OK SB1117

Amends the definition of "qualifying project location" to increase the population threshold from 100,000 to 400,000 persons for expenditures made in tax year 2026 and subsequent years, while maintaining the 100,000 person threshold for expenditures made prior to tax year 2026.

Allows tax credits up to 10% of qualified economic development expenditures and 50% of qualified initial infrastructure expenditures for eligible entities in designated areas or adjacent to qualifying railroads.

Caps individual project tax credits at $6,000,000 for economic development expenditures and $3,000,000 for infrastructure expenditures, with a combined aggregate limit of $6,000,000 per project.

Permits unused tax credits to be assigned to qualifying project affiliates (customers, vendors, investors, or strategic finance partners) by written agreement within five years of incurring expenditures.

Limits total annual credit allocations by the Department of Commerce to $12,000,000 per tax year, with credits carryable forward for five subsequent years if unused.

Effective date: November 1, 2025.