OK SB1665

Amends the Oklahoma Quality Jobs Incentive Leverage Act to allow establishments that were authorized to receive incentive payments before November 1, 2008, to file a second irrevocable election with the Oklahoma Department of Commerce.

Requires establishments to file the second election at least 180 days before withholding tax revenues from the establishment are needed to pay debt service, making them eligible to use proceeds from additional bonds issued after November 1, 2008.

Establishes that after filing the election, future incentive payments to the establishment must be deposited into the Quality Jobs Program Incentive Leverage Fund and treated as a state asset.

Prohibits establishments filing the second election from claiming certain tax credits, property tax exemptions, and sales tax exemptions related to jobs or capital investment funded by bond proceeds.

Allows establishments filing the election on or after July 1, 2010, to request reinstatement of exemptions and refunds of prior exemptions either as a lump sum by July 31, 2010, or in two equal payments by July 31, 2011 and 2012.