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Bill > HB3978
OK HB3978
OK HB3978Revenue and taxation; Oklahoma Rural Jobs Act; tax credits; capital investments; effective date.
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 the Oklahoma Rural Jobs Act; amending Section 2, Chapter 354, O.S.L. 2022 (68 O.S. Supp. 2025, Section 3931), which relates to definitions; modifying definition of qualified investment; amending Section 4, Chapter 354, O.S.L. 2022 (68 O.S. Supp. 2025, Section 3933), which relates to capital investment authority state tax credits; modifying capital investment authority caps; updating references; and providing an effective date.
AI Summary
This bill modifies the Oklahoma Rural Jobs Act by adjusting the definition of a "qualified investment" to clarify that businesses cannot refinance prior qualified investments with new capital investment funds, and it also revises the annual cap on state tax credits that can be claimed, setting separate caps for investments made before and after the bill's effective date. The Oklahoma Rural Jobs Act is a program designed to incentivize capital investments in rural businesses by offering tax credits to investors. The bill also updates references within the act to ensure they correctly point to the relevant sections of Oklahoma law and specifies that the changes will take effect on November 1, 2026.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Second Reading referred to Appropriations and Budget (on 02/03/2026)
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=hb3978&Session=2600 |
| BillText | https://www.oklegislature.gov/cf_pdf/2025-26%20INT/hB/HB3978%20INT.PDF |
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