Oklahoma Research and Development Attractions Act signed into law

OKLAHOMA CITY – The Oklahoma Research and Development Act was signed Thursday to create a grant program through the Oklahoma Center for the Advancement of Science and Technology (OCAST) to help attract more research and development companies to the state. Sen. Chris Kidd, R-Waurika, who carried the legislation in the Senate, said the new program is an innovative way to diversify the state’s economy.  

“Fostering research and development in our state’s key industries is critical to growing and diversifying Oklahoma’s economy. This new grant program will help us stay competitive with other states while attracting more research companies to Oklahoma,” Kidd said. “It will allow OCAST to help support the efforts of small Oklahoma businesses and their work with our outstanding research universities and other institutions to further grow aerospace, alternative energy and other critical industries.”  

HB 4354 directs OCAST to create and administer the Research and Development Attraction Grants Program and provide matching grants for eligible companies that partner with Oklahoma’s research universities or nonprofit research institutions to foster research and development in key industries. Matching grants can be awarded to cover up to half of the project cost, not to exceed $100,000. 

Eligible businesses must:

· Be an Oklahoma-based small business (less than 100 employees);

· Operate in aerospace and autonomous systems, life sciences, or energy diversification;

· Partner with an Oklahoma-based research entity; 

· Conduct its research and development project within Oklahoma; and

· File an application with OCAST showing the total cost of the project and demonstrating private capital to fund at least 50% of the project.

Rep. Brian Hill, R-Mustang, was the principal House author of the bill that will go into effect Nov. 1, 2022. 

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For more information, contact:  Sen. Kidd: (405) 521-5563 or Chris.Kidd@oksenate.gov