Ad valorem tax; modifying payroll requirement for certain industry. Effective date. Emergency.

SB 689 modifies Oklahoma's property tax exemption for qualifying manufacturing facilities by adjusting the investment cost threshold annually using the Consumer Price Index (CPI). It requires facilities to pay average annual wages meeting Oklahoma Quality Jobs Program standards for new hires, updates definitions for eligible facilities (including distribution centers meeting specific capital and employment criteria), and mandates the Tax Commission to rescind certain denials upon request. The bill directly affects manufacturing and distribution businesses seeking tax exemptions on new or expanded facilities meeting revised financial and wage requirements. The bill failed in the Revenue and Taxation committee on February 10, 2025.