OK HB2978

Establishes statutory criteria for any tax credit measures passed by the Oklahoma Legislature, including requirements for public identification of beneficiaries and net job creation or retention.

Requires tax credits to include annual limitations on total claims by individual or all taxpayers, a specific termination date, and prior state approval of economic activities before implementation.

Mandates fiscal impact statements be prepared and distributed to legislators at least 24 hours before final passage votes, and prohibits consideration of tax credit measures during the last 5 days of legislative sessions.

Requires the State Auditor and Inspector to audit all transactions claiming tax credits that reduce state revenue, ensuring accountability and compliance with authorized provisions.

Effective July 1, 2012, with an emergency clause enabling immediate implementation upon passage and approval.