SB718 Summary

• Amends Section 2357.7 of Title 68 to clarify that venture capital tax credits apply only to taxable years beginning after December 31, 1986 and before January 1, 2009, with credits equal to 20% of cash invested in qualified venture capital companies subsequently invested in Oklahoma business ventures.

• Modifies Section 85.42 of Title 74 regarding state contracts to allow Oklahoma Department of Commerce personnel to contract with the Oklahoma Capital Investment Board without triggering the one-year employment cooling-off period.

• Updates Section 3601.1 of Title 74 to capitalize professional titles ("Registered Nurse," "Nurse-Midwife") and refine language regarding state agency employee limitations.

• Repeals 74 O.S. 2021, Sections 5085.1 through 5085.16 (the Oklahoma Capital Formation Act and related provisions).

• Becomes effective November 1, 2025.