Senate Bill 1288 Summary

• Limits the railroad reconstruction/replacement income tax credit to taxable years ending before January 1, 2022, preventing credits from being claimed for qualifying expenditures made after that date.

• Allows credits generated before January 1, 2015 to remain freely transferable for five years following the year of qualification, but restricts transferability of credits generated on or after January 1, 2015.

• Requires the Oklahoma Tax Commission to refund 85% of the face amount of unused credits generated on or after January 1, 2015, at the taxpayer's election, available to all taxpayers including pass-through entities.

• Specifies that refunded credit amounts are exempt from income tax and allows pass-through entities to allocate unused credits to shareholders, partners, or members if the entity does not claim a direct refund.

• Effective November 1, 2014.