The bill amends the Oklahoma Tourism Development Act by increasing the cumulative inducements available per year from Thirty Million Dollars ($30,000,000.00) to Fifty Million Dollars ($50,000,000.00). It also extends the sunset date for the sales tax credits and incentive payments authorized under the Act from January 1, 2026, to January 1, 2032. The bill 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 over One Million Dollars ($1,000,000.00) and those under that threshold. Additionally, it allows for the pass-through of sales tax credits to Entertainment District Tenant Parties under certain conditions.

Furthermore, the bill mandates that the Oklahoma Tax Commission develop a system to track the pass-through of sales tax credits and ensures that the approved companies provide proof of expenditures before receiving any tax credit or incentive payment. It also clarifies that no sales tax credit or incentive payment rights will be granted after the new sunset date, but companies with existing agreements prior to that date will still be eligible for inducements. The bill is set to take effect on November 1, 2025.

Statutes affected:
Introduced: 68-2397