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 allows approved companies that enter into tourism project agreements prior to the new sunset date to continue claiming or receiving inducements as outlined in their agreements. The bill also clarifies the process for approved companies to claim sales tax credits based on their expenditures for tourism attraction projects, including provisions for Entertainment Districts where companies can pass through credits to tenant parties.

Additionally, the bill mandates that the Oklahoma Tax Commission develop forms and instructions for claiming these inducements and establishes a system for tracking the pass-through of sales tax credits. It also stipulates that the cumulative inducements provided under the Act shall not exceed $30 million per year and requires proof of expenditures before issuing tax credit or incentive payment memoranda. The effective date of the bill is set for November 1, 2025.

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