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STATE OF OKLAHOMA
2nd Session of the 60th Legislature (2026)
HOUSE BILL 3396 By: Clinton
AS INTRODUCED
An Act relating to public finance; defining terms;
prohibiting state or local government from making
payments to certain entities related to major
economic development projects without certain
disclosure; prohibiting use of certain public
revenues without disclosure; prescribing requirements
for disclosure; providing for codification; and
providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 10001 of Title 62, unless there
is created a duplication in numbering, reads as follows:
A. As used in this section:
1. "Major economic development project" means:
a. one or more lawfully recognized business entities that
propose to:
(1) acquire or improve real property or acquire, or
(2) refurbish tangible personal property, and
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(3) make expenditures in excess of Five Million
Dollars ($5,000,000.00) in furtherance of such
actions beginning not later than ninety (90) days
after the first payment or first use of public
revenues paid by or made available by the state
or a political subdivision as defined by this
act, and
b. such entity or entities use or plan to use such public
revenues or other public resources, in whole or in
part for such acquisitions or other for profit
business activity within the state;
2. "Political subdivision" means any county, city, town, school
district, career technology district, any public trust having a
county, city, town or other entity as authorized by law to be the
beneficiary of a public trust as a beneficiary entity; and
3. "Public revenue" means funds derived by the state or a
political subdivision from taxes, fees, borrowing through the
issuance of bonds or other evidence of indebtedness or other
lawfully authorized source of revenue for the state or the political
subdivision.
B. Neither the state nor any political subdivision shall make
payments to or on behalf of a private entity as part of a major
economic development project unless the identity of the entity or
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entities that will benefit from such payments are specifically
identified prior to the time any such payments are approved.
C. The provisions of subsection B of this section shall also be
applicable to any other use of public funds, whether tax revenues,
fee revenues, proceeds from any borrowing made by or on behalf of
the state or made by or on behalf of any political subdivision in
connection with a major economic development project.
D. The state or any political subdivision affected by the
provisions of this act shall provide a disclosure of the identity of
the entity or entities that could benefit from payments or other
sources of public revenue pursuant to the provisions of subsection B
or subsection C of this section at least sixty (60) days prior to
the time any such payments are made or public revenue sources are
made available to the entity or entities.
E. The state or any political subdivision shall create a
website or utilize an existing website to make a conspicuous
disclosure of the information required by the provisions of this
section.
SECTION 2. This act shall become effective November 1, 2026.
60-2-15762 MAH 01/14/26