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 a credit for taxpayers producing and selling electricity from such facilities for tax years from 2003 through 2025. The bill limits the carry-forward provisions for unused credits, stating that they may not be carried forward to tax year 2026 or later. Additionally, it updates statutory language and specifies that the total amount of credits for eligible renewable resources will be capped at $500,000 annually, with adjustments made 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 a specific end date for the credits in 2025. The bill also modifies the provisions regarding the refund of unused credits, allowing for a direct refund of 85% of the face value of credits generated after January 1, 2014, while ensuring that any remaining credits after the tenth year or by 2025 will also be refunded at the same percentage. The act is set to take effect on November 1, 2025.