OKLAHOMA CITY (KFOR) – A mega bill passed in record time. Just days ago, Governor Kevin Stitt first brought up the deal in a press conference, and now, House Bill 4455 is headed to his desk.

“This is our moment of being top ten. This is our moment to be number one in this space and I believe we’re playing the flag early,” said Gov. Stitt. “It could be generational impact for our state.”

The push to get the deal done was due to Oklahoma competing with Kansas to secure a multi-billion dollar Panasonic manufacturing facility.

HB4455 is touted to bring in tens of thousands of jobs to the Sooner State, but at a hefty cost.

The LEAD Act offers tax rebates of $698 million in exchange for companies that promise to make an investment of $3.6 billion or more.

“I believe that when we have an investment of this magnitude that we begin to continue to grow as an industry leader in this state,” said Senator Roger Thompson, R-District 8.

But other lawmakers criticized the incentive plan.

“I’ll quote from the Republican Party platform, page 14: We believe that Oklahoma’s efforts to attract industry should be grounded upon the establishment of a favorable and friendly economic climate rather than upon tax and other governmental subsidies to individual businesses.’ And I would add, especially businesses that can afford to write a check for $3.6 billion,” said Senator Warren Hamilton, R-District 7.

Despite the lengthy bout on the Senate floor, HB4455 did pass with a 41-5 vote.

The measure will now head to the Governor’s desk.

The $698 million will come from the State’s general revenue fund. Lawmakers credited conservative spending in the past for the reserve surplus, which made the investment opportunity possible.