Oklahoma 2023 Regular Session

Oklahoma Senate Bill SB394 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	SB394 HFLR Page 1
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	3	+	ENGR. S. B. NO. 394 Page 1 1
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29		-	HOUSE OF REPRESENTATIVES - FLOOR VERSION
30		-
31		-	STATE OF OKLAHOMA
32		-
33		-	1st Session of the 59th Legislature (2023)
34		-
35	28		ENGROSSED SENATE
36	29		BILL NO. 394 By: Coleman of the Senate
37	30
38	31		and
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40	33		Wallace of the House
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45	38		[ sales tax credit - Oklahoma Tourism Development Act
46		-	- term of agreement - annual limit - effective date
47		-	]
48		-
49		-
	39	+	- term of agreement - annual limit - effective date ]
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54	44		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
55	45		SECTION 1. AMENDATORY 68 O.S. 2021, Section 2396, is
56	46		amended to read as follows:
57	47		Section 2396. A. Upon granting final approval, the Executive
58	48		Director of the Oklahoma Department of Commerce may enter into an
59	49		agreement with an approved company with res pect to its tourism
60	50		attraction project. The terms and provisions of each agreement
61	51		shall include, but shall not be limited to:
	52	+	1. The amount of approved costs, which shall be determined by
	53	+	negotiations between th e Executive Director and the approved
	54	+	company;
	55	+	2. A date certain by which the approved company shall have
	56	+	completed the tourism attraction project or an individual component
	57	+	or phase of the project if the tourism attraction project is an
	58	+	Entertainment District. Within three (3) months of the com pletion
	59	+	date of the whole or an individual component or phase of the
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63		-	SB394 HFLR Page 2
64		-	BOLD FACE denotes Committee Amendments. 1
	61	+	ENGR. S. B. NO. 394 Page 2 1
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89		-	1. The amount of approved costs, which shall be determined by
90		-	negotiations between th e Executive Director and the approved
91		-	company;
92		-	2. A date certain by which the approved company shall have
93		-	completed the tourism attraction project or an individual c omponent
94		-	or phase of the project if the tourism attraction project is an
95		-	Entertainment District. Within three (3) months of the com pletion
96		-	date of the whole or an individual component or phase of the
97	86		project, the approved company shall document its actual costs of the
98	87		project through a certification of the costs by an independent
99	88		certified public accountant acceptable to the Executive Director;
100	89		and
101	90		3. The following provisions:
102	91		a. the term of the agreement shall may be up to ten (10)
103	92		years from the later of:
104	93		(1) the date of the final approval of the tourism
105	94		attraction project, or
106	95		(2) the completion date specified in the agreement,
107	96		if the completion date is within three (3) years
108	97		of the date of the final approval of the tourism
109	98		attraction project. However, the term of the
110	99		agreement may be extended for up to two (2)
111	100		additional years by the Execut ive Director, with
112	101		the advice and consent of the Oklahoma Tax
	102	+	Commission, if the Executive Director determines
	103	+	that the failure to complete the tourism
	104	+	attraction project within three (3) years
	105	+	resulted from:
	106	+	(a) unanticipated and unavoidable delay in the
	107	+	construction of the tourism attraction
	108	+	project,
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114		-	SB394 HFLR Page 3
115		-	BOLD FACE denotes Committee Amendments. 1
	110	+	ENGR. S. B. NO. 394 Page 3 1
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140		-	Commission, if the Executive Director determines
141		-	that the failure to complete the tourism
142		-	attraction project within three (3) years
143		-	resulted from:
144		-	(a) unanticipated and unavoidable delay in the
145		-	construction of the tourism attraction
146		-	project,
147	135		(b) an original completion date for the tourism
148	136		attraction project, as originally planned,
149	137		which will be more than three (3) years from
150	138		the date construction began, or
151	139		(c) a change in business structure resul ting
152	140		from a merger or acquisition,
153	141		b. in any tax year during which an agreement is in
154	142		effect, if the amount of sales tax to be remitted by
155	143		the approved company or an Entertainment District
156	144		Tenant Party, if applicable, exceeds the sales tax
157	145		credit available to the approved company or
158	146		Entertainment District Tenant Party, if applicable,
159	147		then the approved company or Entertainment District
160	148		Tenant Party, if applicable, shall pay the excess to
