OK HB2351

Manufacturing facilities applying for exemption under Oklahoma law on or after November 1, 2017, may delay the five-year ad valorem tax exemption period that follows the expiration of prior tax incentive district benefits.

Facilities must create at least 100 new jobs at state index wage and invest at least 10 times the standard required investment in new depreciable property to qualify for the delay.

Oklahoma Department of Commerce and Tax Commission must conduct fiscal and economic impact review; projects with no adverse and positive economic impact are referred to the Incentive Approval Committee for approval.

The five-year exemption period begins on January 1 following expiration or termination of the prior ad valorem exemption, abatement, or incentive.

Electric power generation facilities are excluded from eligibility for the exemption delay; act becomes effective November 1, 2017.