OKLAHOMA CITY –
A new state law aims to make Oklahoma more competitive on the global scale by incentivizing innovation. The law creates what one state senator calls the long-overdue Research and Development (R&D) Rebate Program.
“We talk about growing the economy and growing the state a lot. But that’s, you know, you can only go so far without that research. We really wanted to make sure that we were competitive with other states. We were one of 12 states who didn’t have this program,” said Sen. Kristen Thompson, author of SB324. “What we could do here, not only to change our economy, but also could potentially change the world, and that’s super exciting, and it seems promising,” said. Thompson.
Under the law, businesses conducting qualified research activities in Oklahoma will be eligible for a 5% rebate on in-state R&D expenditures. The rebate, capped at $20 million annually, is structured to reward innovation without risking state revenue.