House Bill No. 2753 amends the Oklahoma Rural Jobs Act, specifically addressing the cap on capital investment tax credits. The bill establishes that the Department will certify capital investment authority for up to Fifteen Million Dollars ($15,000,000.00) in state tax credits for applications approved both before and after the effective date of the act. It clarifies that a rural fund receiving certification for an application approved prior to the act's effective date can still apply for certification on subsequent applications. Additionally, it mandates that at least ten percent (10%) of the rural investor's capital investment must come from sources associated with the investor, excluding the amount invested by the allocatee claiming the tax credits.

Furthermore, the bill outlines the process for the rural fund to issue capital investments and receive cash from rural investors within a specified timeframe. If the rural fund fails to meet this requirement, the certification will lapse, necessitating a reapplication for certification. The bill 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 period. Overall, the amendments aim to streamline the certification process and clarify the eligibility criteria for investments under the Oklahoma Rural Jobs Act.