The Oklahoma Senate has approved legislation aimed at updating one of the state’s primary economic development incentive programs.
Oklahoma Senator Dave Rader said Senate Bill 1403 modernizes the Oklahoma Quality Jobs Program based on recommendations from the state’s Incentive Evaluation Commission. The measure passed the Senate this week on a 32 to 15 vote.
“I was surprised by the number of ‘nay’ votes, particularly because the bill significantly strengthens the incentive’s application in rural Oklahoma,” Rader said. “It also tightens the state’s eligibility requirements for possible recipients, which better protects the state’s investment.”
The Oklahoma Quality Jobs Program offers incentives to companies that create new jobs and invest in the state. Supporters say the program has helped attract new employers while allowing existing Oklahoma businesses to expand.
Rader said the legislation shortens the time frame for employers to file claims for incentive payments, giving companies greater certainty when planning their budgets.
The bill also removes a minimum statewide wage threshold used to determine qualifying wages. Instead, companies must pay wages that exceed the average wage in the county where the jobs are created.
“These incentives are reserved for companies that are investing in our state and offering relatively high-paying jobs that contribute to our economy,” Rader said. “This program has been vital for Oklahoma’s economic growth.”
According to supporters of the program, Oklahoma’s Quality Jobs incentives return about two dollars to the state economy for every dollar invested.
Senate Bill 1403 now moves to the Oklahoma House of Representatives for consideration.
