SENATE FLOOR VERSION - SB324 SFLR Page 1
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SENATE FLOOR VERSION
March 3, 2025
AS AMENDED
SENATE BILL NO. 324 By: Thompson of the Senate
and
Hill of the House
[ income tax - tax credit - refundability - carry
forward - codification - effective date ]
BE IT ENACTED BY THE PEOPLE OF T HE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 2357.410 of Title 68, unless
there is created a duplication in numbering, reads as follows:
A. “Qualified research exp enditures” means the amount of
qualified research expenses claimed on line 9 or line 28 of federal
Form 6765 (Rev. December 2023) or the relevant line number of
federal Form 6765 in effect for the applicable tax year fo r expenses
incurred in this state.
B. For tax year 2026 and subsequent tax years, there shall be
allowed as a credit against the tax imposed pursuant to Section 2355
of Title 68 of the Oklahoma Statutes in the amount of five percent
(5%) of qualified research expenditures .
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C. The credit authorized pursuant to the provisions of
subsection B of this section shall not be used to reduce the income
tax liability of the taxpayer to less than zero (0).
D. If the amount of the credit allowed pursuant to subsecti on B
of this section exceeds the inco me tax liability, the amount of
credit not used in any tax year may be carried forward, in order, to
each of the five (5) subsequent tax years.
SECTION 2. This act shall become effective November 1, 2025.
COMMITTEE REPORT BY: COMMITTEE ON REVENUE AND TAXATION
March 3, 2025 - DO PASS AS AMENDED