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An Act
ENROLLED HOUSE
BILL NO. 2753 By: Caldwell (Trey), Hill, Lowe
(Dick), and Eaves of the
House
and
Howard of the Senate
An Act relating to the Oklahoma Rural Jobs Act;
amending Section 4, Chapter 354, O.S.L. 2022 (68 O.S.
Supp. 2024, Section 3933), which relates to the cap
on capital investment tax credits; authorizing and
limiting additional participation in program under
certain conditions; clarifying eligibility for
certain certifications; and clarifying reference.
SUBJECT: Oklahoma Rural Jobs Act
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY Section 4, Chapter 354, O.S.L.
2022 (68 O.S. Supp. 2024, Section 3933), is amended to read as
follows:
Section 3933. A. The Department shall certify capital
investment authority under the provisions of this act the Oklahoma
Rural Jobs Act in amounts that would not authorize more than Fifteen
Million Dollars ($15,000,000.00) in state tax credits to be claimed
against state tax liability in any calendar year for applications
approved before the effective date of this act and Fifteen Million
Dollars ($15,000,000.00) in state tax credits to be claimed against
state tax liability in any calendar year for applications approved
on or after the effective date of this act, excluding any credit
amounts carried forward as provided under subsection A of Section 5
of this act Section 3934 of this title. A rural fund receiving
certification for an application approved prior to the effective
date of this act shall be eligible to receive certification on an
ENR. H. B. NO. 2753 Page 2
application submitted after the effective date of this act. Within
ninety (90) days of the applicant receiving notice of certification,
the rural fund shall issue the capital investment to and receive
cash in the amount of the certified amount from a rural investor.
At least ten percent (10%) of the rural investor’s capital
investment shall be composed of capital raised by the rural investor
directly or indirectly from sources including directors, members,
employees, officers, and affiliates of the rural investor, other
than the amount invested by the allocatee claiming the tax credits
in exchange for such allocation of tax credits. The rural fund
shall provide the Department with evidence of the receipt of the
cash investment within ninety-five (95) days of the applicant
receiving notice of certification.
B. If the rural fund does not receive the cash investment and
issue the capital investment within such time period following
receipt of the certificate notice, the certification shall lapse and
the rural fund shall not issue the capital investment without
reapplying to the Department for certification. Lapsed
certifications shall revert to the Department and shall be reissued
pro rata to applicants whose capital investment allocations were
reduced in accordance with the application process provided under
subsection D of Section 3 of this act Section 3932 of this title.
C. A rural fund, before making a qualified investment, may
request from the Department a written opinion as to whether the
business in which it proposes to invest is an eligible business.
The Department, no later than fifteen (15) business days after the
date of receipt of such request, shall notify the rural fund of its
determination. If the Department fails to notify the rural fund of
its determination by the twentieth business day, the business in
which the rural fund proposes to invest shall be deemed an eligible
business.
ENR. H. B. NO. 2753 Page 3
Passed the House of Representatives the 28th day of May, 2025.
Presiding Officer of the House
of Representatives
Passed the Senate the 28th day of May, 2025.
Presiding Officer of the Senate
OFFICE OF THE GOVERNOR
Received by the Office of the Governor this ____________________
day of ___________________, 20_______, at _______ o'clock _______ M.
By: _________________________________
Approved by the Governor of the State of Oklahoma this _________
day of ___________________, 20_______, at _______ o'clock _______ M.
_________________________________
Governor of the State of Oklahoma
OFFICE OF THE SECRETARY OF STATE
Received by the Office of the Secretary of State this __________
day of ___________________, 20_______, at _______ o'clock _______ M.
By: _________________________________