Bill > SB324

This bill creates the Oklahoma Research and Development Rebate Fund, a new state program designed to incentivize research and development activities within Oklahoma. The bill establishes a rebate program where qualifying establishments can receive a 5% reimbursement on qualified research expenditures, which are defined as expenses claimed on federal Form 6765 and incurred within the state. To be eligible, establishments must submit an application to the Oklahoma Department of Commerce, provide documentation proving research expenses occurred in Oklahoma, and have filed all required state tax returns. The fund will be a revolving account in the state treasury, with annual rebate payments capped at $20 million. If claims exceed available funds in a given fiscal year, payments may be prorated or carried forward to subsequent years. The Oklahoma Department of Commerce will administer the program and is authorized to create rules governing its implementation. The program aims to encourage businesses to invest in research and development activities within the state by offering a financial incentive.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb324&Session=2600