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OK SB572
Bill
AI Summary
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The technology business financing program operated by the Oklahoma Center for the Advancement of Science and Technology (OCAST) shall cease on November 1, 2025.
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All remaining funds from the program upon cessation shall be transferred to the State Treasurer and credited to the General Revenue Fund.
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Any royalties, fees, interest, profits, or other payments received from the program at the end of each fiscal year shall be transferred to the State Treasurer and credited to the General Revenue Fund.
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The program previously provided funding and financing to qualified Oklahoma enterprises for commercializing new products, services, technology, innovations, and processes, with recipients required to obtain separate private investment.
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The act becomes effective November 1, 2025.
Legislative Description
Oklahoma Center for the Advancement of Science and Technology; requiring the cessation of the technology business financing program; directing transfer of remaining funds. Effective date.
Last Action
Recommendation to the full committee; Do Pass Appropriations and Budget Education Subcommittee
4/8/2025