Gov. Stitt Expected To Sign LEAD Act In Hopes Of Attracting Large Corporations

The governor is expected to sign the LEAD act into law on Monday.

The LEAD Act sets money aside hoping to incentivize a large corporation to open up a facility here in Oklahoma. If that facility is secured it could mean 4,000 new jobs over the first five years.

Authors say eventually the deal could bring up to 10,000 jobs but it would cost some money. According to Senate Appropriations Chair Roger Thompson, R-Okemah, who is the Senate principal author of the measure, the way they have developed the program, $698 million is the maximum that can be utilized.

He says no future Legislature would be faced with additional costs.

Close to $700 million in taxpayer dollars to offer a rebate to large corporations. It is believed that companies Canoo an electric car company and Panasonic are the ones the bill aims to attract.

Thursday, the measure passed with bi-partisan support but there has been some debate. According to the authors, this incentive will be paid out of existing tax revenue.

To qualify for the credit a company would have to spend more than $3. 6 billion dollars building its facility and then meet annual employment markers.

The reward is a 17 percent rebate over 5 years on the total cost of construction. The companies would receive 3.4 percent back per year for those 5 years.