Senate Bill 688 Summary

• Amends Oklahoma's ad valorem tax exemption for qualifying manufacturing facilities by waiving payroll requirements for specific applicants engaged in Industrial Group Number 3364 of the NAICS Manual for initial exemption applications filed after January 1, 2020, and before March 16, 2021.

• Maintains the 5-year ad valorem tax exemption period for new, expanded, or acquired manufacturing facilities, including research and development facilities, as defined by the Oklahoma Constitution.

• Requires applicants to file yearly exemption applications with county assessors on or before March 15, with approved applications forwarded to the Tax Commission by June 15.

• Establishes that manufacturing facilities must offer basic health benefits plans to full-time employees within 180 days of employment and meet investment cost thresholds starting at $500,000 for calendar year 2022, adjusted annually for inflation.

• Declares an emergency effective upon passage and approval, allowing the act to take effect immediately.