Oklahoma Capital Investment Board; repealing the Oklahoma Capital Formation Act and Board. Effective date.

SB 718 repeals Oklahoma's Capital Investment Board and related statutes (Sections 5085.1-5085.16) while updating tax credit provisions for venture capital investments. The bill maintains a 20% tax credit for investments in qualified venture capital companies that fund Oklahoma business ventures meeting specific criteria (e.g., 75% capital in-state, 50% employees/assets in Oklahoma). It removes the requirement for the Capital Investment Board to certify entities or investments, leaving the Oklahoma Tax Commission to administer the program directly. This change simplifies oversight but preserves the core tax credit mechanism for businesses seeking to expand within Oklahoma.