SB 731 Summary

• Amends the Oklahoma Quality Jobs Program Act to modify the definition of "basic industry" and establish incentive payment eligibility for qualified federal contractors.

• Requires NAICS codes (North American Industry Classification System) to determine basic industry classification for federal contractors; allows individual statements of work to substitute for NAICS codes when federal contracts are awarded under non-basic industry classifications.

• Establishes net benefit rates for qualified federal contractors ranging from 0.25% to 2% based on annual subcontract labor hours, with scaled payments from $200,000 to $4,000,000 in qualified subcontractor labor.

• Requires qualified federal contractors to pay employees an average annualized wage of at least 100-110% of average county wage (capped at $29,409) and subcontractors a minimum of $31.00 per hour, with healthcare premiums optionally included in wage calculations.

• Provides that when multiple entities qualify for incentive payments on the same work, priority goes to the entity with the earliest recognized start date if deferrals are not made; effective November 1, 2011.