Gov. Stitt Expected To Sign LEAD Act Into Law

A bill putting millions of dollars in taxpayer money toward incentives for large companies to come to Oklahoma will likely be signed by the governor next week.

Friday, April 22nd 2022, 8:02 am

By: Jordan Ryan

OKLAHOMA CITY -

A bill putting millions of dollars in taxpayer money toward incentives for large companies to come to Oklahoma will likely be signed by the governor next week.

The LEAD Act would take close to $700,000,000 in taxpayer dollars and incentivize large corporations, like Canoo and Panasonic, to come to Oklahoma.

While top lawmakers said they legally can't talk about where the money would be going, others said it's no secret that those are the two companies.

To qualify, a company would have to spend more than $3.6 billion building its facility and meeting annual employment markers.

The reward is a 3.4% rebate on the total cost of the construction.

If that's the case, Panasonic could receive around $613,000,000 over five years.

Secretary of Commerce and Workforce Development Scott Mueller said in a statement that the LEAD Act creates a tool that will impact the future of business in Oklahoma.

“...The type of companies that qualify for the LEAD Act will have robust supply chain partnerships that will provide additional opportunities for economic growth in all of Oklahoma’s 77 counties and I applaud Gov. Stitt, Pro Tem Treat, Speaker McCall and the authors and presenters of this bill for the leadership they have shown in passing this legislation," said Mueller.

During debate Thursday, some disagreed.

"We don’t represent corporations; we don’t represent businesses; we represent the mom and pops that own those businesses. And those mom and pops who own those businesses in Shawnee, Oklahoma are struggling. They’re looking to us to be good stewards of their money and we’re taking their money and giving it to a corporation,” said Sen. Shane Jett (R).

In a statement, Gov. Kevin Stitt said he was ready for the next step.

“I applaud my colleagues in the Legislature, who voted overwhelmingly to pass the LEAD Act with bipartisan support and ensure Oklahoma is positioned to be globally competitive and secure the biggest economic development project in our state’s history," said Gov. Stitt.

Gov. Stitt is expected to sign the measure on Monday.

You can find out more about Canoo by clicking here.