Oklahoma 2025 Regular Session

Oklahoma Senate Bill SB300 Compare Versions

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Version 2 (New)

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	3	+	ENGR. S. B. NO. 300 Page 1 1
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29		-	HOUSE OF REPRESENTATIVES - FLOOR VERSION
30		-
31		-	STATE OF OKLAHOMA
32		-
33		-	1st Session of the 60th Legislature (2025)
34	27
35	28		ENGROSSED SENATE
36	29		BILL NO. 300 By: Kirt of the Senate
37	30
38	31		and
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40	33		Townley of the House
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45	38		An Act relating to the Oklahoma Capital Investment
46	39		Board; amending 74 O.S. 2021, Sections 5085.5,
47	40		5085.6, 5085.8, 5085.10, 5085.11, 5085.12, 5085.14,
48	41		5085.15, and 5085.16, which relate to the Oklahoma
49	42		Capital Formation Act; modifying definition;
50	43		modifying reference; dissolving Board upon certain
51	44		date; transferring certain contracts and management
52	45		of certain investments to the Oklahoma Science and
53	46		Technology Research and Development Board;
54	47		transferring certain revolving fund to the Oklahoma
55	48		Center for the Advancement of Science and Technology;
56	49		making language gender neutral; updating statutory
57	50		reference; updating statutory language; and providing
58	51		an effective date.
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65	58		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
66	59		SECTION 1. AMENDATORY 74 O.S. 2021, Section 5085.5, is
67	60		amended to read as follows:
68	61		Section 5085.5. For purposes of this act the Oklahoma Capital
69	62		Formation Act:
	63	+	1. “Board” means the Oklahoma Capital Investment Board Science
	64	+	and Technology Research and Development Board of the Oklahoma Center
	65	+	for the Advancement of Science and Technology ;
	66	+	2. “Director” means any person who is a member of the Board;
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71		-	SB300 HFLR Page 2
72		-	BOLD FACE denotes Committee Amendments. 1
	68	+	ENGR. S. B. NO. 300 Page 2 1
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97		-	1. “Board” means the Oklahoma Capital Investment Board Science
98		-	and Technology Research and Development Board of the Oklahoma Center
99		-	for the Advancement of Science an d Technology;
100		-	2. “Director” means any person who is a member of the Board;
101	93		3. “Equity capital” means capital invested in common or
102	94		preferred stock, royalty rights, limited partnership interests, and
103	95		any other securities or rights that evidence ownership in private
104	96		businesses;
105	97		4. “Investor group” means any individual, corporation,
106	98		partnership, or other lawfully organized entity;
107	99		5. “Near-equity capital” means capital invested in unsecured,
108	100		undersecured, subordinated , or convertible loans or debt securities;
109	101		6. “Persons” means individuals, corporations, partnerships , or
110	102		other lawfully organized entit ies;
111	103		7. “Put option” means a right or privilege to sell an amount of
112	104		a particular security or class of securities during a time period
113	105		ending on the expiration date of the option; and
114	106		8. “Tax credits” means tax credits available against
115	107		liabilities imposed by S ection 2355 of Title 68 of the Oklahoma
116	108		Statutes or Section 624 of Title 36 of the Oklahoma Statutes and
117	109		issued or transferred pursuant to this act the Oklahoma Capital
118	110		Formation Act.
119	111		a. The tax credits issued or transferred pursuant to the
120	112		Oklahoma Capital Formation Act, upon election by the
	113	+	purchaser at utilization, will be treated as a payment
	114	+	or prepayment in lieu of tax imposed under Section
	115	+	2355 of Title 68 of the Oklahoma Statutes ;.
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122		-	SB300 HFLR Page 3
123		-	BOLD FACE denotes Committee Amendments. 1
	117	+	ENGR. S. B. NO. 300 Page 3 1
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148		-	purchaser at utilization, will be treated as a payment
149		-	or prepayment in lieu of tax imposed under Section
150		-	2355 of Title 68 of the Oklahoma Statutes ;.
