HB1553 Summary

• Establishes a 1% rental tax on qualified heavy equipment rented by qualified renters, replacing ad valorem taxes on such equipment.

• Defines qualified heavy equipment as construction, earthmoving, or industrial equipment that is mobile and rented for less than 365 days, including excavators, generators, lift equipment, and material handling equipment.

• Requires qualified renters (businesses whose primary function is renting heavy equipment) to collect and remit the tax to the Oklahoma Tax Commission by the 20th of each month.

• Exempts federal, state, and local government entities from the tax.

• Takes effect November 1, 2015.