Read the full stored bill text
An Act
ENROLLED HOUSE
BILL NO. 2894 By: Caldwell (Trey) and Townley
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. 2025, 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; clarifying reference; and
updating statutory language.
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. 2025, Section 3933), is amended to read as
follows:
Section 3933. A. The Oklahoma Department of Commerce 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 3934 of this act 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 application submitted after the effective date
ENR. H. B. NO. 2894 Page 2
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 3932 of this act 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. 2894 Page 3
Passed the House of Representatives the 6th day of May, 2026.
Presiding Officer of the House
of Representatives
Passed the Senate the 28th day of April, 2026.
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: _________________________________