Budget & Taxes

HB 2219, the "Crossroads Sound and Screen Act," creates tax rebates for music production companies that create content in Oklahoma. It offers tiered rebates (10-25% of facility costs, plus up to 14% more for Oklahoma-based talent or local work) with a $500,000 maximum per project and a $10 million annual spending cap. To qualify, companies must meet requirements like paying Oklahoma crews, carrying insurance, and participating in promotional activities. The program is administered by the Oklahoma Department of Commerce and Tax Commission using a dedicated revolving fund.

HB 2841 amends Oklahoma's management rules for the Tobacco Settlement Endowment Trust Fund, directly affecting the fund and its Board of Investors. It requires the Board to invest fund assets using "prudent person" standards, diversify investments to minimize risk, and hire investment managers through competitive bidding. The bill mandates that at least 2% of the fund's principal balance or $40 million (whichever is greater) must be spent annually on grant and incentive programs. The changes take effect July 1, 2025.