OKPOLICY.ORG
The Quick Action Closing Fund was created by HB 1953 in 2011. It is intended as a source of funds available to the Governor to attract high-impact businesses when incentive payments are expected to be the deciding factor in a business’s location decision.
The Governor may recommend payments from the Quick Action Fund based on an economic benefits analysis conducted by the Department of Commerce. Under 2019 legislation, any new jobs created by a qualified establishment must have an annualized average wage greater than the average county wage where the new jobs are being created
As of 2019, the Fund had been approved to provide a total of $14 million in payments to seven companies, in amounts ranging from $200,000 to $3 million, according to the Department of Commerce 2019 Annual Report. The biggest recipients to that point were General Electric, Commercial Metals Company, Boeing, Macy’s, Sofidel America Corp. and Cenlon GTL. According to a December 2021 article in the Oklahoman, the fund has paid out nearly $6.8 million to more than 40 companies over the past three years under Gov. Stitt.
As of Dec. 2019, the Fund had received total appropriations and transfers of $27.4 million. The Legislature appropriated the Fund an additional $20 million in FY 2022 at the urging of Gov. Stitt.
