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STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
SENATE BILL 221 By: Howard
AS INTRODUCED
An Act relating to income tax credit; amending
Section 4, Chapter 354, O.S.L. 2022 (68 O.S. Supp.
2024, Section 3933), which relates to t he Oklahoma
Rural Jobs Act; providing expanded annual credit
limitation for certain applications; stipulating that
rural funds certified during the initial application
period are eligible for certification in subsequent
application period; updating statutory references;
providing an effective date; and declaring an
emergency.
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 capital
investment authority under the provisions of this act the Oklahoma
Rural Jobs 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 calend ar year for applications
approved before the effective date of this act and Thirty Million
Dollars ($30,000,000.00) in state tax credits to be claimed against
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state tax liability in any calendar year for applications approved
on or after the effective date of this act , excluding any credit
amounts carried forward as provided under subsection A of Section 5
of this act Section 3934 of this title . A rural fund receiving
certification for an application approved prior to the effective
date of this act shall b e eligible to receive certification on an
application submitted after the effective date of this act . 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 certified amount 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 inve stor
directly or indirectly from sources including directors, members,
employees, officers, and 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 within 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 in vestment within such time period following
receipt of the certificate notice, the certification shall lapse and
the rural fund shall not issue the capital investment without
reapplying to the Department for certification. Lapsed
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certifications shall rever t to the Department and shall be reissued
pro rata to applicants whose capital investment allocations were
reduced in accordance with the application process provided under
subsection D of Section 3 of this act Section 3932 of this title .
C. A rural fund, before making a qualified investment, may
request from the Department a writt en 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 rural fund of
its determination by the twentieth business day, the business in
which the rural fund proposes to invest shall be deemed an eligible
business.
SECTION 2. This act shall become effective July 1, 202 5.
SECTION 3. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason wher eof this act shall take effect and
be in full force from and after its passage and approval.
60-1-618 QD 12/30/2024 4:48:25 PM