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 on the bill’s effective date. The program, which was designed to help qualified Oklahoma enterprises commercialize new products, services, technologies, innovations, and processes, could previously provide financing or funding in conjunction with private investment and could receive royalties, fees, interest, profits, or other returns tied to the success or transfer of supported businesses.
The bill also directs what happens to money associated with the program after it is shut down. Any remaining program funds must be transferred to the State Treasurer and credited to the General Revenue Fund. In addition, at the end of each fiscal year, any royalties, fees, interest, profits, or other payments or returns received from the program must also be sent to the General Revenue Fund. The act becomes effective November 1, 2025, and it removes the program’s ongoing authority after that date.
Impact
SB 572 amends 74 O.S. 2021, Section 5060.20a, by terminating OCAST’s authority to operate the technology business financing program and by redirecting remaining balances and future program-related receipts to the General Revenue Fund. It does not create a new program or expand OCAST powers; instead, it phases out an existing financing mechanism for technology commercialization and changes the disposition of associated funds. The practical effect is to end state-supported financing assistance through this program and to reduce the amount of money retained for future program use.
Sentiment
The available voting history suggests broad support for the bill. It passed the Senate Economic Development, Workforce & Tourism Committee unanimously, passed the Senate on third reading by a wide margin, and also received unanimous approval in the House Appropriations and Budget Education Subcommittee. With no committee transcript available, there is no recorded debate in the provided materials, but the votes indicate a generally favorable or at least noncontroversial reception.
Contention
The main policy issue is whether the state should continue funding a technology commercialization financing program or instead close it and sweep remaining and future receipts into the General Revenue Fund. Supporters appear to favor ending the program and redirecting funds to the state treasury, while any opposition would likely come from those who view the program as a useful tool for helping Oklahoma startups and technology businesses secure financing and bring innovations to market. However, the unanimous votes suggest little visible resistance in the legislative process provided here.
Carry Over
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.
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.
Oklahoma Science and Technology and Development Act; authorizing the Oklahoma Center for the Advancement of Science and Technology (OCAST) to establish the Doctoral Retention Grant Program. Effective date.
Charter schools; renaming the Charter Schools Incentive Fund; directing transfer of certain remaining balance; modifying certain calculation. Effective date. Emergency.