The Incentive Evaluation Commission on Friday will receive its first set of draft evaluations for the 11 state economic tax incentives under review this year.
After receiving the draft evaluations Friday, the commission will meet again Nov. 10 to receive public comment on the evaluations prior to voting whether to accept the evaluations. Evaluations accepted by the commission are formally submitted to the governor and Legislature in December.
Under a law enacted in 2015, all state tax incentives must be reviewed by the commission once every four years. The reviews must recommend whether the incentives be retained, reconfigured or repealed.
This year’s draft evaluations recommend retaining five incentives, reconfiguring four incentives and repealing two incentives. The draft evaluations with an explanation of the recommendations can be viewed on the documents page at iec.ok.gov. An agenda for Friday’s meeting can also be found on the website.
Under the state’s Incentive Evaluation Act, the incentives are evaluated by an independent consultant under criteria approved by the commission. This year’s evaluations were conducted by the private firm Public Financial Management, Inc., a national firm specializing in public sector finances. The firm has spent several months in Oklahoma analyzing data and meeting with stakeholders to produce the commission’s first set of evaluations.
“The consultants have done an enormous amount of work in a short period of time so that our commission can give these drafts a thorough review and adjust if necessary. We look forward to soon providing elected officials with objective, honest assessments of tax incentives so they can make prudent decisions for our state,” said Lyle Roggow, chairman of the Incentive Evaluation Commission.
The commission on Friday will receive the draft evaluations and discuss the process that will be used to allow public comment on the drafts at the commission’s Nov. 10 meeting.