Economic development; creating investment rebate program for certain qualified expenditures; making appropriation. Effective date. Emergency.

SB 119 creates an investment rebate program for Oklahoma businesses making significant capital investments in specific energy sectors. It directly affects companies refining/manufacturing hydrogen (blue/green), generating emission-free power, or producing cleaner fuels, requiring them to commit to at least $750 million in qualified capital expenditures with $150 million already spent. Eligible businesses receive rebates equal to 6.67% of qualifying investments, paid from the newly created Commerce Energy Manufacturing Activity Development Fund, which is initially funded with $50 million. The program expires on July 1, 2031, with unspent funds transferring to the General Revenue Fund.