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Committee adopts incentive evaluation commission recommendations on several incentive programs
Summary
The committee passed a package of bills originating from the Incentive Evaluation Commission (IEC) that include retaining the Rural Economic Action Plan, ending OCAST business finance program, clarifying tenant reporting for small business incubator credit, and limiting use of development enterprise reports to IEC evaluation.
Senator Rader presented four bills recommended by the Incentive Evaluation Commission (IEC) concerning state economic incentives; the committee approved all four measures.
Rader said the IEC evaluated incentive programs and recommended these statutory changes. For the Rural Economic Action Plan (Senate Bill 473), the IEC found a negative quantitative return on investment but recommended retaining the program for qualitative benefits; Rader introduced legislation to follow that recommendation. Other bills in the package included: ending the Oklahoma Center for the Advancement of Science and Technology (OCAST) Technology Business Finance Program and transferring any remaining funds to the general revenue fund (Senate Bill 572); requiring tenants claiming the small business incubator credit to submit information on a form prescribed by the Department of Commerce (Senate Bill 573); and modifying reporting requirements so information provided to the IEC is used only for evaluation purposes (Senate Bill 575).
Committee proceedings recorded no debate on the measures beyond the sponsor's summary and yielded unanimous committee votes. The clerk's roll calls showed each bill received 9 ayes and 0 nays and were declared passed by the committee.
