OK SB1652

Modifies Oklahoma income tax credits for manufacturing and aircraft maintenance investments under Section 2357.4 of the Oklahoma Tax Code (68 O.S. 2001).

Allows taxpayers beginning in 2011 to claim investment tax credits for qualified property brought into Oklahoma from out-of-state locations and placed in service for the first time in the state, regardless of prior ownership history.

Specifies that for property qualifying under the new out-of-state provision, the cost basis for calculating the tax credit shall be determined using the fair cash value assessed by the county assessor under Section 2819 of the Oklahoma Tax Code.

Updates statutory references from Section 1357, paragraph 14 to paragraph 16 (aircraft maintenance facilities) and from paragraph 35 to paragraph 38 (web search portals).

Takes effect January 1, 2011.