HB2896 Summary - ConnectOklahoma Multimodal Transportation Act

• Creates the ConnectOklahoma Mass Transit and Infrastructure Revolving Fund within the State Infrastructure Bank to provide loans and grants for marine, rail, public transit, and freight transportation projects that promote economic development and job creation.

• Establishes a ConnectOklahoma Final Review Board (5 members appointed by Governor) and creates Regional Committees (one per Congressional District) and Modal Committees (for marine, rail, transit, and freight) to review and recommend transportation project applications.

• Authorizes the Department of Transportation to make loans at or below market rates, provide grants, guarantee loans, and administer the fund, with all loan repayments credited back to the revolving fund.

• Requires applications to meet specific criteria based on economic benefit, business cost reduction, job access, critical system links, applicant cost-sharing capacity, and construction readiness, with projects scored and ranked into four tiers.

• Allows individual and corporate income tax returns to include voluntary donations to the fund; dedicates future Oklahoma Lottery revenue expansion to the fund; permits up to 20% of rail property sale proceeds to fund railroad crossing safety improvements.