161	149		this state as sales tax,
162	150		c. within forty-five (45) days after the end o f each
163	151		calendar year the approved company shall supply the
	152	+	Executive Director with such reports and
	153	+	certifications as the Executive Director may request
	154	+	demonstrating to the satisfaction of the Executive
	155	+	Director that the approved company is in compliance
	156	+	with the provisions of the Oklahoma Touris m
	157	+	Development Act, and
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165		-	SB394 HFLR Page 4
166		-	BOLD FACE denotes Committee Amendments. 1
	159	+	ENGR. S. B. NO. 394 Page 4 1
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191		-	Executive Director with such reports and
192		-	certifications as the Executive Director may request
193		-	demonstrating to the satisfaction of the Executive
194		-	Director that the approved company is in compliance
195		-	with the provisions of the Oklahoma Touris m
196		-	Development Act, and
197	184		d. the approved company or an Entertainment District
198	185		Tenant Party, if applicable, shall not receive an
199	186		inducement with respect to any calendar year if:
200	187		(1) with respect to any tourism attract ion project
201	188		that is not an Entertainment D istrict in any
202	189		calendar year following the fourth year of the
203	190		agreement, the tourism attraction project fails
204	191		to attract at least fifteen percent (15%) of its
205	192		visitors from among persons who are not residents
206	193		of this state, or
207	194		(2) in any calendar year foll owing the first year of
208	195		the project or the tourism attraction project is
209	196		not operating and open to the public on a regular
210	197		and consistent basis, which for a tourism
211	198		attraction project that is an Entertainment
212	199		District shall mean that a substantial portion of
213	200		the Entertainment District is not operating and
	201	+	open to the public on a regular and consistent
	202	+	basis.
	203	+	B. The agreement shall not be transferable or assignable by the
	204	+	approved company without the written consent of the Executive
	205	+	Director but, with respe ct to a tourism attraction project that is
	206	+	an Entertainment District, the approved company can elect to pass -
	207	+	through all or a portion of the sales tax credit to one or more
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215		-	SB394 HFLR Page 5
216		-	BOLD FACE denotes Committee Amendments. 1
	209	+	ENGR. S. B. NO. 394 Page 5 1
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241		-	open to the public on a regular and consistent
242		-	basis.
243		-	B. The agreement shall not be transferable or assignable by the
244		-	approved company without the written consent of the Executive
245		-	Director but, with respe ct to a tourism attraction project that is
246		-	an Entertainment District, the approved company can elect to pass -
247		-	through all or a portion of the sales tax credit to one or more
248	234		Entertainment District Tenant Parties in accordance with Section
249	235		2397 of this title.
250	236		C. If the approved company utilizes or receives inducements
251	237		which are subsequently disallowed then the approved company will be
252	238		liable for the payment to the Tax Commission of an amount equal to
253	239		(i) all taxes resulting from the disallowance of the induc ements
254	240		plus applicable penalties and interest, whether owed by the approved
255	241		company or an Entertainment District Tenant Party to which the
256	242		credits have been passed -through in accordance with Section 2397 of
257	243		this title, and/or (ii) all incentive payments pr eviously received
258	244		by the approved company, plus applicable penalties and interest.
259	245		Only the approved company originally allowed a sales tax credit
260	246		shall be held liable to make such payments and not any Entertainme nt
261	247		District Tenant Party to whom the credi t has been passed-through in
262	248		accordance with Section 2397 of this title.
	249	+	D. The Executive Director shall provide a copy of each
	250	+	agreement entered into with an approved company to the Tax
	251	+	Commission.
	252	+	E. For a tourism attraction project that is an Entertai nment
	253	+	District and anticipated to have multiple components or phases, the
	254	+	Executive Director may enter into more than one agreement with
	255	+	different approved companies for the different components or phases
	256	+	of the Entertainment District and such agreements m ay be entered
	257	+	into at different times as though the different components or phases
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264		-	SB394 HFLR Page 6
265		-	BOLD FACE denotes Committee Amendments. 1
	259	+	ENGR. S. B. NO. 394 Page 6 1
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290		-	D. The Executive Director shall provide a copy of each
291		-	agreement entered into with an approved company to the Tax
292		-	Commission.
