The bill amends Section 2357.32A of the Oklahoma income tax code, which pertains to tax credits for the sale of electricity generated by zero-emission facilities. It establishes that tax credits will be available for tax years from 2003 through 2025, with specific provisions for eligible renewable resources. The bill limits the carry-forward of unused credits to a maximum of ten years or until tax year 2025, whichever comes first. Additionally, it introduces a cap on the total amount of credits that can be claimed annually for certain renewable resources, set at $500,000, and outlines a formula for adjusting the credits to ensure this limit is not exceeded.

Key changes include the deletion of references to tax years beginning on or after January 1, 2003, and the insertion of language specifying the credit's availability through tax year 2025. The bill also modifies the provisions regarding the transferability of credits and the eligibility of nontaxable entities to establish transferable tax credits. Furthermore, it mandates the preparation of an annual report by the Tax Commission to summarize the credits allowed and to provide recommendations for potential changes to the tax credit system. The act is set to take effect on November 1, 2025.