House Approves Rural Opportunity Zone Bill

FOR IMMEDIATE RELEASE: February 25, 2015

House Approves Rural Opportunity Zone Bill

OKLAHOMA CITY – A measure that would create Rural Opportunity Zones in counties across the state was approved by the Oklahoma House of Representatives.

House Bill 1747, by state Rep. Tom Newell, sailed out of the House by a 64-11 vote. The bill allows for the creation of 25 Rural Opportunity Zones across the state. For taxable years beginning in 2016, this legislation would allow for a five-year tax exemption for anyone who moves from out-of-state into a county projected to see a population loss between the effective date and 2075 per the 2012 Demographic State of the State Report – Oklahoma State and County Population Projections through 2075.

“Population loss is detrimental to Oklahoma,” said Newell, R-Seminole. “Our vibrant, rural communities are essential to the overall health of the state economy. My legislation creates a tool that helps community leaders recruit doctors, nurses, teachers and skilled workers. Many of these counties compete directly with Texas, which has no income tax and rural counties in Kansas which has its own version of Rural Opportunity Zones.”

Speaker of the House Jeff Hickman, from Fairview in northwest Oklahoma, is a supporter of the zones and said it can only benefit the entire state to see economic conditions improve in rural areas.

“More than anything, rural Oklahoma needs people,” Hickman said. “This bill is a great tool that will bring new residents to our state whose investments will result in more revenue for sales tax and property tax that benefits all of Oklahoma – urban and rural – and more than exceeds the amount of the exemption. I appreciate Rep. Newell’s leadership on this issue as we look for more ways to sell families and companies outside our state on Oklahoma’s wonderful quality of life and low cost-of-living and invite them to call Oklahoma home.”

Co-authors of the legislation include: Speaker Hickman; Scott Biggs, R-Chickasha; Dennis Johnson, R-Duncan; Casey Murdock, R-Felt; Charles Ortega, R-Altus; John Pfeiffer, R-Orlando; and Mike Sanders, R-Kingfisher.

“These rural opportunity zones will boost communities throughout Oklahoma,” Sanders said. “We have one of the most recession proof economies in the U.S. Let’s build on that.”

HB 1747 now heads to the Oklahoma Senate for further consideration.

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