Oklahoma Tourism Development Act

The act creates a tax incentive program intended to encourage private investment in tourism development projects, including expansions of existing ones. It gives the state development office authority to review applications against defined evaluation standards, approve qualifying projects, and enter into an agreement with the approved company setting the amount of tax credit that may be claimed against its taxes. It also governs the ongoing administration of those credits — annual reporting to the development office, forfeiture and recapture of credits that are unused or no longer earned, transfer of credits to successor entities, and rulemaking — and subjects the program itself to periodic legislative review and eventual termination.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.