Income tax; modifying definition of qualified project for economic development and infrastructure expenditures credit. Effective date.

SB 1117 modifies Oklahoma's tax credit program for economic development by adjusting the population thresholds for qualifying project locations. It allows projects in counties with populations under 100,000 (for pre-2026 spending) or under 400,000 (for 2026+ spending) to qualify, while also expanding eligibility near qualifying rail infrastructure. The bill increases the tax credit rate for qualified rail infrastructure projects from 10% to 50% of eligible costs, with a $3 million cap per project, while maintaining a $6 million total cap for combined development and infrastructure credits. This directly affects businesses building or expanding in designated economic zones, industrial parks, or near qualifying rail lines within eligible counties.