The next step is for the House of Representatives to consider this latest version of this measure. If the House passes it, the bill goes to Gov. Brad Henry.
The Senate vote was 27-21 for the measure, Senate Bill 1819.
The bill will allow the SuperSonics to qualify for the state Quality Jobs Act.
This will permit the SuperSonics to get tax rebates for the next 15 years for the new jobs it brings to Oklahoma.
NBA owners meet Thursday and Friday in New York to consider allowing the team to relocate to Oklahoma City.
Co-Senate leader Glenn Coffee said it's important to have this tax incentive enacted because NBA owners want NBA teams to have strong financial footing.
He said the estimated state tax incentive is $60 million, but could be more.
The financial impact of having the Sonics in Oklahoma has been estimated at $180 million, said Coffee, R-Oklahoma City.
Sen. Randy Brogdon, R-Owasso, said he thought giving this tax incentive to the basketball team is unconstitutional.
Sen. Kenneth Corn, D-Poteau, asked Coffee how this legislation would benefit all of Oklahoma.
Coffee said people from all over Oklahoma bought tickets to come and see the New Orleans Hornets when that team was in Oklahoma City.
"It certainly sends a message to people wanting to do business. It showcases our state and it says we're ready for prime time,” Coffee said of the legislation.
The House put many amendments in an earlier version of this bill Monday, including other tax exemptions.
But all House amendments but two were left out of the latest version of the bill.
The two retained in the bill said other NBA teams and their players cannot benefit from the state Quality Jobs Act.