SB1159 Summary

• Extends the deadline for exercising tax credits issued under the Oklahoma Capital Formation Act from July 1, 2015 to July 1, 2020.

• Allows tax credits to continue being exercised after July 1, 2020 if they were purchased based on contractual commitments made to the Board by December 31, 1995, or obtained from entities with such commitments before the bill's effective date.

• Prohibits the Oklahoma Capital Investment Board from entering into new contracts for capital investments or loan guarantees after the bill's effective date, except for obligations under pre-existing contracts.

• Requires the Board to transfer remaining monies to the General Revenue Fund within 30 days after paying final expenses on contracts executed before the bill's effective date.

• Declares an emergency provision making the bill effective upon passage and approval.