Bill > HB2753

This bill amends the Oklahoma Rural Jobs Act to expand and clarify tax credit provisions for rural investment funds. Specifically, the bill increases the annual state tax credit cap to $15 million for both applications approved before and after the bill's effective date, allowing more flexibility for rural investment funds. The legislation maintains existing requirements that rural funds must issue capital investments within 90 days of certification and ensure that at least 10% of invested capital comes from sources directly related to the rural investor, such as directors, employees, or affiliates. The bill also preserves a provision allowing rural funds to request a preliminary determination from the Department about whether a proposed business investment meets eligibility criteria, with a default approval if the Department does not respond within 20 business days. Additionally, the bill allows rural funds that received certification before the act's effective date to continue seeking certification for subsequent applications, providing continuity for existing investment initiatives aimed at supporting economic development in rural areas of Oklahoma.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2753&Session=2600