Oklahoma State Senate
Oklahoma City, Oklahoma 73105
For Immediate Release: March
Senator Debbe Leftwich
Extension of Quality Investment Act Clears Senate
Leftwich announced today that a measure to extend the Oklahoma
Quality Investment Act that was signed by the Governor during the
last legislative session, has cleared yet another legislative hurdle.
Senate Bill 755 also renames the Act, which served as a pilot program
for Dayton Tire, to the Oklahoma Specialized Quality Investment
“The pilot program that was enacted last legislative session
for Dayton Tire has proven to be a success and I am very pleased
that my friends in the Senate agree that this benefit should be
extended to other manufacturers in Oklahoma,” stated the Democrat
from South Oklahoma City. “SB 755 not only creates a specialized
program for tire manufacturers, but also allows other manufacturers
in Oklahoma to enter into an agreement with the state to refurbish
their business and ensure our manufacturers will continue to be
a productive member of Oklahoma’s economy.”
The Oklahoma Quality Investment Act is administered by the Oklahoma
Department of Commerce and the Oklahoma Tax Commission. The measure
will allow Oklahoma manufacturers who have been in the state for
at least ten years to enter into a five year quality investment
agreement for capital costs.
Under provisions of SB 755, businesses will be eligible to receive
an investment payment for the purpose of purchasing land, buildings,
improvement of buildings, fixtures and for machinery, equipment
and other personal property used in and for the manufacturing process.
The total amount of capital costs eligible for investment payments
are not to exceed $50 million and in exchange the state will agree
to make an annual payment in an amount equal to ten percent of the
amount of invested capital costs by the business. The amount of
the investment payment by the state is not to exceed $1 million
for any fiscal year during the five year agreement.
“SB 755 is an important aspect to maintain Oklahoma’s
steadily improving economy,” said Leftwich. “By investing
in our current manufacturers, we are sending a message to businesses
looking to relocate that Oklahoma is serious about economic development.”
The measure cleared the Senate and is now on its way to the respective
House of Representatives committee.
Senate Communications Office - (405) 521-5774