HB 1665 Summary

• Defines "tax credit" as a statutory method to reduce state tax liability by a percentage or dollar amount, resulting in a net tax liability after subtraction from gross liability.

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

• Imposes per-fiscal-year limitations on tax credits either by individual taxpayer entity, all taxpayers combined, or both.

• Mandates State Auditor and Inspector audits of tax credit transactions reducing state revenue, with audit costs paid by the person or entity claiming the credit.

• Requires detailed fiscal impact analysis available 24 hours before final passage and prohibits consideration of tax credit measures during the last 5 days of any legislative session; each tax credit must contain a termination date and require prior governmental approval of project costs.