Oklahoma 2025 Regular Session

Oklahoma House Bill HB2753 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	ENGR. H. B. NO. 2753 Page 1 1
	3	+	HB2753 HFLR Page 1
	4	+	BOLD FACE denotes Committee Amendments. 1
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28		-	ENGROSSED HOUSE
29		-	BILL NO. 2753 By: Caldwell (Trey) and Hill of
30		-	the House
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
	30	+
	31	+	STATE OF OKLAHOMA
	32	+
	33	+	1st Session of the 60th Legislature (2025)
	34	+
	35	+	HOUSE BILL 2753 By: Caldwell (Trey) of the
	36	+	House
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32	38		and
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34	40		Howard of the Senate
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	45	+	AS INTRODUCED
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40	47		[ Oklahoma Rural Jobs Act - capital investment tax
41	48		credits - expansion of program - additional
42	49		offering – administration - effective date ]
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47	54		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
48	55		SECTION 1. AMENDATORY Section 4, Chapter 354, O.S.L.
49	56		2022 (68 O.S. Supp. 2024, Sec tion 3933), is amended to read as
50	57		follows:
51	58		Section 3933. A. The Department shall certify capital
52	59		investment authority under the provisions of this act in amounts
53	60		that would not authorize more than Fifteen Million Dollars
54	61		($15,000,000.00) in state tax cre dits to be claimed against state
55	62		tax liability in any calendar year, excluding any credit amo unts
56		-	carried forward as provided under subsection A of Section 5 3934 of
57		-	this act title. Within ninety (90) days of the applicant receiving
58		-	notice of certification, the rural fund shall issue the capital
59		-	investment to and receive cash in the amount of the ce rtified amount
	63	+	carried forward as provided under subsection A of Section 5 of this
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61		-	ENGR. H. B. NO. 2753 Page 2 1
	65	+	HB2753 HFLR Page 2
	66	+	BOLD FACE denotes Committee Amendments. 1
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86		-	from a rural investor. At least ten percent (10%) of the rural
87		-	investor's capital investment shall be composed of capital raised by
88		-	the rural investor directly or indirectly from sources including
89		-	directors, members, employees, officers, an d affiliates of the rural
90		-	investor, other than the amount invested by the allocatee claiming
91		-	the tax credits in exchange for such allocation of tax credits. The
92		-	rural fund shall provide the Department with evidence of the receipt
93		-	of the cash investment wi thin ninety-five (95) days of the applicant
	91	+	act. Within ninety (90) days of the applicant receiving notice of
	92	+	certification, the rura l fund shall issue the capital investment to
	93	+	and receive cash in the amount of the certified amount from a rural
	94	+	investor. At least ten percent (10%) of the rural investor 's
	95	+	capital investment shall be composed of capital raised by the rural
	96	+	investor directly or indirectly from sources including directors,
	97	+	members, employees, officers, and affili ates of the rural investor,
	98	+	other than the amount invested by the allocatee claiming the tax
	99	+	credits in exchange for such allocation of tax credits. The rural
	100	+	fund shall provide the Department with evidence of the receipt of
	101	+	the cash investment within ninety -five (95) days of the applicant
94	102		receiving notice of certification.
95	103		B. If the rural fund does not receive the cash investment and
96	104		issue the capital investment within such time period following
97	105		receipt of the certificate notice, the certification shall lapse and
98	106		the rural fund shall not issue the capital investment without
99	107		reapplying to the Department for certification. Lapsed
100	108		certifications shall revert to the Department and shall be reissued
101	109		pro rata to applicants whose capital investment allocations were
102	110		reduced in accordance with the application process provided under
103		-	subsection D of Section 3 ~~3932~~ of this act ~~title~~.
	111	+	subsection D of Section 3 of this act.
104	112		C. A rural fund, before making a qualified investmen t, may
105	113		request from the Department a written opinion as to whether the
106	114		business in which it p roposes to invest is an eligible business.
107		-	The Department, no later than fifteen (15) business days after the
108		-	date of receipt of such request, shall notify the rural fund of its
109		-	determination. If the Department fails to notify the rura l fund of
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111		-	ENGR. H. B. NO. 2753 Page 3 1
	116	+	HB2753 HFLR Page 3
	117	+	BOLD FACE denotes Committee Amendments. 1
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	142	+	The Department, no later than fifteen (15) business days after the
	143	+	date of receipt of such request, shall notify the ru ral fund of its
	144	+	determination. If the Department fails to notify the rural fund of
136	145		its determination by the twentieth business day, the business in
137	146		which the rural fund proposes to invest shall be deemed an eligible
138	147		business.
139	148		D. In addition to the initia l participation authorized by the
140		-	provisions of the Oklahoma Rural Jobs ~~Ac t,~~ beginning July 1, 2025,
	149	+	provisions of the Oklahoma Rural Jobs Act; beginning July 1, 2025,
141	150		rural funds otherwise eligible under the provisions of this act
142	151		shall be allowed to participate in an additional offering of state
143	152		tax credits, hereby auth orized as an expansion of the Oklahoma Rural
144	153		Jobs Act, in an amount not to exceed Two Hundred Million Dollars
145	154		($200,000,000.00). Such additional offering shall be otherwise
146	155		administered consistently with the provisions of th e Oklahoma Rural
147	156		Jobs Act.
148	157		SECTION 2. This act shall become effective November 1, 2025.
149		-	Passed the House of Representatives the 12th day of March, 2025.
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154		-	Presiding Officer of the House
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159		-	Passed the Senate the ________ day of _______, 2025.
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164		-	Presiding Officer of the Senate
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	159	+	COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS AND BUDGET, dated
	160	+	02/26/2025 - DO PASS, As Amended and Coauthored.