293		-	E. For a tourism attraction project that is an Entertai nment
294		-	District and anticipated to have multiple components or phases, the
295		-	Executive Director may enter into more than one ag reement with
296		-	different approved companies for the different components or phases
297		-	of the Entertainment District and such agreements m ay be entered
298		-	into at different times as though the different components or phases
299	284		of the Entertainment District are their own separate project. In
300	285		such case, the Executive Director shall not be required to obtain a
301	286		separate report (referred to in subsect ion C of Section 2394 of this
302	287		title) for each individual component or phase of the Entertainment
303	288		District, but only one report for the entire Entertainment District.
304	289		SECTION 2. AMENDATORY 68 O.S. 2021, Section 2397, is
305	290		amended to read as follows:
306	291		Section 2397. A. Upon receiving notification from the
307	292		Executive Director of the Oklahoma Department of Commerce that an
308	293		approved company has entered into a tourism proj ect agreement and is
309	294		entitled to the inducements provided by the Okla homa Tourism
310	295		Development Act, the Oklahoma Tax Commission shall provide the
311	296		approved company with forms and instructions as necessary to claim
312	297		or receive or pass-through those inducements .
	298	+	B. An approved company w hose agreement provides that it shall
	299	+	expend approved costs of more than Five Hundred Thousand Dollars
	300	+	($500,000.00) for a tourism attraction project but less than One
	301	+	Million Dollars ($1,000,000.00) shall be entitled to a sales tax
	302	+	credit if the company c ertifies to the Tax Commission that it has
	303	+	expended at least the minimum amount in approved costs, and the
	304	+	Executive Director certifies that the approved company is in
	305	+	compliance with the Oklahoma Tourism Development Act. The Ta x
	306	+	Commission shall then iss ue a tax credit memorandum to the approved
	307	+	company granting a sales tax credit in the amount of up to ten
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314		-	SB394 HFLR Page 7
315		-	BOLD FACE denotes Committee Amendments. 1
	309	+	ENGR. S. B. NO. 394 Page 7 1
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340		-	B. An approved company w hose agreement provides that it shall
341		-	expend approved costs of more than Five Hundred Thousand Dollars
342		-	($500,000.00) for a tourism attraction project but less than On e
343		-	Million Dollars ($1,000,000.00) shall be entitled to a sales tax
344		-	credit if the company c ertifies to the Tax Commission that it has
345		-	expended at least the minimum amount in approved costs, and the
346		-	Executive Director certifies that the approved company is i n
347		-	compliance with the Oklahoma Tourism Development Act. The Ta x
348		-	Commission shall then iss ue a tax credit memorandum to the approved
349		-	company granting a sales tax credit in the amount of up to ten
350	334		percent (10%) of the approved costs, but limited to the percent of
351	335		the approved costs that will result in the project being revenue-
352	336		neutral to the State of Oklahoma this state as determined by the
353	337		Oklahoma Department of Commerce. Subsequent requests for credit for
354	338		additional certified approved costs in excess of the minimum amount
355	339		for each project as listed in this subsection but less than One
356	340		Million Dollars ($1,000,000.00) shall result in a sales tax credit
357	341		in the amount of up to ten percent (10%) of the approved costs, but
358	342		limited to the percent of the approved costs that will result in the
359	343		project being revenue -neutral to the State of Oklahoma this state as
360	344		determined by the Oklahoma Department of Commerce. Sal es tax
361	345		credits allowed pursuant to the provisions of the Oklahoma Tourism
362	346		Development Act shall not be transferable or assignable; provided
363	347		that, with respect to a t ourism attraction project t hat is an
	348	+	Entertainment District, the approved company can elect to pass-
	349	+	through all or a portion of the sales tax credit to one or more
	350	+	Entertainment District Tenant Parties. The approved company and the
	351	+	Entertainment District Tenant Party shall jointly file a copy of the
	352	+	written credit pass-through agreement with th e Oklahoma Tax
	353	+	Commission within thirty (30) days of the effective date of the
	354	+	agreement. Such filing of the agreement with the Oklahoma Tax
	355	+	Commission shall perfec t such agreement. The writ ten agreement
	356	+	shall contain the name, address and taxpayer ident ification number
	357	+	of the parties to the agreement, the amount of credit being passed -
364	358
365		-	SB394 HFLR Page 8
366		-	BOLD FACE denotes Committee Amendments. 1
	359	+	ENGR. S. B. NO. 394 Page 8 1