151	142		b. Tax credits utilized pursuant to subparagraph a of
152	143		this paragraph shall be treated and may be claimed as
153	144		a payment of tax or estimated tax for the purposes of
154	145		and as defined provided in Sections 2375, 2385.9 , and
155	146		2385.13 of Title 68 of the Oklahoma Statutes. Such
156	147		tax credits are further subject to the system
157	148		developed in conjunction with the Oklahoma Tax
158	149		Commission as required by subsection C H of Section
159	150		5085.7 of this title for registration and verification
160	151		of the tax credits. Taxpayers may rely upon the
161	152		provisions of the registration and verification system
162	153		developed pursuant to Section 5085.7 of this title.
163	154		SECTION 2. AMENDATORY 74 O.S. 2021, Section 5085.6, is
164	155		amended to read as follows:
165	156		Section 5085.6. A. The Until the effective date of this act,
166	157		the Oklahoma Capital Investment B oard shall consist of five (5)
167	158		Directors who shall be appointed by the Governor with the advice and
168	159		consent of the Senate. Directors shall be selected based upon
169	160		outstanding knowledge and leadership and shall possess experience in
170	161		the management of investments s imilar in nature and in value to
171	162		those of the Board. Directors shall serve for a term of office of
	163	+	five (5) years. Provided, the initial Board of Directors of the
	164	+	Oklahoma Capital Investment Board shall consist of the trustees of
	165	+	the trust certified as the Oklahoma Capital Investment Board
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173		-	SB300 HFLR Page 4
174		-	BOLD FACE denotes Committee Amendments. 1
	167	+	ENGR. S. B. NO. 300 Page 4 1
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199		-	five (5) years. Provided, the initial Board of Dir ectors of the
200		-	Oklahoma Capital Investment Board shall consist of the trustees of
201		-	the trust certified as the Oklahoma Capital Investment Board
202	192		pursuant to the provisions of Section 2 of this act Section 5085.2
203	193		of this title and the Directors of the Oklahoma Capital Investment
204	194		Board who were appointed pursuant to the provisions of Section
205	195		5061.6 of Title 74 of the Oklahoma Statutes . Positions on the Board
206	196		of Directors held by trustees of such trust shall not be filled as
207	197		the terms of office for said the trustees expire. Positions on the
208	198		Board of Directors held by Directors of the Oklahoma Capital
209	199		Investment Board shall be filled by the Governor with the advice and
210	200		consent of the Senate as the terms of office for said the Directors
211	201		expire and in a manner to allow one member to rotate off of the
212	202		Board each year.
213	203		B. Annually, the Directors shall select a chairman chair to
214	204		preside at their meetings. The Directors shall have the authority
215	205		to manage the Oklahoma Capital Investment Board in accordance with
216	206		the requirements of this act the Oklahoma Capital Formation Act and
217	207		its trust indenture.
218	208		C. The meetings of the Directors shall be subject to the
219	209		Oklahoma Open Meeting Act, Section 301 et seq. of Title 25 of the
220	210		Oklahoma Statutes, and the Oklahoma Open Records Act, Section 24A.1
221	211		et seq. of Title 51 of the Oklahoma Statutes. Any information
222	212		submitted to or compiled by the Oklahoma Capital Investment Board
	213	+	with respect to the marketing plans, financial statements, trade
	214	+	secrets, research concepts, methods or products, or any other
	215	+	proprietary information of persons, firms, associations,
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224		-	SB300 HFLR Page 5
225		-	BOLD FACE denotes Committee Amendments. 1
	217	+	ENGR. S. B. NO. 300 Page 5 1
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250		-	with respect to the marketing plans, financial statements, trade
251		-	secrets, research concepts, methods or produ cts, or any other
252		-	proprietary information of persons, firms, associations,
253	242		partnerships, agencies, corporations, or other entities shall be
254	243		confidential, except to the extent that the person or entity that
255	244		provided such information or that is the subject of such information
256	245		consents to disclosure. Executive sessions may be held to discuss
257	246		such materials if deemed necessary by the Directors.
