SB1395

Oklahoma SB1395 modifies income tax credits for investments in qualified depreciable property and job creation, limiting credits for certain tax.

Oklahoma SB1395 amends the state's income tax law to modify the tax credit for investments in qualified depreciable property and job creation. The bill limits the tax credit for certain tax years and modifies the carryforward provisions for credits. It requires businesses to submit an application and receive approval from the Oklahoma Tax Commission before claiming certain tax credits. The bill also mandates the Tax Commission to provide specific data to the Incentive Evaluation Commission for evaluation purposes. The changes are set to take effect on November 1, 2026.