SB1584 Summary

• Amends Oklahoma income tax law to expand eligibility for tax credits for investment in qualified depreciable property and new employment in manufacturing operations.

• Adds oil and gas field machinery equipment manufacturers (NAICS Industry Group No. 333132) to entities eligible for the existing 1% or 2% income tax credit based on property investment or employee increases.

• Modifies references in the statute from paragraph 14 to paragraph 20 and paragraph 35 to paragraph 38 to reflect current section numbering for qualified aircraft maintenance facilities and web search portals.

• Applies changes retroactively to events, transactions, and expenditures occurring on or after July 1, 2010, with limitations on credit claims from the July 1, 2010 through June 30, 2012 period.

• Effective date: January 1, 2013.