Oklahoma Center for the Advancement of Science and Technology; requiring the cessation of the technology business financing program; directing transfer of remaining funds. Effective date.
Summary
SB 572 ends the Oklahoma Center for the Advancement of Science and Technology’s technology business financing program. Under current law, OCAST and the Commercialization Center may use the program to provide funding and financing to qualified Oklahoma enterprises that are commercializing new products, services, technologies, innovations, and processes. The bill keeps the existing framework in the statute long enough to describe how the program operates, but then directs that the program cease on the bill’s effective date.
The bill also requires that any remaining program funds be transferred to the State Treasurer for deposit into the General Revenue Fund. In addition, any royalties, fees, interest, profits, or other payments or returns generated by the program must be transferred to the General Revenue Fund at the end of each fiscal year. The bill does not authorize those funds to be used for OCAST administrative, management, or operating expenses, and it sets an effective date of November 1, 2025.
Impact
SB 572 amends 74 O.S. 2021, Section 5060.20a, by terminating the technology business financing program administered by OCAST in conjunction with the Commercialization Center. It shifts any remaining balances and future program-generated repayments or returns away from the program and into the General Revenue Fund, thereby ending the program’s dedicated funding stream and reducing the statute’s role in supporting commercialization financing for Oklahoma businesses.
Sentiment
The available voting history shows strong, unanimous support for the bill in both chambers. The Senate committee vote, Senate third reading, and House vote all passed without any recorded opposition, suggesting broad agreement on ending the program and redirecting its funds to the state’s general revenue.
Contention
No committee transcript is available, and the recorded votes show no nays, so there is no visible floor or committee-level opposition in the provided materials. The main policy issue implied by the bill is whether state-backed financing for technology commercialization should continue as a targeted economic development tool or be discontinued in favor of depositing the remaining resources into the General Revenue Fund; however, no specific objections or competing arguments are documented in the record provided.