HB 2005 Summary

• Amends 68 O.S. 2011, Section 2357.22 to modify the income tax credit for investments in qualified clean-burning motor vehicle fuel property

• Extends the eligibility period for the tax credit from tax years beginning before January 1, 2015 to tax years beginning before January 1, 2020

• Removes the separate tax credit category for qualified electric motor vehicle property placed in service between December 31, 1995 and July 1, 2010

• Maintains existing credit amounts: 50% of cost for vehicle modifications and original equipment, 75% for fueling infrastructure, and up to $2,500 for home refueling systems

• Becomes effective November 1, 2013