Senate Bill 574 Summary

• Amends the Local Development Act (62 O.S. 2011, Sections 851-856) to implement tax increment financing and tax exemption provisions authorized by Article X, Section 6C of the Oklahoma Constitution.

• Adds education enhancement as a legislative priority by finding that increment revenue provides valuable support for both economic development and education, with emphasis on supplementing local education efforts where feasible.

• Expands eligible project costs to include operational costs and education/training costs supporting economic development objectives, and allows jurisdiction-wide policies benefiting public schools within the local government's area.

• Maintains existing district size limitations: 25% of assessed value for cities/towns over 50,000 population, 35% for smaller municipalities, and 15% for counties; school district limits at 25% unless waived by agreement.

• Effective date: November 1, 2017.