HB 1369 Summary

• Defines "tax credit" as a statutory method to reduce state tax liability by a percentage or dollar amount after calculating gross tax liability.

• Requires all tax credit measures to include provisions allowing public identification of beneficiaries and mandate job creation or retention of existing jobs in Oklahoma.

• Establishes limitations on tax credits including caps on individual and aggregate claims per fiscal year, mandatory termination dates, and requirement for prior state approval of qualifying economic activity.

• Mandates fiscal impact analysis be provided to legislators at least 24 hours before final passage and requires the State Auditor and Inspector to audit tax credit transactions at the cost of the claimant.

• Prohibits consideration of tax credit measures during the final five days of legislative sessions and makes the act effective July 1, 2013.