The bill amends the Oklahoma Rural Jobs Act by updating the provisions related to capital investment tax credits. It establishes a cap of Fifteen Million Dollars ($15,000,000.00) in state tax credits that can be claimed against state tax liability for applications approved both before and after the effective date of the act. Additionally, it clarifies that a rural fund receiving certification for an application approved prior to the effective date can still apply for certification on subsequent applications. The bill also stipulates that at least ten percent (10%) of the rural investor's capital investment must come from sources associated with the investor, and it requires the rural fund to provide evidence of cash investment within a specified timeframe.

Furthermore, the bill outlines the consequences of failing to meet the investment timeline, stating that if the rural fund does not receive the cash investment and issue the capital investment within the designated period, the certification will lapse, necessitating reapplication for certification. It also allows rural funds to seek a written opinion from the Department regarding the eligibility of a business for investment, with a default determination of eligibility if the Department does not respond within a specified timeframe. Overall, the amendments aim to enhance the clarity and functionality of the Oklahoma Rural Jobs Act.