OK SB1992

Amends the Strategic Industrial Development Enhancement (SIDE) tax credit program to add "strategic finance partner" as a new defined term, allowing entities that provide capital (cash, loans, guarantees, or services) to qualifying projects to participate as qualifying project affiliates

Tax credit equals 10% of qualified economic development expenditures (capped at $6 million per project) and 50% of qualified initial infrastructure expenditures (capped at $3 million per project), with total credits not exceeding $6 million per project

Credits apply to projects in counties with populations under 100,000 or projects adjacent to Class II/III railroads, for tax years beginning after December 31, 2022 through December 31, 2027

Annual statewide cap of $12 million in total credits allocated by the Oklahoma Department of Commerce, with unused credits carrying forward for five years and transferable to qualifying project affiliates

Effective date: November 1, 2026