The bill establishes the Oklahoma Research and Development Rebate Fund, which will be managed by the Oklahoma Department of Commerce. This fund is designed to reimburse qualifying establishments for their qualified research expenditures, defined as amounts claimed on specific lines of federal Form 6765 for expenses incurred in Oklahoma. The fund will consist of appropriated monies and will not be subject to fiscal year limitations, allowing for continuous operation. The rebate program will provide a 5% rebate on qualified research expenditures, with a cap of $20 million on total claims approved in any fiscal year.

To qualify for the rebate, establishments must submit an application and necessary documentation to the Department, confirm that their research expenditures occurred within the state, and ensure all Oklahoma tax returns are filed. Claims will be processed in the order received, and if the total claims exceed the available fund balance, payments may be prorated. Additionally, any unapproved claims due to funding limitations may be considered in subsequent fiscal years. The Department is also authorized to create rules to implement the provisions of this act.