Shown verbatim: the complete text as captured from the official PDF posted by the Oklahoma Legislature, fetched 2026-07-23. Page and line markers are part of the official record; nothing is edited or removed. The official bill page.
1 STATE OF OKLAHOMA
1
2 1st Session of the 60th Legislature (2025)
2
3 SENATE BILL 324 By: Thompson
3
4
4
5
5
6 AS INTRODUCED
6
7 An Act relating to income tax; defining term;
7 providing tax credit for certain qualified research
8 expenditures; prohibiting refundability of credit;
8 authorizing the carry forward of credit; providing
9 for codification; and providing an effective date.
9
10
10
11
11
12 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
12
13 SECTION 1. NEW LAW A new section of law to be codified
13
14 in the Oklahoma Statutes as Section 2357.410 of Title 68, unless
14
15 there is created a duplication in numbering, reads as follows:
15
16 A. "Qualified research expenditures" means the amount of
16
17 qualified research expenses claimed on line 9 or line 28 of federal
17
18 Form 6765 (Rev. December 2023) or the relevant line number of
18
19 federal Form 6765 in effect for the applicable tax year for expenses
19
20 incurred in this state.
20
21 B. For tax year 2026 and subsequent tax years, there shall be
21
22 allowed as a credit against the tax imposed pursuant to Section 2355
22
23 of Title 68 of the Oklahoma Statutes in the amount of five percent
23
24 (5%) of qualified research expenditures.
24
Req. No. 1536 Page 1
1 C. The credit authorized pursuant to the provisions of
1
2 subsection B of this section shall not be used to reduce the income
2
3 tax liability of the taxpayer to less than zero (0).
3
4 D. If the amount of the credit allowed pursuant to subsection B
4
5 of this section exceeds the income tax liability, the amount of
5
6 credit not used in any tax year may be carried forward, in order, to
6
7 each of the five (5) subsequent tax years.
7
8 SECTION 2. This act shall become effective November 1, 2025.
8
9
9
10 60-1-1536 QD 12/31/2024 12:19:47 PM
10
11
11
12
12
13
13
14
14
15
15
16
16
17
17
18
18
19
19
20
20
21
21
22
22
23
23
24
24
Req. No. 1536 Page 2Every fact on this page links to its source, starting with the official bill record.