Quality Events Act Extended and Improved
The Chamber successfully achieved passage of legislation - SB 1252 by Senator Gary Stanislawski (R-Tulsa) and Representative John Pfeiffer (R-Mulhall) -- to improve and extend until 2021 the Oklahoma Quality Events Act, which first became law in 2010.
The QEA, which was set to expire this year, is designed to help Oklahoma communities attract and retain high-quality, high-economic impact events by allowing them to capture a portion of the sales tax revenue generated by a high-economic impact event. Primary improvements include eliminating the requirement that communities perform a costly economic impact study prior to the event and the designation of a point person at the Oklahoma Tax Commission to work directly with applicants under the QEA.
SB 1252 passed the Senate 29-5 on March 8, the House of Representatives 74-9 on April 26 and was signed by Governor Fallin on May 3.
For more information, please contact Mark VanLandingham.
This article originally appeared in The Business Advocate, May 4, 2018