Bill
Bill > SB1992
summary
Introduced
02/02/2026
02/02/2026
In Committee
02/03/2026
02/03/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
An Act relating to income tax; amending Section 1, Chapter 340, O.S.L. 2022, as amended by Section 1, Chapter 164, O.S.L. 2024 (68 O.S. Supp. 2025, Section 2357.105), which relates to income tax credit for qualified project expenditures; defining term; requiring the Oklahoma Department of Commerce to promulgate certain rules; and providing an effective date.
AI Summary
This bill amends existing law to define "strategic finance partner" as any entity, regardless of its legal structure, that provides capital to a qualifying project, which can include cash, loans, guarantees, or other financial instruments or services. This definition is crucial for a tax credit program aimed at encouraging qualified projects, which are typically new construction or expansions in specific industrial or port areas, or projects near certain railroad lines. The bill also requires the Oklahoma Department of Commerce to create rules for approving these strategic finance partners, ensuring they are subject to Oklahoma income tax to be eligible. The overall context is the expansion and clarification of an income tax credit program for qualified project expenditures, with the goal of further incentivizing economic development in the state.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Senate Appropriations Hearing (14:30:00 2/25/2026 Room 535) (on 02/25/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1992&Session=2600 |
| Fiscal Note/Analysis - Senate: Introduced | https://www.oklegislature.gov/cf_pdf/2025-26%20SUPPORT%20DOCUMENTS/BILLSUM/Senate/SB1992%20INT%20BILLSUM.PDF |
| Fiscal Note/Analysis - Senate: SB1992 INT FI | https://www.oklegislature.gov/cf_pdf/2025-26%20SUPPORT%20DOCUMENTS/impact%20statements/fiscal/Senate/SB1992%20INT%20FI.PDF |
| BillText | https://www.oklegislature.gov/cf_pdf/2025-26%20INT/SB/SB1992%20INT.PDF |
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