OK SB119

Creates an investment rebate program until July 1, 2031, offering 6.67% rebates on qualified capital expenditures for establishments producing hydrogen-based products, refining crude oil into cleaner fuels, or generating emission-free power and energy

Requires applicants to acquire at least 600 acres in Oklahoma and submit a capital expenditure plan totaling at least $750 million, with rebates available after spending at least 20% of the planned amount

Establishes the Commerce Energy Manufacturing Activity Development Fund in the State Treasury, with $50 million appropriated from the General Revenue Fund

Oklahoma Department of Commerce must approve or disapprove rebate claims and cannot authorize payments exceeding available fund balances

Program expires July 1, 2031, with any remaining unencumbered funds transferred to the General Revenue Fund; effective date is July 1, 2025