Oklahoma City – The Senate approved legislation Wednesday to attract research and development companies to Oklahoma to help further diversify the state’s economy. House Bill 4354, also known as the Oklahoma Research and Development Act, by Sen. Chris Kidd, R-Waurika, would direct the Oklahoma Center for the Advancement of Science and Technology (OCAST) to provide matching grants for eligible companies that partner with Oklahoma’s research universities or nonprofit research institutions to foster research and development in the key industries.
“As we continue working to diversify our economy, this type of sponsored research will help us stay competitive with other states and attract more research companies to Oklahoma,” Kidd said. “Currently, OCAST’s highly competitive awards only go to existing companies already in our state. This bill would set aside a pool of funds specifically for companies who choose to relocate here and want to perform research and development with our great research institutions.”
Under the Research and Development Attraction Grants Program, the matching grants could be awarded to cover up to 50% of the cost of the project, not to exceed $100,000. To be eligible, a business must:
Rep. Brian Hill, R-Mustang, is the principal House author of the bill.
"House Bill 4354 grows our economy by uplifting our small businesses and encouraging economic diversification. I've worked with a lot of parties to get this bill over the finish line, and I want to thank Senator Kidd for his work in the Senate,” Hill said. “With legislation like this focusing on economic development, we can move Oklahoma forward and provide better futures for our citizens."
The bill now returns to the House for final consideration before moving on to the governor’s desk.
For more information, contact: Sen. Kidd: (405) 521-5563 or Chris.Kidd@oksenate.gov