The bill amends the Oklahoma Emission Reduction Technology Rebate Program by modifying the eligibility requirements for rebate payments and clarifying statutory language. Key changes include the requirement for applicants to submit documentation stating the amount of expenditures related to the implementation of a qualified Emission Reduction Project within six months after the project’s completion, rather than after expenditures were made. Additionally, all applications for rebate payments must be submitted six months prior to the cessation of the program. The Department of Environmental Quality is tasked with establishing a process for preliminary review and approval of rebate applications before project funds are expended.

The bill also stipulates that the Department of Environmental Quality will approve or disapprove all claims for rebate payments and notify the Oklahoma Tax Commission, which will issue payments from the designated funds. If the approved claims exceed the available funds, payments will be made proportionally to all claimants. Furthermore, any claims that exceed the fund balance may be partially paid, with the remaining amount to be paid once sufficient funds are available. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage.