrictions on eligible projects, establishes minimum investment thresholds, and creates aggregate funding limits for counties.

Scope change

The bill's scope expanded to include new eligibility requirements and funding caps that were not present in the earlier engrossed version.

ELIGIBILITY

Added restrictions prohibiting state matching payments for gambling establishments and retail developments that exceed 50% net leasable space, with exceptions for grocery and specialty food stores serving low-income areas.

REQUIREMENT

Added new requirements for local governmental entities to provide revenue estimates and certification of minimum investment thresholds (either $1 million in payroll or $5 million in investment) when applying for matching payments.

Modified the tourism destination project requirements to include an agreement to pay for a market and feasibility study conducted by an independent consultant.

FISCAL

Added new aggregate investment limits for counties: minimum $20 million for counties with under 100,000 population and maximum $40 million for all other counties.

Added a new aggregate limit for state local government matching payments equal to net benefit rate multiplied by taxable gross sales over the apportionment period.

ENFORCEMENT

Added a provision preventing state matching payments from being used to supplant local revenue currently being expended within district boundaries.

Introduced → Engrossed · 2 edits · Mar 13, 2025

MINOR

This bill moved from 'Introduced' to 'Engrossed' status, indicating it has been reviewed and amended by the legislature. The substantive policy content of the bill itself appears unchanged, with modifications primarily related to formatting, page numbering, and header information rather than policy changes.

TECHNICAL

Header and page numbering were updated to reflect the bill's new 'Engrossed' status, changing from 'AS INTRODUCED' to 'ENGROSSED SENATE BILL NO. 575' and updating page references.

Minor formatting adjustments were made throughout the document, including spacing changes and reformatting of subsection labels, but no substantive policy language was altered.

Oklahoma Local Development and Enterprise Zone Leverage Act; prescribing reporting requirements. Effective date.

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