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House Passes Economic Development Measure (Mar 16, 2011)

OKLAHOMA CITY (AP) — The Oklahoma House has approved legislation to revive an economic development tool that supporters say will help attract businesses to the state and create jobs.

Lawmakers voted 79-17 Wednesday to create the Oklahoma Quick Action Closing Fund. The measure amends the Oklahoma Opportunity Fund, which was created in 2006 but declared unconstitutional by the Oklahoma Supreme Court.

The measure by Rep. Skye McNeil of Bristow would authorize the governor to dip into the fund to provide financial incentives to companies considering relocating or expanding in the state.

The incentives are performance based and companies that receive state funds must enter into an agreement with the Department of Commerce. The bill contains guidelines for a company's failure to meet the required performance provisions.

The bill now goes to the Senate.

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