Rebates; providing rebates for emission reduction projects; creating fund. Effective date. Emergency.

This bill amends the Oklahoma Emission Reduction Technology Incentive Act to expand and modify how financial rebates are provided for projects that lower emissions from oil and gas activities. The legislation defines eligible projects to include various technologies that reduce pollutants or energy use across upstream, midstream, and downstream operations, such as retrofitting engines and installing monitoring equipment. It creates a new revolving fund called the Oklahoma Emission Reduction Technology Downstream Incentive Revolving Fund and allows rebates of up to 25% of documented project costs, with a total annual cap of $10 million. To receive these payments, applicants must submit documentation to the Department of Environmental Quality within six months of the fiscal year end and meet specific tax and insurance requirements. The bill also updates administrative procedures, including allowing pre-expenditure approvals and establishing proportional payment rules if the available funds are insufficient to cover all approved claims.