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

This bill modifies Oklahoma's economic development tax credit program by adjusting location requirements to prioritize projects in counties with populations under 100,000 (pre-2026) or 400,000 (2026 onward). It increases the credit rate to 50% for rail infrastructure projects (e.g., new tracks, spurs) versus 10% for other construction, with a $6 million maximum credit per project. Businesses building in qualifying rural areas or adjacent to rail lines can claim these credits for eligible construction costs. Unused credits may be assigned to partners like vendors or investors, and unclaimed credits carry over for up to five years. The changes take effect November 1, 2025.