Oklahoma concluded its latest round of incentive evaluations in 2023. The state’s Incentive Evaluation Commission (IEC) now has eight years of thorough program assessments that have helped inform incentive policy decisions.
The 2023 evaluations covered:
- Aircraft Maintenance or Manufacturing Facilities Sales Tax Exemptions
- Computer Services, Data Processing and R&D Tax Exemption
- Construction Materials Tax Exemption
- Economic Development Pooled Finance
- Oklahoma Local Development and Enterprise Zone Incentive Leverage Act
- Railroad Modernization Tax Credit
- Rural Economic Action Plan (REAP)
- Training for Industry Program
The IEC posts the full reports for all evaluations on its website. In addition, a summary final report for each year can be downloaded here. The final reports summarize each incentive evaluation and the IEC’s actions, including recommendations for retaining, reconfiguring, or repealing the reviewed incentives. Meeting minutes from the public hearing that is part of the evaluation process are also provided.
In 2023, the IEC also shared a review of the status of prior commission recommendations. The legislature asked for a summary of changes to statute or incentive administration related to incentive evaluation recommendations. The review notes that many administrative changes have been made to incentive programs as a result of the evaluation process, especially around data collection and recordkeeping. There have also been legislative changes, though the legislature has not acted on all the recommendations that are in its bailiwick.
Complete information on Oklahoma’s IEC and past incentive evaluations is available on the IEC website.
The Incentive Evaluation Act of 2015 established the Oklahoma Incentive Evaluation Commission to produce objective evaluations of the State of Oklahoma’s economic incentives. The Act requires the Commission to conduct evaluations of all qualified state incentives over a four-year timeframe. The Commission has contracted with PFM Group Consulting to conduct the evaluations. Smart Incentives has been a project advisor since 2020.