Ad valorem tax; modifying payroll requirement for certain industry. Effective date. Emergency.

SB 689 modifies Oklahoma's property tax exemption for qualifying manufacturing facilities by adjusting the minimum investment threshold for eligibility to $500,000 (adjusted annually for inflation via the Consumer Price Index) and adding a new wage requirement. Facilities seeking exemption must now pay new employees an average annual wage meeting Oklahoma Quality Jobs Program standards for the year the property was placed in service. This bill directly affects manufacturing facilities, including those in aircraft repair, computer services, distribution centers, and custom order manufacturing, by changing how they qualify for a five-year property tax exemption. It updates definitions, clarifies payroll requirements, and requires annual publication of the adjusted investment threshold by the Oklahoma Tax Commission.