OK SB1463

Establishes an Incentive Review Committee to evaluate income tax credits, requiring annual reviews of existing incentives and mandatory review of any new income tax credits within 2 years of enactment.

Implements automatic expiration dates for income tax credits: new credits expire 3 years after enactment unless reauthorized by the Legislature, and reauthorized credits expire 5 years after reauthorization.

Suspends numerous existing income tax credits (manufacturing, energy, agricultural, child care, film, ethanol, biodiesel, and other development credits) from July 1, 2010 through June 30, 2012, with limited accrual and carryover provisions during suspension period.

Modifies the Recycling, Reuse and Source Reduction Incentive Act credit to permanently prohibit claims for events occurring on or after July 1, 2010.

Takes effect July 1, 2012 with emergency clause allowing immediate passage and implementation.