OK SB1284

Creates the Oklahoma Quality Events Incentive Act, effective July 1, 2012 through June 30, 2015, allowing municipalities and counties to receive state sales tax revenue incentives for hosting nationally recognized events selected through competitive site processes

Host communities must designate a quality event area (up to 13 miles from the primary event property), submit an economic impact study to the Oklahoma Tax Commission at least one year before the event, and document eligible local support amounts spent on the event

Payments to host communities are limited to the lesser of incremental state sales tax revenue generated or eligible local support amounts, with a maximum of $250,000 per single quality event

Total statewide payments capped at $2 million for FY 2013, $2.5 million for FY 2014, and $3 million for FY 2015

Contracts entered into while the Act is in effect remain enforceable even if the Act expires, and the Oklahoma Department of Commerce must submit annual reports on the program's impact beginning December 1, 2013