Senate Bill 568 Summary

• Amends Oklahoma's ad valorem tax exemption for qualifying manufacturing facilities, which provides a five-year exemption period for new, expanded, or acquired manufacturing facilities including research and development operations.

• Modifies the 12-month unoccupied facility requirement to apply only to initial exemption qualification, not to continuation of exemptions in the four subsequent years following the initial year.

• For wind power generation facilities (NAICS 221119) that don't meet standard payroll requirements, requires either $250,000.00 or $1,000,000.00 net increase in annualized payroll (depending on county population) plus $2,000,000.00 or more in capital improvements while maintaining or increasing payroll.

• Specifies that distribution facilities (NAICS 49311, 49312, 49313, 49319, and Sector 42) must qualify through annual application filings with the Tax Commission rather than affidavits, and excludes eating establishments and retail businesses from manufacturing facility classification.

• Becomes effective January 1, 2016.