OK SB324

Creates the Oklahoma Research and Development Rebate Fund as a revolving fund in the State Treasury, administered by the Oklahoma Department of Commerce to reimburse businesses for qualified research expenditures incurred in Oklahoma

Establishes a rebate equal to 5% of qualified research expenditures, with "qualified research expenditures" defined as expenses claimed on federal Form 6765 for research conducted within the state

Caps total rebate claims at $20 million per fiscal year, with claims paid in the order received and prorated payments allowed if funds are insufficient

Requires applicants to submit documentation to the Department of Commerce proving in-state research expenditures and compliance with all Oklahoma tax filing requirements

Authorizes the Department of Commerce to promulgate rules for program implementation, with unfunded claims eligible for approval and payment in subsequent fiscal years