Agricultural News
Rural Opportunity Zone Bill Passes Out of House Committee
Fri, 13 Feb 2015 11:39:29 CST
A measure that would create Rural Opportunity Zones in counties across the state passed easily out of a House committee.
House Bill 1747, by state Rep. Tom Newell, sailed out of the House Agriculture & Rural Development Committee by a 14-0 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 not only rural Oklahoma, but the entire state," said Newell, R-Seminole. "A vibrant, rural Oklahoma is essential for the overall health of the state. This legislation creates a tool that helps community leaders recruit doctors, nurses, teachers and other professionals as well as 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. In the words of Brian Bush, the Director of the Altus Economic Development Corporation, 'This legislation will fuel a Rural Renaissance in Oklahoma.'"
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," Speaker 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.
"The passage of House Bill 1747 is important to communities all over Oklahoma," Sanders said. "In my part of the state in northwest Oklahoma, it can be a challenge to recruit new skilled professionals and businesses to our wonderful communities. The creation of these rural opportunity zones will entice new activity in my district and I am confident it will produce great results."
"House Bill 1747 is just the booster shot needed by rural Oklahoma communities to draw new opportunities including new people and new businesses," Johnson said. "I am proud to co-author this important legislation."
"As the population of rural Oklahoma ages, it is important to provide opportunities for new blood," Pfeiffer said. "These Rural Opportunity Zones will be another example and incentive for people who want to relocate to rural counties throughout the state."
HB 1747 now heads to the full House floor for further consideration.
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