HB 2704 Summary

• Amends the Oklahoma Quality Jobs Program Act (68 O.S., Section 3604.1) to expand incentive payments for qualified federal contractors based on qualified labor hours worked.

• Establishes a scaled net benefit rate between 0.25% and 2% based on annual subcontracting goals, with rates increasing as subcontract labor hours and dollar amounts increase.

• Allows small business establishments to use their own qualified labor hours to meet subcontracting requirements under the program.

• Requires qualified federal contractors to maintain an average annualized wage of at least 110% of county average wage or 100% with healthcare premiums excluded, with a statewide cap of $29,409; sets minimum qualified labor rate of $31/hour for subcontracted work.

• Adds provisions preventing double-dipping by prohibiting entities from receiving concurrent incentive payments under multiple state quality jobs programs and establishing priority based on earliest start date.