OK HB3195

Establishes a 100% income tax credit for qualified start-up expenses incurred by veteran-owned small businesses, capped at $5,000 per taxable year for taxable years beginning after December 31, 2016.

Defines "qualified start-up expenses" to include incorporation fees, accounting and legal expenses, business plan development, intellectual property protection, certificate of occupancy costs, computer hardware/software, and veteran business certification expenses.

Limits eligibility to small businesses with no more than 50 employees at the time the qualifying expense is incurred and requires majority voting equity ownership by a United States veteran.

Allows the credit to be claimed for the first five years of filing income tax returns for small business activity, with unused credits carried over for up to five additional taxable years.

Prohibits the credit from reducing tax liability below zero, being transferred, or being refunded; requires review after the fifth year to assess effectiveness in assisting veteran business formation.