ENGR. H. B. NO. 2980 - Summary

• Enacts the "Preserving Oklahoma's Strategic Industries Incentive Act" to provide quarterly incentive payments to qualified establishments in basic industries experiencing economic distress over a three-year period.

• Eligible establishments must hire 10-50 full-time employees within 12 quarters at wages equal to 110% of average county wage, with a 5-year incentive period limited to an initial 5% net benefit rate and up to 10% fulfillment rate after meeting job and sales thresholds.

• Creates the "Preserving Oklahoma's Strategic Industries Incentive Payment Fund" through withholding portions of collected taxes, with state liability limited to fund balance and payments capped at estimated net state benefits.

• Disqualifies incentive recipients from receiving credits or exemptions under 10 other state tax incentive programs to prevent double-benefits.

• Requires the Oklahoma Department of Commerce to submit fiscal analysis reports to legislative leadership and the Governor by January 1, 2014, and every three years thereafter, with penalties for fraudulent applications including fines up to $50,000 and repayment of all incentive payments plus 10% annual interest.