SB1345 Summary

• Creates an income tax credit of up to $1,000 annually for businesses whose primary purpose is operating livestock auctions that install surveillance and recording equipment with 60-day capacity to prevent livestock theft.

• Establishes that the Oklahoma Department of Agriculture, Food, and Forestry must promulgate eligibility rules, with the Oklahoma Tax Commission empowered to create implementation rules.

• Limits credit to the lesser of actual qualified expenditures or $1,000 per tax year, with no carryover beyond four subsequent tax years and allows the credit only once per business.

• Credit cannot exceed the taxpayer's actual tax liability in any given year.

• Effective date is November 1, 2012 for tax years beginning after December 31, 2012.