This bill amends various sections of the Oklahoma income tax law to enhance the confidentiality of records held by the Oklahoma Tax Commission and to refine the requirements for tax credits related to investments. Key changes include the amendment of Section 205, which updates the confidentiality provisions and expands the circumstances under which the Tax Commission can disclose information, particularly regarding tax credits. The bill mandates electronic submission of reports to state leaders and requires applicants for tax credits to provide specific information, including the legal names of venture capital companies and investment amounts. Additionally, it establishes new carry-forward provisions for tax credits and ensures that the Tax Commission provides data to the Incentive Evaluation Commission for better oversight.

Moreover, the bill revises the criteria for tax credits associated with manufacturing operations and job creation, extending eligibility for certain credits through 2026 and introducing new application requirements for credits starting in 2027. It sets a cap on the total amount of credits that can be claimed annually at $25 million and empowers the Tax Commission to disallow claims if required reports are not filed. Violations of these provisions are classified as misdemeanors, subject to fines or imprisonment. Overall, the bill aims to improve transparency, accountability, and oversight of tax incentives, ensuring they effectively contribute to economic growth.

Statutes affected:
Introduced: 68-205