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 investments, streamlining the process. 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.

The bill also introduces amendments to the Oklahoma Central Purchasing Act, prohibiting agencies from entering into contracts with individuals who have been terminated from the agency for one year, while allowing certain exceptions for professional services. It further updates definitions and provisions regarding employee limits for various state agencies and repeals outdated sections of the law. The effective date for these changes is set for November 1, 2025.

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