OK HB2641

Requires reduction of Oklahoma state tax credits based on tangible personal property expenditures by any federal income tax credit claimed for the same acquisition in the same tax year for taxable years beginning after December 31, 2010.

Defines "federal income tax credit" as credits allowed under the Internal Revenue Code of 1986 (as amended) or other federal credits that reduce tax liability based on expenditures for tangible personal property.

Exempts the tax credit authorized by Section 2357.104 of Title 68 of the Oklahoma Statutes and any other tax credits specifically exempted from this reduction requirement.

Creates a new codified section of law (Section 2356A of Title 68) establishing this federal-state tax credit coordination mechanism.

Becomes effective January 1, 2011.