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OK SB1341
Bill
Status
3/6/2014
Primary Sponsor
Michael Mazzei
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AI Summary
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Amends 68 O.S. 2011, Section 2357.4 to limit tax credits for manufacturing investments and new employee hiring to taxable years ending before January 1, 2017
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Restricts subsection A credits (manufacturing property investments of at least $50,000 or new employee credits) to years beginning after December 31, 1987 and ending before January 1, 2017
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Restricts subsection B credits (manufacturing property investments of at least $40 million within 3 years or corresponding employee increases) to years beginning after December 31, 1998 and ending before January 1, 2017
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Maintains existing provisions regarding credit carryover periods (4 subsequent years with 15-year extension, plus unlimited use after 20-year initial period for property placed in service after January 1, 2000)
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Becomes effective January 1, 2015
Legislative Description
Income tax; limiting time period during which certain tax credits are allowed; limiting amount allowed per taxpayer for certain time period. Effective date.
Revenue and Taxation
Last Action
Second Reading referred to Appropriations and Budget
3/17/2014