258	247		D. A conflict of interest shall be deemed to exist in any
259	248		contractual relationship in which a Director of the Board, officer,
260	249		agent, or employee or any for -profit firm or corporation in which
261	250		such Director, officer , agent, or employee or any member of his or
262	251		her immediate family is an officer, partner, or principal
263	252		stockholder, shall directly or indirectly buy or sell goods or
264	253		services to, or otherwise contract with the Board. Upon a showing
265	254		thereof, such Director, office r, agent, or employee shall be subject
266	255		to removal and such contract shall be deemed unenforceable as
267	256		against the Board unless the records of the Board shall reflect that
268	257		such Director, officer, agent , or employee fully and publicly
269	258		disclosed all such interest or interests, and unless such
270	259		contractual relationship shall have been secured by competitive
271	260		bidding following a public invitation to bid. If a Director,
272	261		officer, agent, or employee holds such an interest, he or she shall
273	262		refrain from any further off icial involvement in regard to such
	263	+	contract or agreement, from voting on any matter pertaining to such
	264	+	contract or agreement, and from communicating with other Board
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275		-	SB300 HFLR Page 6
276		-	BOLD FACE denotes Committee Amendments. 1
	266	+	ENGR. S. B. NO. 300 Page 6 1
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301		-	contract or agreement, from voting on any matter pertaining to such
302		-	contract or agreement, and from communicating w ith other Board
303	291		members, officers, agents , or employees concerning said the contract
304	292		or agreement.
305	293		E. Bonds issued by the Oklahoma Capital Investment Board shall
306	294		be subject to oversight pursuant to the Oklahoma Bond Oversight and
307	295		Reform Act, Section 695.1 et seq. of Title 62 of the Oklahoma
308	296		Statutes.
309	297		F. Upon the effective date of this act, the Oklahoma Capi tal
310	298		Investment Board shall be dissolved. Any contracts or agreements
311	299		executed by the Board or by any subsidiary or affiliate of the Board
312	300		and any investment of funds required by the provisions of a contract
313	301		executed by the Board or by any subsidiar y or affiliate of the Board
314	302		shall be transferred to and managed by the Oklahoma Center for the
315	303		Advancement of Science and Technology.
316	304		SECTION 3. AMENDATORY 74 O.S. 2021, Section 5085.8, is
317	305		amended to read as follows:
318	306		Section 5085.8. A. Except as otherwise provided by subsections
319	307		F and G of this section, the Oklahoma Capital Investment Science and
320	308		Technology Research and Development Board shall have the power to
321	309		solicit proposals from qualified investor groups for investment of
322	310		capital in accordance with the requirements of the Oklahoma Capital
323	311		Formation Act. The Board shall establish criteria for selection of
324	312		persons, firms, corporations , or other entities deemed qualified to
	313	+	generate capital for investment in a manner which will result in a
	314	+	significant potential to create jobs and to diversify and stabilize
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327		-	BOLD FACE denotes Committee Amendments. 1
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352		-	generate capital for investment in a manner which will result in a
353		-	significant potential to create jobs and to diversify and stabilize
354	341		the economy of the State of Oklahoma this state. Such criteria
355	342		shall include the applicant ’s level of experience, quality of
356	343		management, investment philosophy and process, hi storical investment
357	344		performance, probability of success in fund raising, the amount and
358	345		timing of fees to be paid, and such other investment criteria as may
359	346		be commonly used in professional portfolio management as the Board
360	347		may deem appropriate.
361	348		B. Except as otherwise provided by subsections F and G of this
362	349		section, the Board shall have the power to extend a guarantee in the
363	350		form of a put option or such other method as selected by the Board.
364	351		Guarantees may extend to principal plus interest over the term o f
365	352		the guarantee at a rate set by Board resolution from time to time.
366	353		Guarantees in whatever form negotiated by the Board may be made for
367	354		any period of time, but no term shall expire prior to January 1,
368	355		1992. The Board may charge a reasonable fee for costs and t he fair
369	356		compensation of risk associated with its guarantee. The guarantees
370	357		extended by the Board shall in no way be an obligation of the state
371	358		and may be restricted to specific funds or assets of the Board;
372	359		provided, however, proceeds from the sale of any tax credits shall
373	360		be sufficient to meet contractual guarantee obligations of the
374	361		Board. The Board shall have the right to contract freely to protect
375	362		the interests of the State of Oklahoma this state. The Board shall
	363	+	ensure that at least Two Dollars ($2. 00) will be invested in
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377		-	SB300 HFLR Page 8
378		-	BOLD FACE denotes Committee Amendments. 1
	365	+	ENGR. S. B. NO. 300 Page 8 1
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403		-	ensure that at least Two Dollars ($2. 00) will be invested in
404	390		Oklahoma businesses or projects for every One Dollar ($1.00) of
405	391		principal guaranteed by the Board.
