ENGR. H. B. NO. 2753 Page 1 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
ENGROSSED HOUSE
BILL NO. 2753 By: Caldwell (Trey) and Hill of
the House
and
Howard of the Senate
[ Oklahoma Rural Jobs Act - capital investment tax
credits - expansion of program - additional
offering – administration - effective date ]
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY Section 4, Chapter 354, O.S.L.
2022 (68 O.S. Supp. 2024, Section 3933), is amended to read as
follows:
Section 3933. A. The Department shall certify capit al
investment authority under the provisions of this act in amounts
that would not authorize more than Fifteen Million Dollars
($15,000,000.00) in state tax credits to be claimed against state
tax liability in any calendar year, excluding any credit amount s
carried forward as provided under subsection A of Section 5 3934 of
this act title. Within ninety (90) days of the applicant receiving
notice of certification, the rural fund shall issue the capital
investment to and receive cash in the amount of the ce rtified amount
ENGR. H. B. NO. 2753 Page 2 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
from a rural investor. At least ten percent (10%) of the rural
investor's capital investment shall be composed of capital raised by
the rural investor directly or indirectly from sources including
directors, members, employees, officers, an d affiliates of the rural
investor, other than the amount invested by the allocatee claiming
the tax credits in exchange for such allocation of tax credits. The
rural fund shall provide the Department with evidence of the receipt
of the cash investment wi thin ninety-five (95) days of the applicant
receiving notice of certification.
B. If the rural fund does not receive the cash investment and
issue the capital investment within such time period following
receipt of the certificate notice, the certificatio n shall lapse and
the rural fund shall not issue the capital investment without
reapplying to the Department for certification. Lapsed
certifications shall revert to the Department and shall be reissued
pro rata to applicants whose capital investment allo cations were
reduced in accordance with the application process provided under
subsection D of Section 3 3932 of this act title.
C. A rural fund, before making a qualified investment, may
request from the Department a written opinion as to whether the
business in which it proposes to invest is an eligible business.
The Department, no later than fifteen (15) business days after the
date of receipt of such request, shall notify the rural fund of its
determination. If the Department fails to notify the rura l fund of
ENGR. H. B. NO. 2753 Page 3 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
its determination by the twentieth business day, the business in
which the rural fund proposes to invest shall be deemed an eligible
business.
D. In addition to the initial participation authorized by the
provisions of the Oklahoma Rural Jobs Ac t, beginning July 1, 2025,
rural funds otherwise eligible under the provisions of this act
shall be allowed to participate in an additional offering of state
tax credits, hereby authorized as an expansion of the Oklahoma Rural
Jobs Act, in an amount not to exceed Two Hundred Million Dollars
($200,000,000.00). Such additional offering shall be otherwise
administered consistently with the provisions of th e Oklahoma Rural
Jobs Act.
SECTION 2. This act shall become effective November 1, 2025.
Passed the House of Representatives the 12th day of March, 2025.
Presiding Officer of the House
of Representatives
Passed the Senate the ________ day of _______, 2025.
Presiding Officer of the Senate