Oklahoma Incentive Evaluation Commission Criteria

Transcript:Oklahoma Incentive Evaluation Commission Criteria:
Oklahoma Incentive Evaluation Commission Criteria for Evaluation and Project Update PFM Group Consulting LLC. 1735 Market St. 43rd Floor Philadelphia, PA 19103 (267) 713-0700 pfm.com January 20, 2022 Randall Bauer, Director Today’s Agenda 2022 project activities to date. Scheduled incentives for evaluation in 2022. Proposed criteria for evaluation. Changes to the evaluation schedule for 2022 and 2023. Project Activities to Date The project team has one change – Joe Buckshon is the senior analyst, replacing Ian Parnell. The team has reviewed the 2018 evaluations and criteria and also noted legislative changes that impact on them. Proposed criteria were provided to the criteria evaluation subcommittee, and they had no suggested changes. The Commission was provided with a memo outlining the criteria as well as one recommending not evaluating some others. The project team also recommends that the schedule for evaluation be modified based on our review of that schedule. Year Seven Incentives for Review Energy Efficient Residential Construction Tax Credit Basic and Applied Research Loan/Grant Program Quality Jobs Investment Program Small Business Incubators – Sponsors Incentives for Inventors/New Products Development Income Tax Exemption Technology Transfer Income Tax Exemption Technology Business Finance Program Oklahoma Applied Research Oklahoma Health Research Investment /New Jobs Tax Credit Quick Action Closing Fund Small Business Incubators – Tenants Affordable Housing Act Applied Research Support Program Intent: To increase investment in the research and development of new technologies that will ultimately bring value to the state of Oklahoma and help grow and diversify the state’s economy. Synopsis: The Oklahoma Applied Research Support Program (OARS) assists in the accelerated development of technology in the State by supporting applied research activities in existing and emerging technical areas whose results have both: A high probability of leading to commercially successful products, processes or services within a reasonable period of time; and A significant potential for stimulating economic growth within the state, encouraging and sustaining partnerships among institutions of higher education, non-profit research organization, and private enterprises by encouraging collaborative projects which are designed to promote increased knowledge and technology transfer. Applied Research Support Program (continued) There are two funding categories: Proof of concept funding supports early stage applied research and development. Yearly awards are up to $45,000 and 1-2 years of funding are provided. Accelerated funding supports later stage applied research and development. Total awards are up to $300,000 over 1-3 years. OARS awards provide a maximum of one state dollar