The bill amends the Oklahoma Tourism Development Act by extending the sunset date for the inducements provided under the Act from January 1, 2026, to January 1, 2032. It outlines the process for approved companies to claim sales tax credits based on their expenditures for tourism attraction projects, with specific provisions for projects costing between $500,000 and $1 million, and those exceeding $1 million. The bill also allows for the pass-through of sales tax credits to Entertainment District Tenant Parties, provided that certain conditions are met, including the filing of a written agreement with the Oklahoma Tax Commission.

Additionally, the bill transfers all currently approved tourism project agreements from the Oklahoma Tourism and Recreation Department to the Oklahoma Department of Commerce, effective November 1, 2021. It also stipulates that all administrative rules related to the Oklahoma Tourism Development Act will be transferred to the Oklahoma Department of Commerce, which will have the authority to amend or add to these rules. The act is set to become effective on November 1, 2025.

Statutes affected:
Introduced: 68-2397
Floor (House): 68-2397
Floor (Senate): 68-2397
Engrossed: 68-2397
Enrolled (final version): 68-2397