Bill > SB718

This bill makes several amendments to existing Oklahoma state laws, primarily focusing on repealing the Oklahoma Capital Investment Board (OCIB) and modifying provisions related to tax credits and state employment. The bill eliminates references to the Oklahoma Capital Investment Board in several sections of state law, including removing its authority to certify venture capital companies and investments. It modifies Section 2357.7 of the tax code by deleting provisions related to the board's certification process for venture capital investments, effectively ending the board's role in managing tax credits for investments in Oklahoma business ventures. The bill also removes the Oklahoma Capital Investment Board from the list of agencies with a maximum number of full-time-equivalent employees and repeals Sections 5085.1 through 5085.16, which likely contained the original statutory language establishing the board. Additionally, the bill makes some minor technical corrections to language in various statutes, such as updating terminology and formatting. The changes will take effect on November 1, 2025, providing ample time for transition and implementation of the new legal framework.

Labor and Employment

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb718&Session=2600