The bill amends the Oklahoma Rural Jobs Act to expand the annual credit limitation for state tax credits related to rural funds. Specifically, it increases the cap from $15 million to $30 million for applications approved on or after the effective date of the act, while maintaining the $15 million limit for applications approved before that date. Additionally, the bill allows rural funds certified during the initial application period to be eligible for certification in subsequent application periods.

The legislation also updates statutory references and outlines the process for rural funds to issue capital investments and receive cash from rural investors. It establishes a timeline for these transactions and specifies that if a rural fund fails to meet the investment timeline, the certification will lapse, requiring reapplication. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.