HB 1454 Summary

• Amends 68 O.S. 2011, Section 2357.1A-2 regarding reporting requirements for tax credits authorized under Oklahoma law

• Requires entities transferring or allocating tax credits to report to the Oklahoma Tax Commission or Insurance Department by the twentieth day of the second month after the tax year in which the credit becomes claimable

• Reports must include tax type, credit amount, statutory authority, transferee/allocatee names, and other information required by the administering agencies; reports may be required to be filed electronically

• Applies reporting provisions retroactively to tax credits claimed or claimable for any period beginning on or after January 1, 2002

• Excludes six specific tax credits from reporting requirements: sales tax relief credit, low income property tax relief, earned income tax credit, child care/child tax credit, credit for taxes paid to another state, and tornado-damaged property credit