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OK SB919
Bill
AI Summary
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Defines "commercial lease" for Commissioners of the Land Office trust lands as leases for property that can earn more income than agricultural use, with renewable energy generation leases classified as commercial leases effective November 1, 2025
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Prohibits agricultural leases from being executed in favor of corporations or their agents except as provided under existing Oklahoma farming and ranching corporation statutes (Section 951 et seq. of Title 18)
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Adds requirement that limited liability companies engaged in farming or ranching must not be engaged in renewable energy generation to qualify for land ownership or leasing under existing corporate farming restrictions
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Removes exemption that previously excluded real property under long-term lease to the State of Oklahoma and its agencies from the 5% cap on Commissioners of the Land Office real property investments
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Establishes fines up to $500 per day for farming/ranching entities violating ownership and leasing restrictions, with knowing violations by other persons constituting a misdemeanor
Legislative Description
Commissioners of the Land Office; clarifying terms of agricultural and commercial leases; requiring value of real property leased by public entities to be accounted for in certain investment cap. Effective date.
Last Action
Second Reading referred to Education Committee then to Appropriations Committee
2/4/2025