SB 331 Summary

• Amends Oklahoma sales tax law (68 O.S. 2011, Section 1357) regarding exemptions for rolling stock used by common carriers

• Extends the time period for the rolling stock sales tax exemption from July 1, 2014 to July 1, 2019, allowing the exemption to apply to locomotives, autocars, and railroad cars sold or leased by manufacturers for an additional five years

• Rolling stock exemption applies only when sold or leased by the manufacturer to a common carrier for direct use in public transportation service

• Effective date: November 1, 2013