Oklahoma SB 815 Summary

• Amends the Oklahoma Quality Jobs Program Act (68 O.S. 2011, Section 3603) to create the Incentive Evaluation Commission, expanding the Incentive Approval Committee to include additional members: State Treasurer, an economist from higher education appointed by Senate Pro Tempore, a layperson appointed by House Speaker, and an economic development professional appointed by Governor.

• Requires the Incentive Evaluation Commission to evaluate state incentives (tax credits, exemptions, deductions, rebates, grants, loans, and incentive payments) at least once every four years, with evaluations completed by November 1 of each year and a report issued by December 31.

• Establishes evaluation criteria to assess economic and fiscal impact of incentives, including whether incentives change business behavior, achieve intended goals, and recommendations for whether incentives should be retained, modified, or repealed.

• Requires the Commission to develop a comprehensive list of incentives subject to evaluation by January 1, 2016, create a four-year evaluation schedule, and hold at least one public hearing by November 30 annually to review evaluations and allow public comment.

• Effective November 1, 2015; provides that Office of Management and Enterprise Services shall provide staff support to the Commission, with assistance from Oklahoma Department of Commerce, Tax Commission, and State Treasurer as needed.