The bill amends the Oklahoma Rural Jobs Act by updating definitions and modifying provisions related to capital investment authority and state tax credits. Specifically, it revises the definition of "capital investment" to clarify that such investments must be made after November 1, 2022, and outlines the requirements for these investments to be considered qualified. Additionally, the bill introduces new limitations on the maximum amount of investments that can be made in an eligible business, specifying that these limitations will apply separately to investments made before and after the effective date of the act. It also establishes that no eligible business can refinance any qualified investment made prior to the effective date with funds from capital investments certified after that date.

Furthermore, the bill modifies the capital investment authority caps, allowing for a maximum of $15 million in state tax credits to be claimed against state tax liability for applications approved both before and after the effective date of the act. It also includes provisions for the certification process of rural funds and the timeline for issuing capital investments. The act is set to become effective on November 1, 2026.