Senate Bill 739 Summary

• Amends Section 2902 of Oklahoma Statutes to modify requirements for manufacturing facility ad valorem tax exemptions, which provide five-year tax exemptions for new, expanded, or acquired manufacturing facilities.

• Clarifies that the 12-month unoccupied facility requirement applies only to initial exemption eligibility, not to continued exemption in the four subsequent years following the initial year.

• Modifies exemption application requirements for distribution facilities by changing from annual affidavit filings to annual application filings with the Tax Commission.

• Streamlines wind power generation facility exemptions by removing conflicting language and clarifying that entities must meet standard payroll requirements or capital improvement thresholds to qualify.

• Effective date: January 1, 2016.