Public finance; Local Development Act; definitions; plans; approval; review committees; economic impact statement; procedures; effective date.

HB 3841 amends Oklahoma's Local Development Act to update definitions and procedures for tax revenue sharing in designated development areas. It requires supermajority approval from taxing jurisdictions for certain tax-related decisions, mandates economic impact statements for projects, and sets new rules for review committees (including annual meetings and prohibiting acceptance of things of value). The bill directly affects local governments (cities, towns, counties) and developers working in designated areas like historic preservation zones, enterprise zones, or redevelopment districts. Key changes include clarifying terms like "apportionment" and "increment," tightening oversight of how tax revenue is allocated, and standardizing project approval processes.