OK HB2768

Increases the maximum additional investment cap for modernization and retooling from $250,000,000 to $700,000,000 within five (5) years of filing a second irrevocable election.

Increases the maximum facility investment amount for purposes of foregoing property tax exemptions from $500,000,000 to $700,000,000, inclusive of amounts invested prior to the act's effective date.

Applies to establishments in SIC Industry 3011 (petroleum refining) with at least $115,000,000 in annual gross compensation and $200,000,000 total Oklahoma investment.

Requires establishments using bond proceeds to file a second irrevocable election with the Oklahoma Department of Commerce and deposit foregone Oklahoma Quality Jobs Program Act incentive payments to the Quality Jobs Program Incentive Leverage Fund.

Prevents establishments from claiming certain tax credits and property tax exemptions while allowing use of previously earned income tax credits for fifteen (15) years following the election filing.