The bill amends various sections of Oklahoma law related to the Oklahoma Capital Investment Board and tax credits for investments in qualified venture capital companies. Specifically, it updates statutory language in 68 O.S. 2021, Section 2357.7, which allows tax credits for investments in qualified venture capital companies aimed at developing business and industry in Oklahoma. The bill clarifies definitions, such as "qualified venture capital company" and "Oklahoma business venture," and modifies certain criteria, including capitalization requirements and investment limitations. Notably, it repeals the authority of the Oklahoma Capital Investment Board to certify qualified venture capital companies and qualifying investments, which is a significant change in the oversight of these entities.

Additionally, the bill amends 74 O.S. 2021, Sections 85.42 and 3601.1, updating language related to the Oklahoma Central Purchasing Act and the State Employment Review Board. It includes provisions that prohibit agencies from entering into contracts with individuals who have been terminated from state employment for one year and clarifies the definition of "employee" for the purposes of full-time equivalent calculations. The bill also repeals Sections 5085.1 through 5085.16, which pertained to the Oklahoma Capital Investment Board, and establishes an effective date of November 1, 2025, for the changes.

Statutes affected:
Introduced: 74-3601.1, 74-5085.1, 74-5085.16