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OK SB935
Bill
Status
5/26/2011
Primary Sponsor
Mark McCullough
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AI Summary
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Amends Section 2902 of Title 68 O.S. 2001 to modify ad valorem tax exemptions for qualifying manufacturing facilities in Oklahoma
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Allows entities that failed to meet payroll requirements during calendar year 2009 to receive exemptions for the remaining years of their five-year exemption period if they attain or increase payroll above the baseline established in 2009
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Maintains existing requirements for manufacturing facility exemptions including net increase in annualized payroll ($250,000 for counties under 75,000 population; $1,000,000 for larger counties) and provision of basic health benefits plans
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Provides special considerations for specific manufacturing sectors including automotive final assembly facilities ($300,000,000 minimum investment), computer data processing services, and wind power generation facilities
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Effective date: January 1, 2012
Legislative Description
Ad valorem taxes; providing that certain entities which do not meet specified requirements may be granted further exemption under certain conditions. Effective date.
Revenue and Taxation
Last Action
Approved by Governor 05/26/2011
5/26/2011