§62-7002. Incentive defined.
As used in this act, “incentive” means a tax credit, tax exemption, tax deduction, tax expenditure, rebate, grant, or loan that is intended to encourage businesses to locate, expand, invest, or remain in Oklahoma, or to hire or retain employees in Oklahoma. Added by Laws 2015, c. 184, § 2, eff. Nov. 1, 2015.
§62-7003. Incentive Evaluation Commission – Incentive Approval Committee.
A. There is hereby established the Incentive Evaluation Commission consisting of: 1. A certified public accountant appointed by the Oklahoma Accountancy Board whose term shall expire on June 30, 2019; 2. The president of the Oklahoma Professional Economic Development Council or his or her designee who is also a member of the Oklahoma Professional Economic […]
§62-7004. Periodic evaluations – Exemptions.
A. The Incentive Evaluation Commission shall ensure that each incentive is evaluated at least once every four (4) years unless the Commission determines that the incentive is exempt from evaluation. The Commission may exempt from evaluation any incentive that it concludes has a minimal fiscal impact. The Commission shall determine a specific threshold amount which […]
§62-7005. Contractors – Evaluation process – Requirements – Criteria – Records disclosure.
A. The Commission may contract with a private company, nonprofit, or academic institution to assist with evaluation of each incentive. The Commission shall develop a scope of services for a request for proposals issued pursuant to The Oklahoma Central Purchasing Act, Section 85.1 et seq. of Title 74 of the Oklahoma Statutes, for professional services […]
§62-8011. Legislative Office of Fiscal Transparency.
A. There is hereby created within the Legislature the Legislative Office of Fiscal Transparency (LOFT). The purpose of the Office shall be to assist the Legislature in performing its constitutional and statutory function of ensuring that government funds are expended in a fiscally responsible manner. B. The operations of the Office shall be overseen by […]
§62-8012. Duties of the Office.
A. The Legislative Office of Fiscal Transparency shall: 1. Gather information regarding the proposed budgets of executive branch agencies each fiscal year; 2. Analyze the information and evaluate the extent to which the agency budget does or does not fulfill the agency’s primary duties and responsibilities under applicable provisions of federal, state or other law; […]
§62-3110. Retirement bills having fiscal impact – Consideration following actuarial investigation – Procedure – Amendments.
A. When a retirement bill having a fiscal impact has had an actuarial investigation pursuant to Section 3109 of this title, the bill may be considered at the next regular session of the Legislature. If the bill as originally introduced was not changed by the committee and the original version was submitted to the Legislative […]
§62-8013. Oversight committee.
A. There is hereby created within the Legislature a committee to oversee the operations of the Legislative Office of Fiscal Transparency. The committee shall consist of fourteen (14) members, as follows: 1. Seven members of the Senate, at least two of whom shall be members of the minority party, to be appointed by the President […]
§62-3111. Retirement bills having a fiscal impact – Effective dates – Appropriations – Other funding.
A. Any retirement bill having a fiscal impact which is enacted by the Legislature and which is approved by the Governor or which otherwise becomes law shall become effective on the first day of July immediately following the regular session during which it was enacted, but only if the enacted bill is concurrently funded as […]
§62-8014. Agencies and institutions to furnish information and cooperate.
A. Each agency or institution of the state shall, upon request, furnish and make available to the Legislative Office of Fiscal Transparency all records, documents, materials, personnel, information or other resources as the Office deems necessary to conduct performance evaluations as required by this act. Any record, document, material or other information made confidential by […]