This bill establishes an investment rebate program aimed at promoting economic development in Oklahoma, specifically targeting industries involved in hydrogen production and emission-free energy generation. The program will be in effect until July 1, 2031, and is designed for establishments that meet specific criteria, including refining or processing hydrogen-based products and generating emission-free power. To qualify for the rebate, establishments must submit an application detailing a capital expenditure plan of at least $750 million and demonstrate that they have made qualified capital expenditures of at least 20% of that plan. The Oklahoma Department of Commerce will be responsible for approving claims and issuing payments from the newly created Commerce Energy Manufacturing Activity Development Fund.

The bill also outlines the funding and operational procedures for the Commerce Energy Manufacturing Activity Development Fund, which will consist of all designated funds and will not be subject to fiscal year limitations. It includes provisions for the appropriation of $50 million from the General Revenue Fund for the fiscal year ending June 30, 2023, to support the rebate program. Additionally, any unencumbered funds remaining in the fund after July 1, 2031, will be transferred to the General Revenue Fund. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.