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ENGROSSED SENATE
BILL NO. 324 By: Thompson of the Senate
and
Hill of the House
[ rebate program - Rebate Fund - rebate program -
eligibility - payment - claim amounts - promulgation
of rules - codification - effective date –
emergency ]
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 5091 of Title 74, unless there
is created a duplication in numbering, reads as follows:
A. “Qualified research expenditures ” 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 for ex penses
incurred in this state.
B. There is hereby created in the State Treasury a revolving
fund for the Oklahoma Department of Commerce to be designated the
“Oklahoma Research and Development Rebate Fund ”. The fund shall be
a continuing fund, not subject to fi scal year limitations, and shall
consist of all monies appropriated to the Department that are
designated for deposit in the fund. Monies appropriated to this
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fund shall be expended to reimburse qualifying establishments for
qualified research expe nditures.
C. There is hereby created a research and development rebate
program for the cost of qualified research expenditures by
establishments.
D. The investment rebate program shall be administered by the
Oklahoma Department of Commerce.
E. To be eligible for consideration for a research and
development rebate payment awarded under the provisions of this act,
the establishment shall:
1. Submit an application and documentation to the Department,
as required by the Department ;
2. Provide documentation as required by the Department to
determine that the research and development expenditures occurred
within this state; and
3. Have filed all Oklahoma tax returns as required by law.
F. Claims for rebate approved by the Department shall be equal
to five percent (5%) of qualified research expenditures of the
establishment.
G. Claims for rebate approved by the Department shall be paid
in the order that they are received . Total claims approved for
rebate shall not exceed the balance of the Oklahoma Research and
Development Rebate Fund. In no event shall claims approved for
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rebate exceed Twenty Million Dollars ($20,000,000.00) in any fiscal
year.
H. If the amount of a claim exceeds the amount available in the
Oklahoma Research and Development Rebate Fund or the fi scal year
limitation provided in subsection G of this section, the payment may
be made in a prorated amount . Claims for rebate not approved by the
Department due to the limitations provided in subsection G of this
section may be approved and paid i n subsequent fiscal years.
I. The Oklahoma Department of Commerce may promulgate rules to
effectuate the provisions of this section.
SECTION 2. This act shall become effective July 1, 2025.
SECTION 3. It being immediately necess ary for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passage and approval.
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Passed the Senate the 25th day of March, 2025.
Presiding Officer of the Senate
Passed the House of Representatives the ____ day of __________,
2025.
Presiding Officer of the House
of Representatives