OK HB1372

Amends 68 O.S. 2011, Section 2902 to modify the definition of "manufacturing" for ad valorem tax exemptions for qualified manufacturing concerns.

For applications filed on or after January 1, 2014, "manufacturing" is redefined to include only facilities engaged in activities described by Sectors 31 through 33 of the North American Industrial Classification System (NAICS).

Maintains the existing five-year ad valorem tax exemption for qualifying manufacturing facilities that meet investment and payroll requirements.

Preserves exemption eligibility for facilities that meet specific criteria including net increase in annualized payroll and provision of basic health benefits plans to employees.

Becomes effective January 1, 2014.