Senate Bill No. 718 amends existing tax credit provisions related to investments in qualified venture capital companies in Oklahoma. The bill allows a tax credit of 20% for cash investments made by qualified venture capital companies in Oklahoma business ventures, with specific criteria outlined for what constitutes a qualified venture capital company and an Oklahoma business venture. Notably, the bill removes the requirement for the Oklahoma Capital Investment Board to certify qualified venture capital companies and qualifying investments, streamlining the process for claiming tax credits. Additionally, it clarifies that the credit can be allocated to shareholders, partners, or members of pass-through entities, and specifies that the definition of a pass-through entity includes various business structures not taxed as corporations.

Furthermore, the bill includes amendments to regulations regarding contracts with state agencies, particularly concerning individuals who have previously been employed by those agencies. It prohibits agencies from entering into contracts with former employees for one year after their termination, while allowing certain exceptions for professional services. The bill also updates definitions and repeals outdated sections of the law, with an effective date set for November 1, 2025. Overall, the bill aims to enhance investment in Oklahoma's business sector while ensuring compliance and accountability in state contracting practices.

Statutes affected:
Introduced: 74-3601.1, 74-5085.1, 74-5085.16
Floor (Senate): 74-3601.1, 74-5085.1, 74-5085.16