Oklahoma § 74-5091 - Oklahoma Research and Development Rebate Fund — Qualified

§ 74-5091. Oklahoma Research and Development Rebate Fund — Qualified

research expenditures — Eligibility.

A. “Qualified research expenditures” means the amount of

qualified research expenses claimed on line 9 or line 28 of federal

Form 6765 (Rev. December 2023) or the relevant line number of

federal Form 6765 in effect for the applicable tax year for expenses

incurred in this state.

B. There is hereby created in the State Treasury a revolving

fund for the Oklahoma Department of Commerce to be designated the

“Oklahoma Research and Development Rebate Fund”. The fund shall be

Oklahoma Statutes - Title 74. State Government

a continuing fund, not subject to fiscal year limitations, and shall

consist of all monies appropriated to the Department that are

designated for deposit in the fund. Monies appropriated to this

fund shall be expended to reimburse qualifying establishments for

qualified research expenditures.

C. There is hereby created a research and development rebate

program for the cost of qualified research expenditures by

establishments.

D. The investment rebate program shall be administered by the

Oklahoma Department of Commerce.

E. To be eligible for consideration for a research and

development rebate payment awarded under the provisions of this act,

the establishment shall:

1. Submit an application and documentation to the Department,

as required by the Department;

2. Provide documentation as required by the Department to

determine that the research and development expenditures occurred

within this state; and

3. Have filed all Oklahoma tax returns as required by law.

F. Claims for rebate approved by the Department shall be equal

to five percent (5%) of qualified research expenditures of the

establishment.

G. Claims for rebate approved by the Department shall be paid

in the order that they are received. Total claims approved for

rebate shall not exceed the balance of the Oklahoma Research and

Development Rebate Fund. In no event shall claims approved for

rebate exceed Twenty Million Dollars ($20,000,000.00) in any fiscal

year.

H. If the amount of a claim exceeds the amount available in the

Oklahoma Research and Development Rebate Fund or the fiscal year

limitation provided in subsection G of this section, the payment may

be made in a prorated amount. Claims for rebate not approved by the

Department due to the limitations provided in subsection G of this

section may be approved and paid in subsequent fiscal years.

I. The Oklahoma Department of Commerce may promulgate rules to

effectuate the provisions of this section.

Added by Laws 2025, c. 348, § 1.