Bill > SB1177

This bill creates the Perform Act, which establishes an investment rebate program for businesses in Oklahoma. The key provisions include: - Defining terms like "application," "available funds," "establishment," "new direct job," and "qualified capital expenditure." - Establishing an investment rebate program for qualified businesses that create a certain number of new direct jobs, administered by the Oklahoma Department of Commerce and Oklahoma Tax Commission. - Requiring a capital expenditure plan of at least $1 billion and 20% of that in qualified capital expenditures to be eligible for the rebate. - Limiting the total rebate payments to the available funds in the newly created Perform Fund, which will consist of monies designated by law. - Prohibiting businesses from receiving certain other tax credits or rebates if they receive a Perform Act rebate. - Authorizing the Department of Commerce to pre-qualify and account for anticipated future investment rebate payments. - Providing for the transfer of any unencumbered funds remaining in the Perform Fund to the General Revenue Fund upon expiration of the program. This bill is declared an emergency, allowing it to take effect immediately upon passage and approval.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1177&Session=2400