Senate panel approves bill expanding Oklahoma Quality Events Incentive Act

The Senate Finance Committee on Tuesday approved legislation that would help the state retain and attract major events. Senate Bill 976 would expand the number of events that qualify under the Oklahoma Quality Events Incentive Act.

The Act gives communities a portion of any incremental sales tax increase generated by an event, for use in the recruitment, promotion and retention of high-value events.

Sen. Dan Newberry, author of SB 976, said expansion of the Quality Events Incentive Act would pump millions of dollars into the state’s economy.
“In order to attract and retain major events, we have to give our communities the ability to be competitive,” said Newberry, R-Tulsa. “If we fail to do so, we stand to lose the positive economic impact they bring into our state every year. These events drive job growth and are a tremendous asset.”

SB 976 would condense the timeline for communities to apply for Quality Events funds, allowing them to pursue events less than one year out. The measure modifies the definition of a Quality Event to include negotiated events, such as the World Quarter Horse Show in Oklahoma City and the National Arabian Horse Show in Tulsa.

“This bill provides expanded opportunity for our communities to recruit events like this, which spur development and enrich our culture,” Newberry said. “By expanding the Act, we are guaranteeing our communities the ability to be competitive in attracting major events.”

SB 976 has no fiscal impact to the state.