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 refine, manufacture, or process hydrogen-based products, as well as those generating emission-free power. To qualify for the rebate, establishments must submit an application to the Oklahoma Department of Commerce, detailing a capital expenditure plan of at least $750 million and demonstrating that they have made qualified capital expenditures of at least 20% of that plan. The rebate amount is set at 6.67% of the qualified capital expenditure in the year of expenditure.

Additionally, the bill creates the Commerce Energy Manufacturing Activity Development Fund, which will be a continuing fund used to pay out the approved rebates. The fund will consist of all designated monies and will not be subject to fiscal year limitations. Any unencumbered funds remaining in the fund after July 1, 2031, will be transferred to the General Revenue Fund. The bill appropriates $50 million from the General Revenue Fund for the fiscal year ending June 30, 2023, to support this initiative. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.