Bill > SB249

This bill amends the Oklahoma Tourism Development Act by extending the sunset date for sales tax credits and incentive payments for tourism development projects from January 1, 2026, to January 1, 2032. The bill maintains existing provisions that allow approved companies investing in tourism attractions to receive tax credits or incentive payments based on their project costs. For projects costing between $500,000 and $1 million, companies can receive up to 10% in sales tax credits, while projects over $1 million can receive up to 25% in credits or incentive payments. The bill allows for pass-through of credits to Entertainment District Tenant Parties and maintains the existing annual cumulative inducement cap of $30 million. Companies that entered into tourism project agreements before the new sunset date will continue to be eligible for inducements as originally outlined in their agreements. The bill also preserves previous administrative transfers from the Oklahoma Tourism and Recreation Department to the Oklahoma Department of Commerce that occurred in 2021. The legislation will become effective on November 1, 2025, providing continued support for tourism development in Oklahoma.

Budget and Finance, Business and Industry, Labor and Employment

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb249&Session=2600