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Oklahoma
Posted: Apr 22, 2022 9:47 AMUpdated: Apr 22, 2022 9:49 AM
Capitol Call Powered by Phillips 66 4-22-22
Tom Davis
Special legislation to lure a major company to build a huge plant in Oklahoma called Project Ocean passed the House and the Senate and is now in the hands of Governor Stitt.
Project Ocean was the topic of conversation during our CAPITOL CALL of Friday with Senator Julie Daniels, Representatives Wendi Stearman and Judd Strom. Project Ocean would allow state officials to offer a $698 million financial incentive package to entice a multibillion-dollar company to locate near Tulsa.
Lawmakers fast-tracked the bill to create a new incentive program, called the Large-scale Economic Activity and Development Act, that appears intended to entice Panasonic to build a massive electric vehicle battery factory in northeast Oklahoma.
Representative Wendi Stearman opposed the legislation stating that projects like this need to remain private and not include taxpayer money.
Senator Julie Daniels said,"We’re not actually spending $700 million dollars, we’re offering $700 million in tax rebates, which means the money has to be spent and invested in the state first for them to qualify."
Representative Judd Strom said he believes Oklahoma already has a good deal with low energy and real esatate costs along with a central location.
The deal would require benchmarks such as a minimum capital expenditure of $3.06 billion dollars and job requirements, full-time job requirements, year one 500 jobs, year two a thousand jobs, year three 2,500 jobs and year four and five, 4,000 jobs. If those job metrics are not hit then the company would no longer qualify for the rebate.
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