SB 1917 Summary

• Amends 68 O.S. Section 2817 to extend valuation procedures for poultry production facilities to include swine production facilities for ad valorem tax purposes.

• Requires the Oklahoma Tax Commission's Ad Valorem Division to develop a standard valuation system for real and personal property used in swine production that all county assessors must follow.

• Establishes depreciation schedules for swine production property: real property depreciates over 10 years to a residual value of 20%, and personal property depreciates over 5 years to zero residual value.

• Specifies that swine production facilities may only be compared to other swine production facilities for valuation purposes and have no productive use value once converted to other uses.

• Takes effect January 1, 2015.