SB 458 Summary

• Amends Section 1357.9 of Oklahoma law to exempt service transactions between related entities from sales tax imposed under Section 1351 et seq.

• Defines "related entity" using the same criteria as subsection (b) of Section 267 of the Internal Revenue Code.

• Specifies that the exemption does not apply to services that would have been taxable as of July 1, 2003, and prohibits exempt services from being purchased for resale.

• Clarifies statutory references by replacing "Title 68 of the Oklahoma Statutes" with "this title" throughout the section.

• Becomes effective November 1, 2011.