ok-2333: Oklahoma Department of Commerce — Oklahoma Incentive and Tax Credit/Rebate Program
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This action is to implement the Oklahoma Research and Development Rebate Program funded by the Oklahoma Research and Development Fund as implemented in Senate Bill 324 of the 1st Session of the 60th Oklahoma Legislature. This program establishes the Oklahoma Research and Development Rebate Fund and creates a research and development rebate program to encourage private-sector innovation and investment in Oklahoma. The Act defines key terms, identifies sources of funding for the rebate program, and outlines how funds may be expended. The Oklahoma Department of Commerce is designated to administer the program, including evaluating applications, determining eligibility, and processing rebate payments. The bill specifies eligibility criteria, rebate amounts, and payment procedures, while also limiting the total amount of rebate claims that may be issued. Additionally, the measure authorizes the Department of Commerce to promulgate rules necessary to implement and enforce the provisions of the Act.
The agency’s own summary, as published.
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