OK HB1849

Requires every bill enacting a new tax preference to include a tax preference performance statement in Oklahoma law.

Defines "tax preference" as an exemption, exclusion, or deduction from a state tax base, a credit against state tax, a tax deferral, or a preferential tax rate.

Tax preference performance statements must identify one or more legislative purposes from six specified categories: inducing taxpayer behavior, improving industry competitiveness, creating or retaining jobs, reducing tax structure inefficiencies, providing tax relief, or other general purposes.

Statements must include detailed information about the legislative purpose and specify clear, relevant, and measurable metrics and data requirements to allow the Oklahoma Legislature to evaluate the tax preference's effectiveness.

Effective date is November 1, 2015.