The bill amends the Oklahoma Rural Jobs Act to expand the capital investment tax credits program. It establishes a new annual credit limitation of $15 million for applications approved before and after the effective date of the act, which is set for July 1, 2025. The bill also allows rural funds to participate in an additional offering of state tax credits, not to exceed $200 million, starting from the same effective date. This additional offering is intended to enhance the existing program and will be administered in accordance with the provisions of the Oklahoma Rural Jobs Act.

Key changes include the deletion of references to previous sections of the act and the insertion of new language that clarifies the eligibility and certification process for rural funds. The bill specifies that if a rural fund fails to receive the cash investment within the designated timeframe, the certification will lapse, requiring reapplication. Additionally, it allows rural funds to seek a written opinion from the Department regarding the eligibility of potential investments, with a default provision if the Department does not respond within the specified timeframe. The act also includes an emergency clause, allowing it to take effect immediately upon passage and approval.