OK HB3978

Amends the Oklahoma Rural Jobs Act to update statutory references and replace "effective date of this act" language with the specific date of November 1, 2022 for the original act's provisions

Creates a separate $15 million annual cap on state tax credits for applications approved on or after the effective date of this amendment, in addition to the existing $15 million cap for applications approved prior to the amendment

Limits qualified investments per eligible business to the greater of 20% of a rural fund's capital investment authority or $6.5 million, with the limitation applying separately to rural funds certified before and after the amendment's effective date

Prohibits eligible businesses from refinancing qualified investments made before the amendment's effective date using funds from capital investments certified after that date

Effective date: November 1, 2026