HB 2131 Summary: Oklahoma Tourism Development Act

• Creates the Oklahoma Tourism Development Act to provide sales tax credits and incentives for companies developing qualifying tourism attractions in the state.

• Establishes a two-stage approval process (preliminary and final) requiring Executive Director review, independent consultant analysis, and verification that projects will attract at least 25% of visitors from outside Oklahoma and exceed $500,000 in costs.

• Provides sales tax credits of up to 10% for projects costing $500,000-$1,000,000 and up to 25% for projects exceeding $1,000,000, capped at $15,000,000 annually and limited to increased state sales tax liability from the tourism project.

• Requires companies to pay for consultant reports, document project completion within specified timeframes through certified public accountant certification, and maintain compliance with operational and visitor requirements throughout the 10-year agreement term.

• Terminates eligibility for new applications after January 1, 2021, though previously approved companies may continue claiming credits; becomes effective November 1, 2017.