SB 461 Summary

• Adds "destination hotels" as a qualifying tourism attraction if the hotel's location and amenities make it itself a destination for tourists.

• Requires that tourism attraction and film/digital media/music production facility projects be "revenue neutral" to Oklahoma, meaning increased tax revenues must exceed the tax credits granted.

• Changes tax credit authorization deadline from January 1, 2014 to January 1, 2016.

• Requires the Oklahoma Tax Commission to demand proof of expenditures prior to issuing tax credit memoranda, satisfied by reports from independent certified public accountants.

• Limits subsequent extensions of credits to amounts that result in projects being revenue neutral to the state, capping credits at 10% for smaller projects and 25% for projects exceeding $1 million in approved costs.