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OK SB1290
Bill
Status
2/3/2014
Primary Sponsor
Michael Mazzei
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AI Summary
SB 1290 Summary
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Limits tax credits for qualified rehabilitation expenditures to tax years ending before January 1, 2022 (previously unlimited)
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For credits generated before January 1, 2015, allows free transferability of unused credits to other taxpayers for up to five years after the year of qualification
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For credits generated on or after January 1, 2015, requires the Oklahoma Tax Commission to refund 85% of the face value of unused credits directly to taxpayers at their election instead of allowing transfers
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Makes the 85% refund available to all taxpayers including pass-through entities (S corporations, partnerships, LLCs, trusts), with refund amounts exempt from state income tax
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Becomes effective November 1, 2014
Legislative Description
Revenue and taxation; limiting ability to claim tax credits for certain rehabilitation expenditures; providing for refundability of credits. Effective date.
Revenue and Taxation
Last Action
coauthored by Sears (principal House author)
2/6/2014