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 offering tax incentives, funds for economic development, and, when the annual investment exceeds Twenty Million Dollars ($20,000,000.00), excluding funding from existing incentives for any business, new or existing currently in this state, or when one or more of the incentives in the incentive package is not authorized under current law or an amendment by the Legislature is being sought to one or more currently existing incentives included in the incentive package. In addition to the required review of certain incentive packages as prescribed by this section, the Committee may, in its discretion, also review potential economic development projects presented by private sector businesses or state or other political subdivision authorities which would be financed by public funds.B. The Legislative Evaluation and Development Committee shall evaluate and propose economic projects provided by the Division on Economic Development, Growth, and Expansion within the Oklahoma Department of Commerce. The Committee shall consist of:1. Four members of the Senate to be appointed by the President Pro Tempore of the Senate, one of whom shall be from the minority party; and2. Four members of the House of the Representatives to be appointed by the Speaker of the House of Representatives, one of whom shall be from the minority party. The President Pro Tempore of the Senate, or his or her designee, and the Speaker of the House of Representatives, or his or her designee, shall serve as co-chairs for the Committee.
C. The quorum of the Committee shall consist of at least five members. Meetings of the Committee shall be governed by joint rules of the Legislature. Members of the Committee may receive reimbursement from the Legislative Service Bureau for actual and necessary expenses incurred in connection with their duties as members of the Committee in accordance with other provisions of law relating to travel reimbursement for members of the Legislature. Members serving on this Committee shall submit to nondisclosure agreements and adhere to the confidentiality of the material discussed in meetings that affects the economic development of this state.Okla. Stat. tit. 74, § 5090.1
Added by Laws 2024, c. 377,s. 8, eff. 6/5/2024.