BILL NO. 2753 By: Caldwell (Trey), Hill, Lowe (Dick), and Eaves of the House
and
Howard
of the Senate
An Act relating to the Oklahoma
Rural Jobs Act; amending Section 4, Chapter 354, O.S.L. 2022 (68 O.S. Supp.
2024, Section 3933), which relates to the cap on capital investment tax
credits; authorizing and limiting additional participation in program under
certain conditions; clarifying eligibility for certain certifications; and clarifying
reference.
SUBJECT: Oklahoma Rural Jobs Act
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 calendar year for applications
approved before the effective date of this act and Fifteen Million Dollars
($15,000,000.00) in state tax credits to be claimed against 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 be 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
investor 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 investment 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 certifications shall revert 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 written 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.
Passed the House of Representatives the 28th day of May, 2025.
Presiding Officer of the House
of Representatives
Passed the Senate the 28th day of May, 2025.
Presiding Officer of the Senate
OFFICE OF THE GOVERNOR
Received by the Office
of the Governor this ____________________ day of ___________________,
20_______, at _______ o'clock _______ M.
By:
_________________________________
Approved by the
Governor of the State of Oklahoma this _________ day of ___________________,
20_______, at _______ o'clock _______ M.
_________________________________
Governor of
the State of Oklahoma
OFFICE
OF THE SECRETARY OF STATE
Received by the Office
of the Secretary of State this __________ day of ___________________,
20_______, at _______ o'clock _______ M.
By:
_________________________________