Bill > SB221

This bill modifies the Oklahoma Rural Jobs Act to increase the annual state tax credit limitation for certified rural funds. Specifically, the bill raises the maximum amount of state tax credits that can be claimed from $15 million to $30 million per calendar year for applications approved on or after the bill's effective date. The legislation also allows rural funds that received certification through applications approved before the effective date to remain eligible for certification in subsequent application periods. The bill requires rural funds to issue capital investments and receive cash from rural investors within 90 days of certification, with at least 10% of the investment coming from sources directly related to the rural investor, such as directors, employees, and affiliates. If a rural fund fails to complete the investment within the specified timeframe, its certification will lapse and be redistributed to other applicants. Additionally, the bill provides a mechanism for rural funds to request a preliminary determination from the Department about whether a proposed business investment qualifies under the Act. The bill will become effective on July 1, 2025, and is declared an emergency measure, meaning it can take effect immediately upon passage and approval.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb221&Session=2600