Bill > HB2894

This bill amends the Oklahoma Tourism Development Act by extending the sunset date for sales tax credits and incentive payment rights from January 1, 2026, to January 1, 2032. The bill maintains the existing framework for tourism development incentives, which allows approved companies investing in tourism projects to receive sales tax credits or incentive payments based on their project's approved costs. For projects 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. These credits are subject to being revenue-neutral for the state and can be passed through to Entertainment District Tenant Parties under certain conditions. The total inducements are capped at $30 million per year, and companies must meet specific requirements, such as certifying expenditures and complying with Oklahoma Tourism Development Act regulations. Companies that entered into tourism project agreements before the new sunset date will still be eligible to claim their authorized inducements. The bill will become effective on November 1, 2025, providing additional time for tourism development projects to benefit from these tax incentives.

Budget and Finance, Labor and Employment

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2894&Session=2600