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391		-	Entertainment District, the approved company can elect to pass-
392		-	through all or a portion of the sales tax credit to one or more
393		-	Entertainment District Tenant Parties. The approved company and the
394		-	Entertainment District Tenant Party shall jointly file a copy of the
395		-	written credit pass-through agreement with th e Oklahoma Tax
396		-	Commission within thirty (30) days of the effective date of the
397		-	agreement. Such filing of the agreement with the Oklahoma Tax
398		-	Commission shall perfec t such agreement. The writ ten agreement
399		-	shall contain the name, address and taxpayer ident ification number
400		-	of the parties to the agreement, the amount of credit being passed -
401	384		through, the month and year the credit was originally allowed to the
402	385		approved company, the month and tax yea r or years for which the
403	386		credit may be claimed, and a representa tion by the approved company
404	387		that the approved company has neither claimed for its own behalf nor
405	388		conveyed such credits to any other Entertainment District Tenant
406	389		Party. The Tax Commission sh all develop a standard form for use by
407	390		an approved company and a n Entertainment District Tenant Party
408	391		demonstrating eligibility for the Entertainment District Tenant
409	392		Party to utilize the sales tax credit. The Tax Commission shal l
410	393		develop a system to recor d and track the pass-through of the sales
411	394		tax credit and certify the ownership of the sales tax credit and may
412	395		promulgate rules to permit verification of the validity and
413	396		timeliness of a sales tax credit claimed upon a sales tax return
414	397		pursuant to this sub section but shall not promulgate any rules which
	398	+	unduly restrict or hinder the pass-through of such sales tax credit
	399	+	to an Entertainment District Tenant Party.
	400	+	An approved company whose agreement provides that it shall
	401	+	expend approved costs in excess of On e Million Dollars
	402	+	($1,000,000.00) shall be entitled to a sales t ax credit if the
	403	+	company certifies to the Tax Commission that it has expended at
	404	+	least One Million Dollars ($1,000,000.00) in approved costs and the
	405	+	Executive Director certifies that the appro ved company is in
	406	+	compliance with the Oklahoma Tourism Developme nt Act. The Tax
	407	+	Commission shall then issue a tax credit memorandum to the approved
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416		-	SB394 HFLR Page 9
417		-	BOLD FACE denotes Committee Amendments. 1
	409	+	ENGR. S. B. NO. 394 Page 9 1
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442		-	unduly restrict or hinder the pass-through of such sales tax credit
443		-	to an Entertainment District Tenant Party.
444		-	An approved company whose agreement provides that it shall
445		-	expend approved costs in excess of On e Million Dollars
446		-	($1,000,000.00) shall be entitled to a sales t ax credit if the
447		-	company certifies to the Tax Commission that it has expended at
448		-	least One Million Dol lars ($1,000,000.00) in approved costs and the
449		-	Executive Director certifies that the appro ved company is in
450		-	compliance with the Oklahoma Tourism Developme nt Act. The Tax
451		-	Commission shall then issue a tax credit memorandum to the approved
452	434		company granting a sales tax credit in the amount of up to twenty -
453	435		five percent (25%) of the approved costs, but limited to the percent
454	436		of the approved costs that will resu lt in the project being revenue -
455	437		neutral to the State of Oklahoma this state as determined by the
456	438		Oklahoma Department of Commerce. The credit on all subsequent
457	439		additional certified approved co sts shall be in the amount of up to
458	440		twenty-five percent (25%) of the costs, but limited to the percent
459	441		of the approved costs that will result in the project being revenue -
460	442		neutral to the State of Oklahoma this state as determined by the
461	443		Oklahoma Department of Commerce. For a tourism attraction pro ject
462	444		that is an Entertainment District, an a pproved company may elect to
463	445		receive an incentive payment based on sales tax collections of
464	446		Entertainment District Tenant Parties rather than a sales tax
465	447		credit. The incentive payment shall be in the amount of u p to
	448	+	twenty-five percent (25%) of the approv ed costs but limited to the
	449	+	percent of the approved costs that will result in the project being
	450	+	revenue-neutral to the State of Oklahoma this state as determined by
	451	+	the Oklahoma Department of Commerce; provided t hat, (A) in no event
	452	+	shall the incentive payments excee d the increased state sales tax
	453	+	liability of the approved company and the Entertainment District
