OK SB2015

Limits local tax incentives and exemptions under the Local Development Act to a maximum of 50% of new investment made, and caps tax increment apportionments at 50% of ad valorem taxes, local sales taxes, and local fees

Requires all project plans to include provisions or investments that serve the whole public within the governing body's jurisdiction, prohibiting plans that exclusively benefit private entities

Prohibits project plans from exclusively apportioning tax increments to cover project costs of private entities; plans must include public-serving project costs

Updates terminology to replace "Director" with "Chief Executive Officer" of the Oklahoma Department of Commerce for waiver approvals

Effective date of November 1, 2026