This bill amends the Oklahoma Rural Jobs Act by increasing the annual credit limitation for state tax credits available to rural funds. Specifically, it allows for a maximum of $15 million in tax credits for applications approved before the effective date of the act, and $30 million for those approved on or after that date. Additionally, the bill stipulates that rural funds certified during the initial application period can be eligible for certification in subsequent application periods. The amendments also update statutory references and outline the process for rural funds to issue capital investments and receive cash from rural investors.

The bill includes provisions for the certification process, stating that if a rural fund does not receive the cash investment and issue the capital investment within a specified timeframe, the certification will lapse, requiring the fund to reapply. Furthermore, it allows rural funds to seek a written opinion from the Department regarding the eligibility of a business for investment, with a default provision that deems the business eligible if the Department does not respond within a specified period. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.