HB4426

Oklahoma HB4426 extends the income tax credit for qualified economic development expenditures through 2032.

Oklahoma HB4426 amends the state's income tax law to extend the credit for qualified economic development expenditures through 2032. The credit, which can be up to 10% of eligible expenditures, applies to projects involving new construction, expansion, or infrastructure development. The Oklahoma Department of Commerce oversees the review and allocation of these credits, ensuring they do not reduce a taxpayer's liability below zero. Unused credits can be assigned to qualifying project affiliates. The bill also sets a cap of $6 million per project and $12 million annually for these credits.