Incentives; prohibiting certain districts from including the property of certain establishments in Local Development Act; excluding certain entities from ad valorem exemption. Effective date.

SB 1848 amends Oklahoma's Local Development Act to restrict property tax incentives and exemptions. It prohibits tax breaks for specific businesses, including retail establishments (NAICS codes 518210 and 221114-221117) and certain entertainment venues, while limiting manufacturing facility tax exemptions to a 25-year period. The bill also requires local governments to report annual details on incentive recipients, property values, and expenditures to the Oklahoma Department of Commerce. These changes directly affect local governments administering tax incentives and businesses in designated reinvestment areas.