SB1978 Summary

• Establishes automatic expiration of all income tax credits enacted after the bill's effective date that lack an expiration date in their original enactment.

• Tax credits will expire four (4) years after enactment unless the Legislature affirmatively reauthorizes them.

• Defines "tax credit" as a credit pursuant to the Oklahoma Income Tax Act that reduces a taxpayer's tax liability.

• Requires future legislative action to maintain tax credits rather than allowing them to continue indefinitely without review.

• Effective November 1, 2014.