406	392		C. If the Board purchases any security pursuant to an agreement
407	393		with an investor group, the Board shall acquire such securiti es and
408	394		may invest, manage, transfer , or dispose of such securities in
409	395		accordance with policies for management of assets adopted by the
410	396		Board.
411	397		D. Except as otherwise provided by subsections F and G of this
412	398		section, the Board shall have the power to make any contr act,
413	399		execute any document, perform any act , or enter into any financial
414	400		or other transaction necessary in order to carry out its mission.
415	401		The Board may employ such persons as may be required for the
416	402		performance of any function authorized or require d by the Oklahoma
417	403		Capital Formation Act or necessary for the accomplishment of any
418	404		such function. Such persons shall be selected based upon
419	405		outstanding knowledge and leadership in the field for which the
420	406		person performs services for the Board. In selecting such persons,
421	407		the Board shall hire persons who meet standards applicable to
422	408		persons responsible for investment of equity and near -equity
423	409		securities.
424	410		E. In carrying out the mission of the Board as authorized in
425	411		the Oklahoma Capital Formation Act, neithe r the Board nor its
426	412		officers, directors, or employees shall be considered to be broker -
	413	+	dealers, agents, investment advisors , or investment adviser
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428		-	SB300 HFLR Page 9
429		-	BOLD FACE denotes Committee Amendments. 1
	415	+	ENGR. S. B. NO. 300 Page 9 1
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454		-	dealers, agents, investment advisors , or investment adviser
455	440		representatives under Title 71 of the Oklahoma Statutes. The tax
456	441		credits issued or transferred pursuant to the Okla homa Capital
457	442		Formation Act and Section 2357.7 of Title 68 of the Oklahoma
458	443		Statutes shall not be considered to be securities under Title 71 of
459	444		the Oklahoma Statutes.
460	445		F. On and after the effective date of this act June 8, 2012,
461	446		except for the investm ent of funds required by provisions in a
462	447		contract executed by the Board or by any subsidiary or affiliate of
463	448		the Board prior to the effective date of this act June 8, 2012, or
464	449		executed by an entity that was not a subsidiary or affiliate of the
465	450		Board at the time such contract was executed but which became a
466	451		subsidiary or affiliate of the Board subsequent to the execution of
467	452		such contract, but prior to the effective date of this act June 8,
468	453		2012, neither the Board nor any entity which is a subsidiary or
469	454		affiliate of the Board nor any entity which is controlled either
470	455		directly or indirectly by the Board or which acts under the
471	456		authority of or pursuant to the direction of the Board shall:
472	457		1. Enter into any contract authorizing or requiring the
473	458		investment of any funds obtained by the Board, or commitment binding
474	459		the Board to make any investment of any funds obtained by the Board,
475	460		or the investment of any funds obtained by a subsidiary, affiliate ,
476	461		or any entity under the direct or indirect control of the Board, in
477	462		any corporation, general partnership, limited partnership, limited
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480		-	BOLD FACE denotes Committee Amendments. 1
	464	+	ENGR. S. B. NO. 300 Page 10 1
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505	489		liability company, private equity or hedge fund , or other lawfully
506	490		recognized business entity; or
507	491		2. Modify any agreement executed prior to the effective date of
508	492		this act June 8, 2012, by the Board or executed by any subsidiary or
509	493		affiliate of the Board or executed by any entity that was not a
510	494		subsidiary or affiliate of the Board at the time such contract was
511	495		executed, but which subsequently became a subsidiary or affiliate,
512	496		in any manner that would have the effect of increasing the amount of
513	497		any contractual commitment to make an investment of funds in a
514	498		general or limited partnership, corporation, limited liability
515	499		company, private equity or hedge fund , or any other lawfully
516	500		recognized entity.
