OK SB1486

Authorizes the State of Oklahoma to negotiate with taxpayers holding unclaimed tax credits to convert those credits into refundable credits and reduce the outstanding credit amount.

Requires a percentage of converted credits to be used for capital improvement and job creation in Oklahoma.

Prohibits capital improvements and job creation resulting from refunded credits from being eligible for additional tax credits or incentive payments under Title 68 of the Oklahoma Statutes.

Designates the Oklahoma Department of Commerce and the Office of Management and Enterprise Services to represent the state in credit conversion negotiations, including determining timing and manner of conversion mutually beneficial to both parties.

Becomes effective November 1, 2016.