	454	+	Tenant Parties that is actually rec eived by the Tax Commission , and
	455	+	(B) the approved company shall be en titled to receive only ten
	456	+	percent (10%) of the incenti ve payment amount during each calendar
	457	+	year. The Tax Commission shall issue an incentive payment
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467		-	SB394 HFLR Page 10
468		-	BOLD FACE denotes Committee Amendments. 1
	459	+	ENGR. S. B. NO. 394 Page 10 1
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493		-	twenty-five percent (25%) of the approv ed costs but limited to the
494		-	percent of the approved costs that will result in th e project being
495		-	revenue-neutral to the State of Oklahoma this state as determined by
496		-	the Oklahoma Department of Commerce; provided t hat, (A) in no event
497		-	shall the incentive payments excee d the increased state sales tax
498		-	liability of the approved company and the Entertainment District
499		-	Tenant Parties that is actually rec eived by the Tax Commission , and
500		-	(B) the approved company shall be en titled to receive only ten
501		-	percent (10%) of the incenti ve payment amount during each calendar
502		-	year. The Tax Commission shal l issue an incentive payment
503	484		memorandum to the approved company granting a right to receiv e an
504	485		incentive payment from the Tax Commis sion in the amount of up to
505	486		twenty-five percent (25%) o f the approved costs but limited to the
506	487		percent of the approved costs that will result in the project being
507	488		revenue-neutral to the State of Oklahoma this state as determined by
508	489		the Oklahoma Department of Commerce. As soon as pr acticable after
509	490		the end of each calenda r year during the term of the agreement, the
510	491		approved company shall file a claim for the incentive payment with
511	492		the Tax Commission, and the Tax Comm ission shall be responsible for
512	493		ensuring that the amount of the incen tive payment claimed does not
513	494		exceed the increased state sales tax liability of the approved
514	495		company and the Entertainment District Tenant Parties that has been
515	496		actually received by the T ax Commission, which may include accessing
	497	+	the Oklahoma sales tax ret urns of the Entertainment District Tena nt
	498	+	Parties as permitted by this section.
	499	+	The cumulative inducements provided pursuant to the Oklahoma
	500	+	Tourism Development Act shall not exceed Fifteen Million Dollars
	501	+	($15,000,000.00) Thirty Million Dollars ($30,000,000.00) per year.
	502	+	The Tax Commission sha ll require proof of expenditures prior to
	503	+	issuing a tax credit memorandum or incentive payment memorandum to
	504	+	the approved company which may be satis fied by a report from an
	505	+	independent certified public accountant. Ad ditional credit
	506	+	memoranda or incentive memoranda may be issued as the approved
	507	+	company certifies additional expenditures of approved costs.
516	508
517		-	SB394 HFLR Page 11
518		-	BOLD FACE denotes Committee Amendments. 1
	509	+	ENGR. S. B. NO. 394 Page 11 1
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542	533
543		-	the Oklahoma sales tax ret urns of the Entertainment District Tena nt
544		-	Parties as permitted by this section.
545		-	The cumulative inducements provided pursuant to the Oklahoma
546		-	Tourism Development Act shall not exceed Fifteen Million Dollars
547		-	($15,000,000.00) Thirty Million Dollars ($30,000,000.00) per year.
548		-	The Tax Commission sha ll require proof of expenditures prior to
549		-	issuing a tax credit memorandum or incentive payment memorandum to
550		-	the approved company which may be satis fied by a report from an
551		-	independent certified public accountant. Ad ditional credit
552		-	memoranda or incentive memoranda may be issued as the approved
553		-	company certifies additional expenditures of approved costs.
554	534		No tax credit memora ndum or incentive payment m emorandum shall
555	535		be issued for any approved costs expended after the e xpiration of
556	536		three (3) years from the d ate the agreement was signed by the
557	537		Executive Director and the approved company. However, the Executive
558	538		Director, with the advice and consent of th e Tax Commission, may
559	539		authorize inducement s for approved costs expend ed up to five (5)
560	540		years from the date t he agreement was signed if the Executive
561	541		Director determines that the failure to complete the tourism
562	542		attraction project within three (3) years resu lted from:
563	543		1. Unanticipated and unavoidab le delay in the constructio n of
564	544		the tourism attraction;
	545	+	2. An original completion date for the tourism attraction, as
	546	+	originally planned, which will be more than three (3) years from the
	547	+	date construction began; o r
	548	+	3. A change in business ownership or bu siness structure
	549	+	resulting from a merger or acquisition.
