Good News From Oklahoma House & Senate

Legislative Victories - May, 2008/News From Tulsa Metro Chamber of Commerce

The biggest achievement of the session is the passage today of the state bond issue to fund $25 million for Arkansas River improvements. The Oklahoma Senate voted 43-5 for the bond this morning and the House is expected to pass with a comfortable margin this afternoon. The money will fund improvements to the Zink dam and help construct two additional dams in Sand Springs and Jenks. This funding gives us money to add to the Vision 2025 funding and match the $50 million in federal funding Senator Jim Inhofe secured through the Water Resources Development Act last year. We will be able to actually see water in our river.
The transportation bond passed in the House today, 95-5 in favor, and the Senate is expected to pass as well, which gives us $300 million for projects in the “Eight Year Plan”. The deal includes raising the cap and removing the trigger, which will provide another $325 million over the next ten years, to full fund the project list in the plan. All of these funding elements were on the ONE VOICE list and were Chamber priorities.
The bond for $100 million to match the private gifts to Oklahoma colleges and universities for endowed chairs also passed in the Senate and is fully expected to pass the House.
The Legislature passed and the Governor has already signed SB 1943, the Oklahoma Local Development and Enterprise Zone Incentive Leverage Act. Authored by Sen. Mike Mazzei (R-Bixby), the bill provides incentives to develop major tourism attractions in Tulsa, Oklahoma City and at several resorts. This bill applies to designated enterprise zones, which for Tulsa would be in downtown and adjacent areas.
HB 3239, by Rep. Skye McNiel (R-Bristow) and Sen. Mike Mazzei (R-Bixby) offers incentives to employers and engineering employees in the aerospace industry. It is a ground-breaking package that will give some much needed tools to our burgeoning aerospace employers as they try to overcome significant nation-wide engineering shortages. The bill provides a $5,000/year tax credit for engineers hired by Oklahoma aerospace companies, a compensation based tax credit to aerospace employers (more for Oklahoma educated engineers than for those hired from out-of-state) and a tuition reimbursement tax credit for the employer of $1,800/year for up to four years if the company reimburses the employee for their tuition. This will be a really useful tool to attract young engineers to Oklahoma companies.
The Quality Jobs Act, SB 2163, was amended, thanks to Senator Mike Mazzei (R-Bixby) and Representative Ron Peters (R-Broken Arrow), to add NAICS codes covering two growing Tulsa companies, the Society of Engineering Geophysicists and Williams and Williams Worldwide Auction House. Both companies plan to grow considerably in Tulsa and more than meet the out-of-state revenue, salary and payroll criteria, but were excluded because their NAICS codes were not included in the statute. Qualifying for Oklahoma’s Quality Jobs help both companies resist efforts to lure them to Texas.

Sometimes it is just plain fun to share good news with everyone! All of the above is awesome for those of us that want our city and state to succeed and grow for the future.
Have a wonderful week!

Jeff Sargent
President-Residential Mortgage Division
ONB Bank & Trust Co
8908 S Yale Ave
Tulsa, OK 74137
Office: 918.481.6833
Cell: 918.636.0630
jeff_sargent@onbbank.com