SB 1850 Summary

• Expands state sales tax exemption during the first Friday in August through the following Sunday to include school supplies, school art supplies, and school instructional materials (in addition to existing clothing/footwear exemption under $100).

• Defines qualifying school items and clarifies that exemptions do not apply to computers, computer supplies, athletic equipment, accessories, or rental items.

• Extends the same sales tax exemption for school supplies and instructional materials to municipal sales taxes, requiring compliance with the Streamlined Sales and Use Tax Agreement.

• Requires the Oklahoma Tax Commission to disallow corporate tax credits for companies that compensate executives or officers at more than twice the state's estimated median income (effective for tax years after December 31, 2010).

• Becomes effective November 1, 2010.