	550	+	C. A sales tax credit allowed pursuant to the provisions of
	551	+	this section may be used to offset a portion of the reported state
	552	+	sales tax liability of the ap proved company or an Entertainment
	553	+	District Tenant Party, if applicab le, for all sales tax reporting
	554	+	periods following the issuance of the credit memorandum subject to
	555	+	the following limitations:
	556	+	1. Only increased state sales tax liability may be offset by
	557	+	the issued credit;
565	558
566		-	SB394 HFLR Page 12
567		-	BOLD FACE denotes Committee Amendments. 1
	559	+	ENGR. S. B. NO. 394 Page 12 1
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591	583
592		-	2. An original completion date for the tourism attraction, as
593		-	originally planned, which will be more than three (3) years from the
594		-	date construction began; o r
595		-	3. A change in business ownership or bu siness structure
596		-	resulting from a merger or acquisition.
597		-	C. A sales tax credit allowed pursuant to the provisions of
598		-	this section may be used to offset a portion of the reported state
599		-	sales tax liability of the ap proved company or an Entertainment
600		-	District Tenant Party, if applicab le, for all sales tax reporting
601		-	periods following the issuance of the credit memorandum subject t o
602		-	the following limitations:
603		-	1. Only increased state sales tax liability may be offset by
604		-	the issued credit;
605	584		2. An approved compan y whose agreement provides that it shall
606	585		expend approved costs in excess of One Million Dollars
607	586		($1,000,000.00) or an Entertainment District Party, if applicable,
608	587		shall be entitled to use only ten percent (10%) of the amount of
609	588		each issued credit to offset increased state sales tax liability
610	589		during each calendar year, pl us the amount of any unused credit
611	590		carried forward from a prior calendar year, and an approved company
612	591		whose agreement provides that it shall expend approved costs of more
613	592		than the minimum amount for each project as l isted in this
614	593		subsection but less than One Million Dollars ($1,000,000.00) shall
615	594		be entitled to use only twenty percent (20%) of the amount of each
	595	+	issued credit to offset increased state sales tax liability during
	596	+	each calendar year, plus the amount of an y unused credit carried
	597	+	forward from a prior calendar year; and
	598	+	3. All issued credit memoranda or incentive payment memorandum
	599	+	memoranda shall expire at the en d of the month following th e
	600	+	expiration of the agreement as provided in Section 2396 of this
	601	+	title.
	602	+	The approved company or an Entertainment Dist rict Tenant Party,
	603	+	if applicable, shall have no obligation to refund or otherwise
	604	+	return any amount of this ind ucement to the person from whom the
	605	+	sales tax was collected.
	606	+	D. The Tax Commission shall promul gate rules as are necessary
	607	+	for the proper admini stration of the Oklahoma Tourism Development
616	608
617		-	SB394 HFLR Page 13
618		-	BOLD FACE denotes Committee Amendments. 1
	609	+	ENGR. S. B. NO. 394 Page 13 1
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643		-	issued credit to offset increased state sales tax liability during
644		-	each calendar year, plus the amount of an y unused credit carried
645		-	forward from a prior calendar year; and
646		-	3. All issued credit memoranda o r incentive payment memorandum
647		-	memoranda shall expire at the en d of the month following th e
648		-	expiration of the agreement as provided in Section 2396 of this
649		-	title.
650		-	The approved company or an Entertainment Dist rict Tenant Party,
651		-	if applicable, shall have no obligation to refund or otherwise
652		-	return any amount of this ind ucement to the person from whom the
653		-	sales tax was collected.
654		-	D. The Tax Commission shall promul gate rules as are necessary
655		-	for the proper admini stration of the Oklahoma Tourism Development
656	634		Act. The Tax Commission may also develop forms and instructions a s
657	635		necessary for an approved company or Entertainment District Tenant
658	636		Party, if applicable, to cl aim or receive or pass-through the
659	637		inducements provided by the Oklahoma Tourism Development Act.
