Income tax credit; Oklahoma Rural Jobs Act; providing expanded annual credit limitation for certain applications. Effective date. Emergency.

SB 221 increases the annual state tax credit limit under Oklahoma's Rural Jobs Act from $15 million to $30 million for applications approved on or after its effective date (July 1, 2025). It directly affects rural funds seeking tax credits to support capital investments in eligible rural businesses, allowing those certified before the effective date to reapply for certification afterward. Key provisions require rural funds to secure investments within 90 days of certification, with at least 10% of capital coming from the investor's own sources (e.g., employees or directors), and mandate documentation within 95 days. The bill also updates statutory references and declares an emergency to expedite implementation.