Oklahoma’s Senate Bill 324 aims to bring more business to state

ALL RIGHT. IT IS 913 ON THIS FRIDAY MORNING. AN UPDATE FROM A STATE SENATOR A BILL THE GOVERNOR VETOED. BUT LAWMAKERS BROUGHT BACK THE R&D REBATE PROGRAM COULD HELP BRING MORE HIGH TECH BUSINESS HERE TO OKLAHOMA. AND TO TELL US MORE, LET’S WELCOME IN STATE SENATOR KRISTIN THOMPSON. AND WITH BOEING TODD PAULEY. THANK YOU BOTH FOR BEING HERE. AND GOOD MORNING. GOOD MORNING. ALL RIGHT, SO, SENATOR, I WANT TO START WITH YOU TALKING ABOUT THIS REBATE PROGRAM, R&D REBATE, SENATE BILL 324. YOU SAY THIS HAS BEEN LONG OVERDUE FOR OKLAHOMA. WHY, YES. LAST YEAR WHEN THIS WAS BROUGHT TO ME, HONESTLY, THIS IDEA, I LEARNED THAT WE WERE ONE OF 12 STATES WHO DID NOT HAVE THIS PROGRAM, WHICH IS CRAZY TO ME. IF WE’RE GOING TO BE COMPETITIVE IN ANY INDUSTRY, WE DO HAVE TO LOOK AT WHAT OTHER STATES ARE DOING. AND SO WE REALLY JUST JUMPED RIGHT IN AND GOT THIS THING ACROSS THE FINISH LINE. AND THIS REBATE, THIS MONEY, IT GOES BACK TO THESE COMPANIES. IT REWARDS INNOVATION WITHOUT RISKING STATE REVENUE. TALK MORE ABOUT THAT. AND ALSO IT DOES PLACE A CAP THIS BILL. IT PLACES PLACES A CAP ON JUST HOW MUCH THE STATE CAN GIVE OUT. YEAH THAT’S RIGHT. SO WHAT WE’RE DOING WITH THIS BILL IS WE’RE ENCOURAGING RESEARCH AND DEVELOPMENT REGARDLESS OF INDUSTRY INSIDE THE ACTUAL BORDERS OF THE STATE OF OKLAHOMA. AND SO YOU CAN RECEIVE UP TO A 5% REBATE. YOUR EXPENDITURES DO HAVE TO BE QUALIFIED. THERE’S A FEDERAL TAX FORM, AND THE DEPARTMENT OF COMMERCE WILL VERIFY THAT. BUT IT ENCOURAGES OUR COMPANIES WHO MAY NOT BE ENGAGING IN RESEARCH AND DEVELOPMENT OR, YOU KNOW, NEED TO EXPAND THAT THAT DIVISION OF THEIR COMPANY. IT REALLY INCENTIVIZES THEM TO DO THAT HERE, WHICH CREATE JOBS, CREATES NEW PRODUCTS. AND SO REALLY, WHAT WE CAN MAKE HERE CAN NOT ONLY CHANGE THE ECONOMY OF OKLAHOMA, BUT IT CAN CHANGE THE WORLD. AND THAT EXPANSION IS SUPER IMPORTANT. TODD, I WANT TO COME OVER TO YOU TALKING ABOUT YOU WORK WITH BOEING, AND THIS IS A REBATE THAT YOU ALL CAN BENEFIT FROM. CAN YOU TALK ABOUT THE IMPACT THAT IT HAS ON A COMPANY LIKE BOEING? IT IS. I’M VERY EXCITED AND THANKFUL TO THE SENATOR AND OUR REPRESENTATIVE, BRIAN HILL, WHO WAS THE COAUTHOR ON THE BILL AND GETTING THIS REBATE PASSED. YOU KNOW, WE THE THE WORLD IS A IS AN ARENA OF COMPETITION AND NOT NOT UNLIKE THE IT’S ONE BIG PAYCOM OR ONE BIG PALACE ON THE PRAIRIE. AND OUR R&D AND INNOVATION ALLOWS US TO COMPETE WITH THE REST OF THE WORLD. AND WE HAVE TO BE A PLAYER IN THAT, OR WE’RE GOING TO LOSE. AND WE DON’T. WE CAN’T AFFORD TO LOSE. WHEN IT COMES TO NATIONAL SECURITY AND INNOVATION, ADVANCES NATIONAL SECURITY. WE HAVE ABOUT 3500 TEAMMATES HERE IN OKLAHOMA. THEY’RE ALL FOCUSED ON