660	638		E. The Tax Commission shall have the authority to obtain any
661	639		information necessary from o r regarding the approved company or an
662	640		Entertainment District Tenant Party, if applicable, and the
663	641		Executive Director to verify that approved companies or an
664	642		Entertainment District Tenant Party, if applicable, have received
665	643		the proper amounts of inducement s as authorized by the Oklahoma
666	644		Tourism Development Act. The Oklahom a Tax Commission shall demand
	645	+	the repayment of any inducements taken or received in excess of the
	646	+	inducements allowed by this act the Oklahoma Tourism Development
	647	+	Act.
	648	+	F. No sales tax credit or incentive payment right authorized by
	649	+	this section shall be g ranted on or after January 1, 2026.
	650	+	Notwithstanding the foregoing, an approved compan y that has entered
	651	+	into a tourism attraction project agreement with the Ok lahoma
	652	+	Department of Commer ce pursuant to Section 2396 of this title prior
	653	+	to January 1, 2026, s hall continue to be entitled to claim or
	654	+	receive any inducements authorized by this se ction as contemplated
	655	+	by the tourism project agreement.
	656	+	G. All currently approved tourism project ag reements executed
	657	+	by the Oklahoma Tourism and Recreation Department a re hereby
667	658
668		-	SB394 HFLR Page 14
669		-	BOLD FACE denotes Committee Amendments. 1
	659	+	ENGR. S. B. NO. 394 Page 14 1
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693	683
694		-	the repayment of any inducements taken or received in excess of the
695		-	inducements allowed by this act the Oklahoma Tourism Development
696		-	Act.
697		-	F. No sales tax credit or incentive payment right authorized by
698		-	this section shall be g ranted on or after January 1, 2026.
699		-	Notwithstanding the foregoing, an approved compan y that has entered
700		-	into a tourism attraction project agreement with the Ok lahoma
701		-	Department of Commer ce pursuant to Section 2396 of this title prior
702		-	to January 1, 2026, s hall continue to be entitled to claim or
703		-	receive any inducements authorized by this se ction as contemplated
704		-	by the tourism project agreement.
705		-	G. All currently approved tourism project ag reements executed
706		-	by the Oklahoma Tourism and Recreation Department a re hereby
707	684		transferred to the Oklahoma Department of Commerce upon the
708	685		effective date of this act November 1, 2021.
709	686		H. On the effective date of this act November 1, 2021, all
710	687		administrative rules promulgated by the Oklahoma Touri sm and
711	688		Recreation Departmen t regarding the Oklahoma Tourism Development Act
712	689		shall be transferred to and becom e a part of the administrative
713	690		rules of the Oklahoma D epartment of Commerce. The Office of
714	691		Administrative Rules in the Office of the Secretary of State shall
715	692		provide adequate notice in the Oklahoma Register of the transferred
716	693		rules and shall place the tra nsferred rules under the Administrative
717	694		Code section of the Oklahoma Departmen t of Commerce. On the
	695	+	effective date of this act November 1, 2021, any amendment, repeal ,
	696	+	or addition to the transferred rules shall be under the jurisdiction
	697	+	of the Oklahoma Depart ment of Commerce, who shall have the authority
	698	+	to enact rules in ord er to carry out the provisions of the Oklahoma
	699	+	Tourism Development Act.
	700	+	SECTION 3. This act shall become effective November 1, 2023.
718	701
719		-	SB394 HFLR Page 15
720		-	BOLD FACE denotes Committee Amendments. 1
	702	+	ENGR. S. B. NO. 394 Page 15 1
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745		-	effective date of this act November 1, 2021, any amendment, repeal ,
746		-	or addition to the transferred rules shall be under the jurisdiction
747		-	of the Oklahoma Depart ment of Commerce, who shall have the authority
748		-	to enact rules in ord er to carry out the provisions of the Oklahoma
749		-	Tourism Development Act.
750		-	SECTION 3. This act shall become effective November 1, 2023.
	727	+	Passed the Senate the 21st day of March, 2023.
751	728
752		-	COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS AND BUDGET, dated
753		-	04/05/2023 - DO PASS, As Amended.
	729	+
	730	+
	731	+	Presiding Officer of the Senate
	732	+
	733	+
	734	+	Passed the House of Representatives the ____ day of _ _________,
	735	+	2023.
	736	+
	737	+
	738	+
	739	+	Presiding Officer of the House
	740	+	of Representatives
	741	+