Bill > SB241

This bill appropriates $20 million from the Oklahoma General Revenue Fund to the Oklahoma Department of Commerce for fiscal year 2024, specifically to provide rebates for capital investments in hydrogen-related industries. The rebate is targeted at establishments that refine, manufacture, or process compounds or elements into hydrogen-based products within specific North American Industry Classification System (NAICS) subsectors 324 and 325, which typically cover manufacturing and chemical production industries. The purpose is to support economic development in the hydrogen sector by incentivizing companies to invest in hydrogen-related infrastructure and production facilities. The bill will become effective on November 1, 2025, giving businesses and the Department of Commerce time to prepare for and implement the rebate program. By providing this financial incentive, the bill aims to encourage growth and investment in emerging hydrogen technologies within Oklahoma's industrial landscape.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb241&Session=2600