OK HB2824

Exempts entities from paying the Business Activity Tax if their gross revenue was One Million Dollars ($1,000,000.00) or less during the preceding 12 months.

Entities exempt from the Business Activity Tax under this provision are also exempt from ad valorem tax on intangible personal property.

Codifies the exemption as Section 1223.1 of Title 68 of the Oklahoma Statutes.

Becomes effective July 1, 2012.

Declares an emergency, making the act effective immediately upon passage and approval.