This bill amends existing legislation regarding income tax credits for qualified project expenditures in Oklahoma. It defines several key terms, including "eligible entity," "qualifying project," and "strategic finance partner," which is a new addition to the law. The bill requires the Oklahoma Department of Commerce to establish rules for the verification of qualifying projects and the approval of strategic finance partners. It also outlines the parameters for tax credits, allowing a credit of up to 10% of qualified economic development expenditures and 50% for qualified initial infrastructure expenditures, with specific caps on the total credit amounts per project.

Additionally, the bill stipulates that unused tax credits can be assigned to qualifying project affiliates and may be carried over for up to five years. The Oklahoma Tax Commission is tasked with implementing the necessary rules and regulations to administer these provisions. The effective date for this act is set for November 1, 2026.