Income tax; providing tax credit for purchase of firearm safety device. Effective date.

This bill creates a five-year income tax exemption for new hydrogen manufacturing facilities in Oklahoma, covering up to $10 million in revenue generated annually between 2024 and 2034. To qualify, the facilities must produce hydrogen using natural gas sourced within the state and pay wages that meet or exceed the state's average wage requirements. Eligibility for the tax break is determined by the Oklahoma Tax Commission based on an annual application submitted by the establishment. The law is designed to encourage local hydrogen production and is set to take effect on November 1, 2023.