NATIONAL SECURITY. THEY’RE ALL FOCUSED ON GIVING US OUR REAL SUPERHEROES, THE WARFIGHTER, EXACTLY WHAT THEY NEED IN ORDER TO FIGHT THE FIGHT. AND AND WIN. AND THIS PROGRAM, IT OFFERS THAT CHANCE FOR EXPANSION, NOT ONLY FOR BOEING, BUT OTHER COMPANIES THAT DON’T HAVE THAT R&D PROGRAM. LIKE YOU WERE SAYING, SENATOR, AS WELL, I WANT TO TALK MORE ABOUT BEFORE THE BILL BECAUSE, YOU KNOW, OKLAHOMA, YOU SAID WAS 1 IN 12 STATES THAT DIDN’T HAVE A PROGRAM LIKE THIS. SO HOW DID IT COMPARE TO THE OTHER STATES THAT BOEING WORKS WITH? THAT’S A GREAT QUESTION. SO WE SAID WE WERE IN A DONUT HOLE, SO WE WERE SURROUNDED BY STATES THAT WERE ALL COMPETING REALLY AGAINST EACH OTHER. YOU CAN SAY THAT, BUT BUT REALLY THE OPPORTUNITY IS FOR OKLAHOMA TO JOIN IN WITH THE REST OF THE STATES THAT ARE DOING THESE TYPES OF REBATES AND ADVANCED INNOVATION AND RESEARCH AND DEVELOPMENT FOR THE ENTIRE NATION. AGAIN, IN THIS COMPETITIVE GLOBAL ENVIRONMENT THAT WE LIVE IN, THIS IS IMPERATIVE. IF WE WANT TO WIN THE NEXT THE NEXT FIGHT. SO STATE LAWMAKERS, THEY APPROVED IT EARLIER THIS YEAR. THE GOVERNOR VETOED IT. BUT THEN LAWMAKERS BROUGHT IT BACK. IT IS NOW LAW. WHAT DOES THAT SAY TO YOU, SENATOR, ABOUT STATE LAWMAKERS REALLY GETTING ON BOARD WITH THIS PLAN? YEAH. YOU KNOW, I THINK THAT MESSAGE IS PRETTY CLEAR AND THAT WE VALUE THE OPPORTUNITY TO CREATE NEW PRODUCTS TO ADVANCE INDUSTRY, REGARDLESS OF IF THAT’S AEROSPACE OR OIL AND GAS. WE’RE LEGACY AGRICULTURE STATE AS WELL. SO THESE TECHNOLOGIES REALLY ARE IMPORTANT IN ADVANCING THE FUTURE OF OKLAHOMA. AND I THINK THE LEGISLATURE SHOWED THAT THEY UNDERSTAND THAT. SO WHAT LONG TERM IMPACTS DO YOU HOPE THAT THIS BILL IT HAS WILL NOT BILL LAW HAS IN THE FUTURE AS WE LOOK FORWARD HERE. AND I DO WANT TO NOTE THAT EARLIER THIS WEEK OKLAHOMA ROLLED OUT ITS OKLAHOMA COMPETES PLAN. SO CAN YOU TALK A LITTLE BIT MORE ABOUT THAT AS WELL? YEAH, ABSOLUTELY. I THINK WHAT WE ARE SEEING IS THAT IN A LOT OF AREAS, WE’RE JUST NOT COMPETITIVE. AND IF WE WANT TO RETAIN OUR TALENT, IF WE WANT TO KEEP OUR BEST AND BRIGHTEST HERE, IF WE WANT TO GROW OUR ECONOMY. AND JUST LIKE TODD SAID, IF WE WANT TO TO WIN THE NEXT BIG BATTLE, WE CAN DO THAT HERE. WE HAVE THE PEOPLE. WE HAVE THE ABILITY. AND SO OKLAHOMA COMPETES IS JUST REALLY A, A, AN INITIATIVE FOR ALL OF US TO JOIN IN AND ADVANCE OKLAHOMA. IT STARTS, YOU KNOW, WITH OUR CHILDREN IN IN OUR SCHOOLS. I’M A MOM, I’VE GOT THREE KIDS. AND SO WE’RE WE’RE LIVING THAT. AND IT’S GOING TO TAKE ALL OF US. NOW ONE OF YOUR BILLS IS ALSO FALLING IN LINE WITH THAT PLAN. SENATOR TODD, THANK YOU SO MUCH FOR BEING HERE. I APPRECIATE YOU GIVING US MORE INFORMATION ON THE R&D REBATE PLAN FOR ANYBODY WHO WANTS TO KNOW MORE ABOUT IT. WE’RE G