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Brand new companies, existing companies embarking on R&D for the first time and established companies expanding their R&D budget are eligible. The minimum budget for the project shall be $50,000 with a minimum of $25,000 spent in Oklahoma. The tax credit earned is a portion of the increase in R&D spending.
The statute allows the Energy Commission, with an annual program budget of approximately $100 million, to use grants, loans, loan guarantees, revolving loans and other appropriate measures to support projects that: Develop and improve alternative and renewable low-carbon fuels. The fund will provide loans ranging from $100,000 up to $500,000.
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