goes to Fallin
A bill extending a tax incentive designed to reimburse Oklahoma communities for some of their expenses in attracting national and international events passed the Senate on Thursday and is headed to the governor.
The Senate voted 43-0 to extend the Oklahoma Quality Events Incentive Act until June 30, 2018, and to modify some of its provisions to make it easier for communities to obtain reimbursements.
The measure is designed to help communities attract events like collegiate tournaments, conventions and horse shows.
Such events spark temporary increases in state sales tax revenue. The bill allows communities to seek reimbursement from those extra sales tax revenues to offset money spent by the communities promoting and hosting the events.
The Oklahoma Quality Events Incentive Act was approved by the Legislature in 2010, but was so complicated that communities have been unable to use it to obtain reimbursements, said state Sen. Clark Jolley, R-Edmond.
The measure that passed Thursday simplifies the claims process, basing reimbursement amounts on the results of economic impact studies verified by the Oklahoma Tax Commission.