HB 3142 Summary

• Amends Oklahoma's manufacturing facility tax exemption statute to allow entities that experience damage to tangible personal property or improvements during the exemption period to continue their exemption if they subsequently repair/replace the damaged property and meet payroll requirements.

• Applies to entities initially granted exemptions on or after the effective date of the act that fail to meet payroll requirements in the year of damage but later restore compliance after repairs.

• Permits continuation of the exemption for the remaining years in the entity's five-year exemption period following the year of damage.

• Declares an emergency, making the act effective immediately upon passage and approval.