517	501		G. On and after the effective date of this act June 8, 2012,
518	502		except for the use of funds required by provisions in a contract
519	503		executed by the Board or by any subsidiary or affiliate of the Board
520	504		prior to the effective date of this act June 8, 2012, or executed by
521	505		an entity that was not a subsidiary or affiliate of the Board at the
522	506		time such contract was executed but which became a subsidiary or
523	507		affiliate of the Board subsequent to the execution of such contract,
524	508		but prior to the effective date of this act June 8, 2012, neither
525	509		the Board nor any entity which is a subsidiary or affiliate of the
526	510		Board nor any entity which is controlled either directly or
527	511		indirectly by the Board or which acts under the authority of or
528	512		pursuant to the direction of the Board shall:
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530		-	SB300 HFLR Page 11
531		-	BOLD FACE denotes Committee Amendments. 1
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556	539		1. Enter into any contract for the purpose of guaranteeing, in
557	540		whole or in part, the repayment of obligations owed by a business
558	541		entity, other than a subsidiary of the Board, in connection with a
559	542		loan of money from a bank, financial institution , or any other
560	543		entity; or
561	544		2. Modify any contract described by paragraph 1 of this
562	545		subsection executed prior to the effective date of this act June 8,
563	546		2012, by the Board or executed by any subsidiary or affiliate of the
564	547		Board or executed by any entity that wa s not a subsidiary or
565	548		affiliate of the Board at the time such contract was executed, but
566	549		which subsequently became a subsidiary or affiliate, in a manner
567	550		that would increase any existing obligation of the Board or its
568	551		subsidiary or affiliate or extend the term of any such contract.
569	552		SECTION 4. AMENDATORY 74 O.S. 2021, Section 5085.10, is
570	553		amended to read as follows:
571	554		Section 5085.10. Notwithstanding other provisions of law, the
572	555		Oklahoma Science and Technology Research and Development Board or
573	556		any entity designated by the Board, shall have the authority to
574	557		expend funds to administer and operate the programs of the Oklahoma
575	558		Capital Investment Board.
576	559		SECTION 5. AMENDATORY 74 O.S. 2021, Section 5085.11, is
577	560		amended to read as follows:
578	561		Section 5085.11. A. There is hereby created in the State
579	562		Treasury a revolving fund for the Oklahoma Department of Commerce
580	563
581		-	SB300 HFLR Page 12
582		-	BOLD FACE denotes Committee Amendments. 1
	564	+	ENGR. S. B. NO. 300 Page 12 1
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606	588
607	589		Oklahoma Center for the Advancement of Science and Technology to be
608	590		designated the “Oklahoma Capital Formatio n Revolving Fund”. The
609	591		fund shall be a continuing fund, not subject to fiscal year
610	592		limitations, and shall consist of appropriated funds. All monies
611	593		accruing to the credit of said the fund are hereby appropriated and,
612	594		as authorized by the Oklahoma Capital Investment Science and
613	595		Technology Research and Development Board, shall be expended by the
614	596		Oklahoma Department of Commerce Oklahoma Center for the Advancement
615	597		of Science and Technology to perform the duties imposed upon the
616	598		Oklahoma Capital Investment Board by law. Expenditures of
617	599		appropriated funds from said the fund shall be made upon warrants
618	600		issued by the State Treasurer against claims filed as prescribed by
619	601		law with the Director of the Office of Management and Enterprise
620	602		Services for approval and payment.
621	603		B. On the effective date of this act July 1, 1991, any
622	604		unencumbered funds remaining in the Oklahoma Capital Investment
623	605		Board Revolving Fund shall be transferred to the credit of the
624	606		Oklahoma Capital Formation Revolving Fund. Any unexpended funds
625	607		remaining in the Oklahoma Capital Investment Board Revolving Fund
626	608		after November 15, 1991, shall be transferred to the credit of the
627	609		Oklahoma Capital Formation Revolving Fund.
628	610		SECTION 6. AMENDATORY 74 O.S. 2021, Section 5085.12, is
629	611		amended to read as follows:
630	612
631		-	SB300 HFLR Page 13
632		-	BOLD FACE denotes Committee Amendments. 1
	613	+	ENGR. S. B. NO. 300 Page 13 1
633	614		2
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656	637
657	638		Section 5085.12. Nothing contained herein is or shall be
658	639		construed as a restriction or limitation upon any powers which the
659	640		Oklahoma Capital Investment Science and Technology Research and
660	641		Development Board might otherwise have under any other law of this
661	642		state heretofore or hereafter enacted and the provisions of this act
662	643		the Oklahoma Capital Formation Act are cumulative to such powers.
