HB 1192 Summary

• Creates an income tax credit for public service corporations (utility companies) equal to any discount provided to public schools or public prisons in Oklahoma.

• Credit applies to tax liability imposed under Section 2355 of Title 68 for taxable years beginning after December 31, 2011.

• Credit cannot exceed the taxpayer's actual tax liability and cannot be refunded or carried over to future tax years.

• Oklahoma Tax Commission is authorized to promulgate rules necessary to implement the credit provisions.

• Effective date is January 1, 2012.