OK SB221

Increases annual state tax credit authorization under the Oklahoma Rural Jobs Act to $30,000,000 for applications approved on or after the effective date, up from $15,000,000 for previously approved applications.

Allows rural funds certified under prior applications to receive certification again on subsequent applications submitted after the effective date of this act.

Requires rural funds to issue capital investments and receive cash within 90 days of certification notice, with evidence provided to the Department within 95 days, or the certification lapses.

Establishes that at least 10% of rural investor capital investment must come from sources including directors, members, employees, officers, and affiliates of the rural investor, excluding amounts invested by allocatees claiming tax credits.

Becomes effective July 1, 2025, with an emergency declaration allowing the act to take effect upon passage and approval.