Title 74 — Title 74 — State Government

74 O.S. § 5065.7 Repealed by Laws 1993, c. 155, § 4, eff. July 1, 1993

74 O.S. § 5065.8 Repealed by Laws 1993, c. 155, § 4, eff. July 1, 1993

This act shall be known and may be cited as the "Product Development Act". Added by Laws 1992, c. 246, § 2, emerg. eff. May 21, 1992.

As used in this act: 1. "Commercial stage" means the point at which the product has advanced beyond the theoretical and prototype stage and is capable of being manufactured or reduced to practice commercially; 2. "Intellectual property" means a patent, patent pending, trademark, …

The Oklahoma Department of Commerce shall establish a program to provide product development assistance to Oklahoma manufacturing and marketing businesses. The program shall: 1. Identify, characterize and catalogue Oklahoma businesses interested in and committed to expansion by c…

The Oklahoma Department of Commerce shall have the authority to: 1. Enter into contracts with public and private agencies, institutions, organizations and individuals for the purpose of providing assistance to and services for Oklahoma manufacturing and marketing firms as require…

The Oklahoma Department of Commerce may enter into an agreement with a potential licensor to receive a fee not to exceed an amount equal to twenty percent (20%) of all royalties from any product commercialized under the product development program for the life of the license. Add…

There is hereby created in the State Treasury a separate revolving fund for the Oklahoma Department of Commerce to be designated as the "Product Development Program Fund". The fund shall be a continuing fund, not subject to fiscal year limitations and shall consist of all monies …

The Director of the Oklahoma Department of Commerce shall submit an annual report on or before December 31 of each year to the Governor and the Oklahoma State Legislature which shall include but not be limited to: 1. The number of products and description thereof of products deve…

This act shall be known and may be cited as the "Small Business Incubators Incentives Act". Added by Laws 1987, c. 228, § 1, eff. Jan. 1, 1988.

The purpose of the Small Business Incubators Incentives Act shall be to promote, encourage and advance economic prosperity and employment throughout the state by creating a more favorable tax climate for tenants of small business incubators in this state. Added by Laws 1987, c. 2…

As used in this act: 1. "Director" means the Director of the Oklahoma Department of Commerce; 2. "Incubator" means a facility in which small units of space may be leased by a tenant and in which management maintains or provides access to business development services for use by t…

The Director of the Oklahoma Department of Commerce shall have the power and authority to carry out the following functions: 1. Solicit support and participation of public and private agencies, universities and other institutions for the purposes of establishing and operating inc…

A. For tax years ending before January 1, 2020, income earned by a sponsor from rental fees, service fees or any other form of payment for services provided to a tenant as an operator of an incubator, or for providing funding for such a facility, shall be exempt from state income…

A. Any company or association proposing to qualify as a sponsor under this act shall file an application with the Director of the Oklahoma Department of Commerce for approval. The application shall contain such information as the Director may by regulation require, and shall spec…

enterprises as tenants. A. A sponsor shall have the following responsibilities and duties in establishing and operating an incubator: 1. Securing title to the facility or a lease with a sufficient length of term or other security, deemed sufficient by the Director of the Oklahoma…

A. For a period of up to ten (10) years from the date of tenant’s occupancy in an incubator, income earned by the tenant as a result of activities conducted as an occupant in an incubator, including income distributed to partners, shareholders of a corporation for which a Subchap…

On or before December 31 of each year, the Director of the Oklahoma Department of Commerce shall provide a report to both the Speaker of the House of Representatives and the President Pro Tempore of the Senate which shall include, but not be limited to: 1. The number of applicati…

1992.

1992.

1992.

1992.

Sections 5085.1 through 5085.12 of this title and Section 37 of this act shall be known and may be cited as the "Oklahoma Capital Formation Act". Added by Laws 1991, c. 188, § 1, eff. July 1, 1991. Amended by Laws 1993, c. 275, § 36, eff. July 1, 1994.

