Research and development; Oklahoma Research and Development Tax Incentive Act of 2025; effective date.

HB 1923 creates a new state tax credit for businesses conducting qualified research and development (R&D) activities in Oklahoma. It directly affects Oklahoma-based companies that invest in R&D, allowing them to claim a credit against their state income tax for eligible expenses. The credit applies to qualifying R&D costs incurred after the bill's effective date of November 1, 2025. This policy change aims to incentivize in-state innovation by reducing the tax burden on R&D spending.