The bill amends Section 5078 of Title 74 of the Oklahoma Statutes, which pertains to the income tax exemption for small business incubators. It maintains the existing exemption for income earned by tenants in incubators for up to ten years but introduces new requirements for tenants to continue qualifying for the exemption after the first tax year. Specifically, starting in tax year 2026, tenants must submit detailed information on a form prescribed by the Oklahoma Department of Commerce, which includes employment levels, estimated gross annual revenues, and any additional financial assistance received.

Additionally, the bill specifies that tenants must provide information on payments to subcontractors, costs for property and services, and any taxable income exempted in the previous tax year. The Oklahoma Tax Commission is tasked with creating rules to implement these new provisions. The act is set to take effect on November 1, 2025.