This bill amends Section 1 of Chapter 348 of the Oklahoma Statutes to enhance the Oklahoma Research and Development Rebate Fund. It establishes a requirement for the Oklahoma Department of Commerce to verify all applications and documentation submitted by establishments seeking rebates for qualified research expenditures. The bill also updates statutory references and clarifies the process for claiming rebates, which are set at five percent of qualified research expenditures, with a cap of $20 million in total claims approved for any fiscal year.

Additionally, the bill specifies that claims for rebates will be processed in the order they are received and allows for prorated payments if the total claims exceed the available funds. It also includes provisions for claims not approved due to funding limitations to be considered in subsequent fiscal years. The act is set to take effect on July 1, 2026, and includes an emergency clause for immediate implementation upon passage and approval.