Oklahomans gathered at the Capitol last Thursday to participate in Higher Education Day. This annual event brings together students, professors, and administrators from institutions across the state to discuss the benefits of pursuing a college degree.
Our colleges and universities play an invaluable role in preparing our young people for their futures. It was great to meet with students from across the state.
After a busy week of committee work, I am pleased to report that a few bills of mine passed subcommittee and are now eligible to be considered by the Appropriations and Budget Committee.
House Bill 3426 proposes reintroducing a tax credit for investments in qualified space transportation vehicle providers. The credit will be available until the end of the tax year 2029. This tax credit was previously effective from 2001 through Dec. 31, 2008. Investors can claim this credit against their income tax or insurance premium tax, and it is transferable.
This bill defines a qualifying space vehicle provider as a company that produces commercial space vehicles, is headquartered in the state, and has at least $20 million in equity capitalization. The provider must also obtain funding commitments of at least $1 million from a local government entity.
My next bill is House Bill 3424, which places $60 million annually from sales tax revenue into the Community Quality of Life Enhancement Revolving Fund. The Oklahoma Department of Commerce will manage the allocation of these funds to local communities based on their population size.
Communities that are eligible can apply for funding to enhance their infrastructure, parks and recreational facilities, public transportation, cultural and community centers, public art and beautification, or environmental conservation projects.
With session officially kicking off, please feel free to reach out with any questions or concerns about legislation. My office phone is (405) 557-7312, or you can reach me through my email at nick.archer@okhouse. gov. Thank you for the honor of serving you at the Capitol!
