OK SB688

Amends Oklahoma's ad valorem tax exemption for manufacturing facilities by waiving payroll requirements for aerospace manufacturing facilities (NAICS 3364) that filed initial exemption applications between January 1, 2020, and March 16, 2021, including claims previously denied

Provides a 5-year ad valorem tax exemption for qualifying new, expanded, or acquired manufacturing facilities, including those engaged in research and development

Requires facilities applying for exemption on or after January 1, 2023 to pay new direct jobs an average annualized wage meeting Oklahoma Quality Jobs Program Act requirements

Sets payroll thresholds for exemption eligibility: $250,000 net increase for counties under 75,000 population, or $1,000,000 for counties with 75,000+ population

Declares an emergency, making the act effective immediately upon passage and approval