Bill > SB119

This bill establishes an investment rebate program in Oklahoma until July 1, 2031, designed to incentivize large-scale economic development in specific energy and manufacturing sectors. The program allows businesses in industries like hydrogen production, clean energy generation, and fuel refining to receive a rebate of 6.67% on qualified capital expenditures, provided they meet certain criteria. To be eligible, companies must submit an application to the Oklahoma Department of Commerce detailing a capital expenditure plan of at least $750 million, have spent at least 20% of that planned expenditure, and must have filed all required state tax documents. The program is specifically targeted at businesses that are refining or manufacturing hydrogen-based products, generating emission-free power, or producing water from waste heat, and which have acquired at least 600 acres of property in Oklahoma. The bill creates the Commerce Energy Manufacturing Activity Development Fund to finance these rebates, with an initial appropriation of $50 million, and stipulates that any unencumbered funds remaining in the fund after July 1, 2031, will be transferred to the state's General Revenue Fund. The bill includes an emergency clause and is set to become effective on July 1, 2025.

Budget and Finance, Labor and Employment

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb119&Session=2600