Bill > HB4426

This bill extends the duration for which businesses can claim an income tax credit for qualified economic development expenditures, which are defined as costs associated with land improvements, building construction or expansion, port terminal improvements, and the purchase of certain machinery and equipment. Specifically, the bill amends existing law to allow this tax credit to be in effect for tax years ending not later than December 31, 2032, instead of the previous expiration date of December 31, 2027. This credit is designed to incentivize economic development, particularly in areas with specific population or infrastructure characteristics, and is administered by the Oklahoma Department of Commerce and the Oklahoma Tax Commission. The bill also specifies an effective date of November 1, 2026.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb4426&Session=2600