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53	53	STATE OF OKLAHOMA
54	54
55	55	1st Session of the 60th Legislature (2025)
56	56
57	57	SENATE BILL 119 By: Green
58	58
59	59
60	60
61	61
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63	63	AS INTRODUCED
64	64
65	65	An Act relating to economic development; creating
66	66	investment rebate program until certain date;
67	67	providing qualifying criteria; requiring s ubmission
68	68	of application; requiring the Oklahoma Department of
69	69	Commerce to approve or disapprove certain claims and
70	70	issue payment; limiting source of payments; making
71	71	payments contingent upon deposits to certain fund;
72	72	providing amount of rebate; authorizin g conditional
73	73	pre-qualification; creating the Commerce Energy
74	74	Manufacturing Activity Development Fund; establishing
75	75	fund procedures; providing sources of funds;
76	76	providing for expenditures from fund; directing
77	77	transfer of unencumbered fund upon certain date ;
78	78	making appropriation; directing deposit in certain
79	79	fund; providing for codification; providing an
80	80	effective date; and declaring an emergency .
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82	82
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85	85	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
86	86	SECTION 1. NEW LAW A n ew section of law to be codified
87	87	in the Oklahoma Statutes as Section 3648.1 of Title 68, unless there
88	88	is created a duplication in numbering, reads as follows:
89	89	A. There is hereby created until July 1, 2031, an investment
90	90	rebate program for the cost of qual ified capital expenditures , as
91	91	defined by Section 3645.3 of Title 68 of the Oklahoma Statutes, by
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143	143	establishments defined by Section 3645.3 of Title 68 of the Oklahoma
144	144	Statutes, that:
145	145	1. Refine, manufacture, or process compounds or elements into
146	146	hydrogen-based products, including the production of blue hydrogen
147	147	through the process o f autothermal reforming (ATR) and green
148	148	hydrogen through the process of electrolysis , and the refining of
149	149	domestically produced crude oil into cleaner transportation fuels in
150	150	industries defined or classified in the North American Industry
151	151	Classification System ( NAICS) Manual under Subsector 324 or 325;
152	152	2. Generate and store emission free power and energy in
153	153	industries defined or classified in the NAICS Manual under Subsector
154	154	221, and water production from waste heat and ambient air; and
155	155	3. Have acquired at least a six hundred (600) acre parcel of
156	156	real property located within this state, where the qualified capital
157	157	will be located.
158	158	B. To be eligible for consideration for an inves tment rebate
159	159	payment awarded under the provisions of this act, the establishment
160	160	shall:
161	161	1. Submit an application and documentation to the Oklahoma
162	162	Department of Commerce, as required by the Department, outlining a
163	163	capital expenditure plan in this state as sociated with qualified
164	164	capital expenditures totaling no less than Seven Hundred Fifty
165	165	Million Dollars ($750,000,000.00) ;
166	166
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217	217	2. Have made qualified capital expenditures no less than twenty
218	218	percent (20%) of the capital expenditure plan outlined in the
219	219	application submitted by the primary establishment and approved by
220	220	the Oklahoma Department of Commerce, pursuant to the provisions of
221	221	this act; and
222	222	3. Have filed all Oklahoma tax returns and tax documents
223	223	required by law.
224	224	C. Notwithstanding any other provision of law, no investment
225	225	expenditure shall be utilized for calculation purposes t hat results
226	226	in the qualification of more than one establishment under the
227	227	provisions of this act, for investment rebate payments based on the
228	228	same expenditure.
229	229	D. 1. The Oklahoma Department of Commerce shall approve or
230	230	disapprove claims for rebates and shall issue payment for all
231	231	approved claims from funds held in the Commerce Energy Manufacturing
232	232	Activity Development Fund created in Section 2 of this act.
233	233	2. The Department sha ll disapprove all applications and claims
234	234	or any portion of applications and c laims for rebates that would
235	235	exceed the balance of available funds in the Commerce Energy
236	236	Manufacturing Activity Development Fund.
237	237	3. The total amount of applications approved a nd investment
238	238	rebate payments awarded under the provisions of this act shall not
239	239	exceed the total amount of monies designated by law for deposit to
240	240	the Commerce Energy Manufacturing Activity Development Fund.
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292	292	E. 1. Subject to the approval and ongoing rev iew of the
293	293	eligibility application by the Oklahoma Department of Commerce, the
294	294	investment rebate payment authorized by this act shall be equal to
295	295	six and sixty-seven one-hundredths percent (6. 67%) of the cost of
296	296	the qualified capital expenditure in the yea r of expenditure.
297	297	2. The Department is authorized to conditionally pre -qualify
298	298	and account for anticipated future investment rebate payments. The
299	299	Oklahoma Department of Commerce shall not pre -qualify investment
300	300	rebate payments, encumber funds, pre -encumber funds, or otherwise
301	301	allocate resources that would result in the allocation of investment
302	302	rebate payments in excess of the balance of available funds in the
303	303	Commerce Energy Manufacturing Activity Development Fund.
304	304	SECTION 2. NEW LAW A new section of law to be codified
305	305	in the Oklahoma Statutes as Section 3648.2 of Title 68, unless there
306	306	is created a duplication in numbering, reads as follows:
307	307	A. There is hereby created in the State Treasury a fund for the
308	308	Oklahoma Department of Com merce to be designated the “Commerce
309	309	Energy Manufacturing Activity Development Fund”. The fund shall be
310	310	a continuing fund, not subject to fiscal year limitations, and shall
311	311	consist of all monies designated for deposit to the fund by law.
312	312	All monies accruing to the credit of the fund are hereby
313	313	appropriated and may be budgeted and expended by the Department for
314	314	the purpose of paying rebates as provided in this act. Expenditures
315	315	from the fund shall be made upon warrants issued by the State
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367	367	Treasurer against claims filed as prescribed by law with the
368	368	Director of the Office of Managem ent and Enterprise Services for
369	369	approval and payment.
370	370	B. All unencumbered funds remaining in the Commerce Energy
371	371	Manufacturing Activity Development Fund upon July 1, 2031, shall be
372	372	transferred to the State Treasurer for deposit in the General
373	373	Revenue Fund.
374	374	SECTION 3. There is hereby appropriated to the Oklahoma
375	375	Department of Commerce for deposit in the Commerce Energy
376	376	Manufacturing Activity Development Fund, from any monies not
377	377	otherwise appropriated from the General Revenue Fund of the St ate
378	378	Treasury for the fiscal year ending June 30, 2023, the sum of Fifty
379	379	Million Dollars ($50,000,000.00).
380	380	SECTION 4. This act shall become effective July 1, 2025 .
381	381	SECTION 5. It being immediately necessary for the preservation
382	382	of the public peace, health or safety, an emergency is hereby
383	383	declared to exist, by reason whereof this act shall take effect and
384	384	be in full force from and after its passage and approval.
385	385
386	386	60-1-682 QD 12/26/2024 6:17:07 PM

Oklahoma 2025 Regular Session

Oklahoma Senate Bill SB119 Compare Versions