OK SB119

Establishes an investment rebate program through July 1, 2031, for establishments in hydrogen production, clean fuel refining, and emission-free power generation industries that acquire at least 600 acres in Oklahoma and make capital expenditures of $750 million or more.

Provides a rebate equal to 6.67% of qualified capital expenditure costs in the year of expenditure, subject to Oklahoma Department of Commerce approval and available fund balance.

Requires establishments to submit applications to the Department of Commerce, make at least 20% of planned capital expenditures, and file all required Oklahoma tax returns to be eligible for rebate payments.

Creates the Commerce Energy Manufacturing Activity Development Fund as a continuing fund in the State Treasury with all monies appropriated for rebate payments; unencumbered funds remaining on July 1, 2031, transfer to the General Revenue Fund.

Appropriates $50,000,000 from the General Revenue Fund to the Commerce Energy Manufacturing Activity Development Fund for fiscal year ending June 30, 2023; effective July 1, 2025, with emergency clause.