Senate Bill 122 Summary

• Extends tax credit expiration dates from July 1, 2020 to July 1, 2035, and modifies the contractual commitment deadline from December 31, 1995 to July 1, 2035.

• Reduces the annual limit on transferable tax credits that may be claimed per fiscal year from $20,000,000 to $15,000,000.

• Increases the required ratio of equity or near-equity capital investment in Oklahoma businesses from $2.00 to $4.00 for every $1.00 of principal guaranteed tax credits transferred by the Board.

• Removes Oklahoma Futures Board submission and approval requirements for the Oklahoma Capital Investment Board's annual business plan and annual reports.

• Changes impact analysis requirement from every 7 years to no less often than every 3 years, with the initial analysis due by December 31, 2018.

• Restricts the Board from entering into new investment contracts or modifying existing contracts to increase capital commitments, except for obligations required by pre-existing agreements.