SB 456 Summary

• Amends 68 O.S. 2011, Section 2902 to exclude union master payouts from payroll calculations for manufacturing facility ad valorem tax exemptions.

• Applies specifically to paperboard manufacturing facilities (NAICS 322130) where union master payouts are made by the facility buyer to specified employees at the time of purchase, as defined in the purchase agreement.

• Modifies payroll calculation requirements for qualifying manufacturing concerns seeking five-year ad valorem tax exemptions by allowing exclusion of these specified payments.

• Maintains existing requirements for manufacturing facility exemptions including minimum capital investment thresholds, employment levels, and health benefits provisions.

• Takes effect immediately upon passage and approval as an emergency measure.