The bill amends the Oklahoma Tourism Development Act by updating the title of the Chief Executive Director to Chief Executive Officer within the Oklahoma Department of Commerce. It increases the cumulative inducements available per year from $30 million to $60 million and modifies the provisions for sales tax credits for approved companies undertaking tourism projects. Companies that spend between $500,000 and $1 million on approved costs can receive a sales tax credit of up to 10%, while those spending over $1 million can receive a credit of up to 25%. The bill also allows for the pass-through of sales tax credits to Entertainment District Tenant Parties under certain conditions.

Additionally, the bill stipulates that no sales tax credits or incentive payments will be granted after January 1, 2032, although companies with existing agreements prior to that date will still be eligible for inducements. It also transfers all currently approved tourism project agreements and related administrative rules from the Oklahoma Tourism and Recreation Department to the Oklahoma Department of Commerce, effective November 1, 2021. The act is set to take effect on November 1, 2026.

Statutes affected:
Introduced: 68-2397