Mega bill offering big business tax incentives heads for Oklahoma Governor Stitt’s office
OKLAHOMA CITY (KFOR) – A mega bill passed in record time. There are few days, the governor Kevin Stitt referred to the agreement for the first time at a press conference, and now, the draft 4455 national law goes to his office.
“It’s our time to be in the top ten. It’s our time to be number one in this space and I believe we’re playing flag early,” Governor Stitt said. a generational impact for our state.”
The pressure to conclude the agreement was due to competition from Oklahoma to Kansas for a Panasonic factory of several billion dollars.
HB4455 is expected to create tens of thousands of jobs in the state sooner, but at a high cost.
The LEAD law offers tax rebates of 698 million dollars for companies that promise to make an investment of 3.6 billion dollars or more.
“I believe when we have an investment of this magnitude, we begin to continue to grow as an industry leader in this state,” said Sen. Roger Thompson, R-District 8.
But other lawmakers have criticized the incentive plan.
“I will give the platform of the Republican Party, page 14: We believe that Oklahoma’s efforts to attract industry should be based on the establishment of a favorable economic climate and friendly rather than taxes and other government subsidies to individual companies. ‘ And I would add, especially businesses that can afford to make a $ 3.6 billion check, “said Sen. Warren Hamilton, R-District 7.
Despite the long fight in the Senate, HB4455 won with a 41-5 vote.
The measure will now make its way to the governor’s office.
The $698 million will come from the general state revenue fund. Lawmakers credited past conservative spending for the excess reserve, making the investment opportunity possible.
Suggest a fix