OK SB323

Authorizes the Oklahoma Tax Commission to issue $20,000,000 in transferable tax credits to a qualified payload rocket enterprise engaged in manufacturing or launching payload rocket systems to suborbital or orbital altitudes.

Limits annual credit allocations to $4,000,000 per fiscal year, with first issuance on or after July 1, 2011, and final original issuance no later than fiscal year ending June 30, 2021.

Requires qualified enterprises to maintain average payroll of at least $1,000,000 annually for three preceding years and have held SBA 8(a) minority business certification between June 2002 and June 2007.

Conditions continued credit allocations on the enterprise generating qualifying matching income equal to at least twice the credits issued annually and maintaining gross payroll of $2,500,000 or more; any shortfall reduces subsequent year allocations.

Allows credits to offset income tax, financial institution in-lieu tax, gross production tax, and insurance premium tax liabilities with a five-year carryover period, while prohibiting credits from reducing total tax liability below zero.