OK HJR1089

Proposes a new Section 5A to Article X of the Oklahoma Constitution establishing comprehensive criteria and restrictions for any state law creating tax credits.

Defines "tax credit" as a reduction in state tax liability after the tax rate is applied to the tax base, requiring public identification of any person or entity claiming the credit.

Mandates that tax credits must create new jobs or retain existing jobs, include annual spending limitations (either per taxpayer or total), have an expiration date, and receive prior approval from a designated state governmental entity.

Requires fiscal and economic impact statements to be prepared and distributed to all lawmakers at least 24 hours before final passage, and prohibits tax credit bills from being considered during the last 5 days of any legislative session.

Directs the State Auditor and Inspector to audit all transactions claiming tax credits, with the proposed amendment submitted to Oklahoma voters for approval.