Notwithstanding other provisions of law, the Oklahoma Science and Technology Research and Development Board or any entity designated by the Board, shall have the authority to expend funds to administer and operate the programs of the Board. Added by Laws 1991, c. 188, § 10, eff. …

A. There is hereby created in the State Treasury a revolving fund for the Oklahoma Center for the Advancement of Science and Technology to be designated the “Oklahoma Capital Formation Revolving Fund”. The fund shall be a continuing fund, not subject to fiscal year limitations, a…

Nothing contained herein is or shall be construed as a restriction or limitation upon any powers which the Oklahoma Science and Technology Research and Development Board might otherwise have under any other law of this state heretofore or hereafter enacted and the provisions of t…

and administrative measures - Enforceability of guarantees of Board unaffected. A. The Oklahoma Science and Technology Research and Development Board may adopt rules, policies, procedures, and regulatory and administrative measures necessary to administer the programs of the Boar…

fund. Within thirty (30) days after the Oklahoma Science and Technology Research and Development Board or any subsidiary or affiliate of the Board has made payment of any remaining expense or obligation created by the Board or by the subsidiary or affiliate, pursuant to the terms…

None of the provisions of the Oklahoma Capital Formation Act shall alter, amend, modify, affect, diminish, or impair the enforceability of, or any obligation or liability of the Oklahoma Science and Technology Research and Development Board or any entity which is a subsidiary or …

Certification by Governor. A. Fundamental changes have occurred in national and international financial markets and in the financial markets of this state. Oklahoma needs to increase the availability of equity and near-equity capital for emerging, expanding and restructuring ente…

The mission of the Oklahoma Capital Investment Board shall be to mobilize equity and near-equity capital for investment in such a manner that will result in significant potential to create jobs and diversify and stabilize the economy of the State of Oklahoma. Added by Laws 1991, …

Distribution of plan. In order to fulfill its mission as mobilizer of equity and near- equity capital, the Oklahoma Capital Investment Board shall be subject to the policy development of Oklahoma Futures. The Oklahoma Capital Investment Board shall develop an annual business plan…

For purposes of the Oklahoma Capital Formation Act: 1. “Board” means the Oklahoma Science and Technology Research and Development Board of the Oklahoma Center for the Advancement of Science and Technology; 2. “Director” means any person who is a member of the Board; 3. “Equity ca…

Transfer to Oklahoma Center for the Advancement of Science and Technology. A. Until the effective date of this act, the Oklahoma Capital Investment Board shall consist of five (5) Directors who shall be appointed by the Governor with the advice and consent of the Senate. Director…

A. The State of Oklahoma hereby issues tax credits that may be used to reduce the tax liability of a person, firm or corporation if such liability is imposed pursuant to the provisions of Section 2355 of Title 68 of the Oklahoma Statutes or Section 624 of Title 36 of the Oklahoma…

A. Except as otherwise provided by subsections F and G of this section, the Oklahoma Science and Technology Research and Development Board shall have the power to solicit proposals from qualified investor groups for investment of capital in accordance with the requirements of the…

A. The Board shall publish a separate annual report in conjunction with its annual audit and present the report to the Governor, the Legislature and Oklahoma Futures. The annual report shall review the mission of the Board and programs implemented according to objective measures …

74 O.S. § 5086.1 Repealed by Laws 1994, c. 285, § 11, eff. July 1, 1994

1994.

74 O.S. § 5086.2 Repealed by Laws 1994, c. 285, § 11, eff. July 1, 1994

74 O.S. § 5086.3 Repealed by Laws 1994, c. 285, § 11, eff. July 1, 1994

74 O.S. § 5086.4 Repealed by Laws 1994, c. 285, § 11, eff. July 1, 1994

74 O.S. § 5086.5 Repealed by Laws 1994, c. 285, § 11, eff. July 1, 1994

74 O.S. § 5086.6 Repealed by Laws 1994, c. 285, § 11, eff. July 1, 1994

74 O.S. § 5086.7 Repealed by Laws 1994, c. 285, § 11, eff. July 1, 1994

74 O.S. § 5086.8 Repealed by Laws 1994, c. 285, § 11, eff. July 1, 1994

74 O.S. § 5086.9 Repealed by Laws 1994, c. 285, § 11, eff. July 1, 1994

Economic Transformation and Effectiveness (COMPETE) Act. This act shall be known and may be cited as the “Creating Oklahoma’s Modern Plan for Economic Transformation and Effectiveness (COMPETE) Act”. Added by Laws 2024, c. 377, § 1, emerg. eff. June 5, 2024.

Duties — Membership. A. There is hereby created within the Legislature the Legislative Evaluation and Development Committee. The Legislative Evaluation and Development Committee shall review financing for individual incentive packages including, but not limited to, packages offer…

Qualifications — Terms. A. There is hereby created the Oklahoma Department of Commerce Board. The Board shall constitute an advisory oversight board and shall consist of nine (9) voting members, as follows: 1. Two members to be appointed by the President Pro Tempore of the Senate…