OK SB324

Creates the Oklahoma Research and Development Rebate Fund as a continuing revolving fund administered by the Oklahoma Department of Commerce, funded through legislative appropriations.

Establishes a research and development rebate program that reimburses qualifying establishments 5% of their qualified research expenditures incurred in Oklahoma.

Requires eligible establishments to submit applications, provide documentation that research occurred within the state, and have filed all required Oklahoma tax returns.

Limits approved rebate claims to the fund balance available, with a maximum of $20,000,000 per fiscal year; claims exceeding available funds may be paid on a prorated basis or approved in subsequent fiscal years.

Authorizes the Oklahoma Department of Commerce to promulgate rules to implement the program provisions.