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OK HB2768
Bill
Status
5/29/2025
Primary Sponsor
Trey Caldwell
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AI Summary
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Increases the maximum qualifying investment cap for facility modernization and retooling from $250 million to $700 million for businesses participating in the Oklahoma Quality Jobs Incentive Leverage Act
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Raises the maximum investment amount subject to property tax exemption forfeiture from $500 million to $700 million for establishments filing a second irrevocable election
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Applies to tire manufacturing businesses (SIC code 3011) with at least $115 million in annual gross compensation, $200 million total Oklahoma investment, and 1,550+ full-time employees
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Requires qualifying establishments to invest at least $100 million in additional modernization within five years of filing a second irrevocable election with the Oklahoma Department of Commerce
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Passed the House on May 20, 2025 and the Senate on May 22, 2025
Legislative Description
Revenue and taxation; Oklahoma Quality Jobs Incentive Leverage Act; increasing certain limitation caps related to qualifying investment amounts.
Last Action
Becomes law without Governor's signature 05/29/2025
5/29/2025