HB3020 Summary

• Amends 62 O.S. 2011, Section 48.2 to expand eligibility for the Oklahoma Quick Action Closing Fund to include health care service providers organized as for-profit or nonprofit entities employing physicians licensed as specialists by the Oklahoma Board of Medical Licensure.

• Maintains existing fund requirements that applicants demonstrate economic impact through job creation/retention, capital investment, salary levels, and likelihood of attracting additional business to the area.

• Requires the Department of Commerce to conduct complete impact analysis and recommend only projects expected to generate net economic benefit through new jobs, retained jobs, plant investment, or increased tax revenues.

• Establishes that fund agreements must include performance conditions, validation methodology, payment schedules with clawback provisions for non-compliance, and restrictions on use of funds for political contributions.

• Sunsets the fund's provisions on July 1 of the sixth fiscal year after first deposits, and makes the act effective November 1, 2014.