Oklahoma 2025 Regular Session

Oklahoma Senate Bill SB324 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	SB324 HFLR Page 1
4		-	BOLD FACE denotes Committee Amendments. 1
	3	+	ENGR. S. B. NO. 324 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. 324 By: Thompson of the Senate
37	30
38	31		and
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40	33		Hill of the House
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45	38		[ rebate program - Rebate Fund - rebate program -
46	39		eligibility - payment - claim amounts - promulgation
47	40		of rules - codification - effective date –
48	41		emergency ]
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53	46		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
54	47		SECTION 1. NEW LAW A new section of law to be codified
55	48		in the Oklahoma Statutes as Section 5091 of Title 74, unless there
56	49		is created a duplication in numbering, reads as follows:
57	50		A. “Qualified research expenditures ” means the amount of
58	51		qualified research expenses claimed on line 9 or line 28 of federal
59	52		Form 6765 (Rev. December 2023) or the relevant line number of
60	53		federal Form 6765 in effect for the applicable tax year for ex penses
61	54		incurred in this state.
62	55		B. There is hereby created in the State Treasury a revolving
63	56		fund for the Oklahoma Department of Commerce to be designated the
64	57		“Oklahoma Research and Development Rebate Fund ”. The fund shall be
	58	+	a continuing fund, not subject to fi scal year limitations, and shall
	59	+	consist of all monies appropriated to the Department that are
	60	+	designated for deposit in the fund. Monies appropriated to this
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66		-	SB324 HFLR Page 2
67		-	BOLD FACE denotes Committee Amendments. 1
	62	+	ENGR. S. B. NO. 324 Page 2 1
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92		-	a continuing fund, not subject to fiscal year limitations, and shall
93		-	consist of all monies appropriated to the Department that are
94		-	designated for deposit in the fund. Monies appropriated to this
95	87		fund shall be expended to reimburse qualifying establishments for
96	88		qualified research expe nditures.
97	89		C. There is hereby created a research and development rebate
98	90		program for the cost of qualified research expenditures by
99	91		establishments.
100	92		D. The investment rebate program shall be administered by the
101	93		Oklahoma Department of Commerce.
102	94		E. To be eligible for consideration for a research and
103	95		development rebate payment awarded under the provisions of this act,
104	96		the establishment shall:
105	97		1. Submit an application and documentation to the Department,
106	98		as required by the Department ;
107	99		2. Provide documentation as required by the Department to
108	100		determine that the research and development expenditures occurred
109	101		within this state; and
110	102		3. Have filed all Oklahoma tax returns as required by law.
111	103		F. Claims for rebate approved by the Department shall be equal
112	104		to five percent (5%) of qualified research expenditures of the
113	105		establishment.
114	106		G. Claims for rebate approved by the Department shall be paid
115	107		in the order that they are received . Total claims approved for
	108	+	rebate shall not exceed the balance of the Oklahoma Research and
	109	+	Development Rebate Fund. In no event shall claims approved for
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117		-	SB324 HFLR Page 3
118		-	BOLD FACE denotes Committee Amendments. 1
	111	+	ENGR. S. B. NO. 324 Page 3 1
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143		-	rebate shall not exceed the balance of the Oklahoma Research and
144		-	Development Rebate Fund. In no event shall claims approved for
145	136		rebate exceed Twenty Million Dollars ($20,000,000.00) in any fiscal
146	137		year.
147	138		H. If the amount of a claim exceeds the amount available in the
148	139		Oklahoma Research and Development Rebate Fund or the fi scal year
149	140		limitation provided in subsection G of this section, the payment may
150	141		be made in a prorated amount . Claims for rebate not approved by the
151	142		Department due to the limitations provided in subsection G of this
152	143		section may be approved and paid i n subsequent fiscal years.
153	144		I. The Oklahoma Department of Commerce may promulgate rules to
154	145		effectuate the provisions of this section.
155	146		SECTION 2. This act shall become effective July 1, 2025.
156	147		SECTION 3. It being immediately necess ary for the preservation
157	148		of the public peace, health or safety, an emergency is hereby
158	149		declared to exist, by reason whereof this act shall take effect and
159	150		be in full force from and after its passage and approval.
160	151
161		-	COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS AND BUDGET , dated
162		-	04/17/2025 - DO PASS, As Amended.
	152	+	ENGR. S. B. NO. 324 Page 4 1
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	177	+	Passed the Senate the 25th day of March, 2025.
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	181	+	Presiding Officer of the Senate
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	184	+	Passed the House of Representatives the ____ day of __________,
	185	+	2025.
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	189	+	Presiding Officer of the House
	190	+	of Representatives
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