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53	53	STATE OF OKLAHOMA
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55	55	1st Session of the 60th Legislature (2025)
56	56
57	57	SENATE BILL 221 By: Howard
58	58
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63	63	AS INTRODUCED
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65	65	An Act relating to income tax credit; amending
66	66	Section 4, Chapter 354, O.S.L. 2022 (68 O.S. Supp.
67	67	2024, Section 3933), which relates to t he Oklahoma
68	68	Rural Jobs Act; providing expanded annual credit
69	69	limitation for certain applications; stipulating that
70	70	rural funds certified during the initial application
71	71	period are eligible for certification in subsequent
72	72	application period; updating statutory references;
73	73	providing an effective date; and declaring an
74	74	emergency.
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79	79	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
80	80	SECTION 1. AMENDATORY Section 4, Chapter 354, O.S.L.
81	81	2022 (68 O.S. Supp. 2024, Section 3933) , is amended to read as
82	82	follows:
83	83	Section 3933. A. The Department shall certify capital
84	84	investment authority under the provisions of this act the Oklahoma
85	85	Rural Jobs Act in amounts that would not authorize more than Fifteen
86	86	Million Dollars ($15,000,000.00 ) in state tax credits to be claimed
87	87	against state tax liability in any calend ar year for applications
88	88	approved before the effective date of this act and Thirty Million
89	89	Dollars ($30,000,000.00) in state tax credits to be claimed against
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141	141	state tax liability in any calendar year for applications approved
142	142	on or after the effective date of this act , excluding any credit
143	143	amounts carried forward as provided under subsection A of Section 5
144	144	of this act Section 3934 of this title . A rural fund receiving
145	145	certification for an application approved prior to the effective
146	146	date of this act shall b e eligible to receive certification on an
147	147	application submitted after the effective date of this act . Within
148	148	ninety (90) days of the applicant receiving notice of certification,
149	149	the rural fund shall issue the capital investment to and receive
150	150	cash in the amount of the certified amount from a rural investor.
151	151	At least ten percent (10%) of the rural investor ’s capital
152	152	investment shall be composed of capital raised by the rural inve stor
153	153	directly or indirectly from sources including directors, members,
154	154	employees, officers, and affiliates of the rural investor, other
155	155	than the amount invested by the allocatee claiming the tax credits
156	156	in exchange for such allocation of tax credits. The rural fund
157	157	shall provide the Department with evidence of the receipt of the
158	158	cash investment within ninety -five (95) days of the applicant
159	159	receiving notice of certification.
160	160	B. If the rural fund does not receive the cash investment and
161	161	issue the capital in vestment within such time period following
162	162	receipt of the certificate notice, the certification shall lapse and
163	163	the rural fund shall not issue the capital investment without
164	164	reapplying to the Department for certification. Lapsed
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216	216	certifications shall rever t to the Department and shall be reissued
217	217	pro rata to applicants whose capital investment allocations were
218	218	reduced in accordance with the application process provided under
219	219	subsection D of Section 3 of this act Section 3932 of this title .
220	220	C. A rural fund, before making a qualified investment, may
221	221	request from the Department a writt en opinion as to whether the
222	222	business in which it proposes to invest is an eligible business.
223	223	The Department, no later than fifteen (15) business days after the
224	224	date of receipt of such request, shall notify the rural fund of its
225	225	determination. If the Department fails to notify the rural fund of
226	226	its determination by the twentieth business day, the business in
227	227	which the rural fund proposes to invest shall be deemed an eligible
228	228	business.
229	229	SECTION 2. This act shall become effective July 1, 202 5.
230	230	SECTION 3. It being immediately necessary for the preservation
231	231	of the public peace, health or safety, an emergency is hereby
232	232	declared to exist, by reason wher eof this act shall take effect and
233	233	be in full force from and after its passage and approval.
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235	235	60-1-618 QD 12/30/2024 4:48:25 PM

Oklahoma 2025 Regular Session

Oklahoma Senate Bill SB221 Compare Versions