Bill > SB32

This bill authorizes the Oklahoma Department of Commerce to establish a program that allows the state to repurchase existing tax credits from their owners in order to reduce the state's debt burden. The program allows the Department to enter into agreements with taxpayer companies to purchase their outstanding tax credits if it is determined to be in the best interest of the state and if the cost of the repurchase is less than the benefit to the state through the resulting reinvestment of a negotiated percentage of the payment by the state to the owner of the tax credits. The bill outlines the requirements and procedures for such agreements, including the notification of the Oklahoma Tax Commission and the reporting of economic benefits by the former owner of the tax credits. The bill becomes effective on November 1, 2019.