OK HB3024

Creates a nine-member Incentive Review Committee appointed by the Governor, President Pro Tempore of the Senate, and Speaker of the House to annually review existing tax incentives and conduct cost-benefit analyses.

Requires the Oklahoma Tax Commission and Oklahoma Employment Security Commission to provide information requested by the Incentive Review Committee, subject to confidentiality restrictions; agencies unable to respond due to technical limitations must submit written summaries to legislative tax committees within 30 days.

Modifies tax credit periods for manufacturing investments and employee increases under Section 2357.4, limiting new credits accrued July 1, 2010 through June 30, 2012 to a two-year claim period at 50% per year, with prohibition on amending prior tax returns.

Restricts income tax credits for clean-burning motor vehicle fuel property and electric vehicle property under Section 2357.22 to tax years beginning before January 1, 2015, with hydrogen fuel cell equipment eligible only for tax year 2010.

Creates a new tax credit for electric motor vehicle manufacturers earning $2,000 per standard electric vehicle, $1,000 per medium-speed vehicle, and $500 per low-speed vehicle manufactured after June 30, 2010, with carryforward provisions for unused credits up to five years.