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OK HB1625
Bill
Status
2/7/2011
Primary Sponsor
Mike Brown
Click for details
AI Summary
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Increases vendor discount on sales tax collections from 1% to 3% for goods made or manufactured in Oklahoma, effective July 1, 2011
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Requires Oklahoma Tax Commission to modify sales tax reporting system to identify and track sales of Oklahoma-made goods separately from other goods
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Establishes Buy Oklahoma First College Scholarship Revolving Fund to receive sales tax revenue from the increased discount on Oklahoma-made goods
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Directs Oklahoma Department of Commerce to develop system for identifying goods made or manufactured in Oklahoma for vendor inventory purposes
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Excludes food items and agricultural products from the increased discount provisions
Legislative Description
Revenue and taxation; Buy Oklahoma First Act of 2011; sales tax revenue; vendor discount; Buy Oklahoma First College Scholarship Revolving Fund; effective date; emergency.
Revenue and Taxation
Last Action
Second Reading referred to Appropriations and Budget
2/8/2011