663	644		The provisions hereof do and shall be construed to provide a
664	645		complete, additional , and alternative method for the doing of the
665	646		things authorized and shall be regarded as supplemental and
666	647		additional to powers conferred by any other laws.
667	648		SECTION 7. AMENDATORY 74 O.S. 2021, Section 5085.14, is
668	649		amended to read as follows:
669	650		Section 5085.14. A. The Oklahoma Capital Investment Science
670	651		and Technology Research and Development Board may adopt rules,
671	652		policies, procedures , and regulatory and administrative measures
672	653		necessary to administer the programs of the Board or convenient for
673	654		the organization and internal management of Board responsibilities.
674	655		B. The level, timing , or degree of success of the Oklahoma
675	656		Capital Investment Board in mobilizing or ensuring investment in
676	657		Oklahoma businesses or projects, accomplishing other economic
677	658		development objectives, or achieving any other statutory duty shall
678	659		not compromise, diminish, invalidate , or affect the enforceability
679	660		of any guarantee of the Board.
680	661
681		-	SB300 HFLR Page 14
682		-	BOLD FACE denotes Committee Amendments. 1
	662	+	ENGR. S. B. NO. 300 Page 14 1
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706	686
707	687		SECTION 8. AMENDATORY 74 O.S. 2021, Section 5085.15, is
708	688		amended to read as follows:
709	689		Section 5085.15. Within thirty (30) days after the Oklahoma
710	690		Capital Investment Science and Technology Research and Development
711	691		Board or any subsidiary or affiliate of the Board has made payment
712	692		of any remaining expense or obligation cr eated by the Board or by
713	693		the subsidiary or affiliate, pursuant to the terms of any promissory
714	694		note, loan agreement, guaranty agreement, investment agreement , or
715	695		other contract or agreement, any remaining monies paid to either the
716	696		Board or any subsidiary or affili ate of the Board pursuant to the
717	697		terms of an agreement or contract entered into prior to the
718	698		effective date of this act June 8, 2012, shall be paid by the Board
719	699		or by its subsidiary or affiliate to the General Revenue Fund of the
720	700		State Treasury.
721	701		SECTION 9. AMENDATORY 74 O.S. 2021, Section 5085.16, is
722	702		amended to read as follows:
723	703		Section 5085.16. None of the provisions of this act the
724	704		Oklahoma Capital Formation Act shall alter, amend, modify, affect,
725	705		diminish, or impair the enforcea bility of, or any obligation or
726	706		liability of the Oklahoma Capital Investment Science and Technology
727	707		Research and Development Board or any entity which is a subsidiary
728	708		or affiliate of the Oklahoma Capital Investment Board or any entity
729	709		which is controlled either directly or indirectly by the Oklahoma
730	710		Capital Investment Board under any contract, agreement, guarantee ,
731	711
732		-	SB300 HFLR Page 15
733		-	BOLD FACE denotes Committee Amendments. 1
	712	+	ENGR. S. B. NO. 300 Page 15 1
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757	736
758	737		or instrument entered into or delivered by such party with any
759	738		business entity or bank, financial institution , or any other entity
760	739		existing as of the effective date of this act June 8, 2012,
761	740		including, without limitation, any guarantee extended by the
762	741		Oklahoma Capital Investment Board and any assignment of any third -
763	742		party commitments to purchase, and proceeds released from the sale
764	743		of, tax credits, all of which shall remain in full force and effect.
765	744		SECTION 10. This act shall become effective November 1, 2025.
	745	+	Passed the Senate the 10th day of March, 2025.
766	746
767		-	COMMITTEE REPORT BY: COMMITTEE ON GOVERNMENT OVERSIGHT, dated
768		-	04/15/2025 - DO PASS.
	747	+
	748	+
	749	+	Presiding Officer of the Senate
	750	+
	751	+
	752	+	Passed the House of Representatives th e ____ day of __________,
	753	+	2025.
	754	+
	755	+
	756	+
	757	+	Presiding Officer of the House
	758	+	of Representatives
	759	+