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OK HB2818
Bill
Status
2/1/2016
Primary Sponsor
Lee Denney
Click for details
AI Summary
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Reduces 18 specified tax credits by 25% for tax years beginning on or after January 1, 2017, including credits for insurance premium home office, manufacturing investment, Oklahoma-mined coal, zero-emission electricity production, historic rehabilitation, and clean-burning motor vehicle fuel property
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Exempts carried-forward credits earned before January 1, 2017 from the 25% reduction
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Establishes automatic sunset provision for the 25% reduction when General Revenue Fund collections increase by at least 25% compared to fiscal year two years prior
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Eliminates wind energy tax credits beginning January 1, 2017 for new investment or job creation in electric power generation by wind (NAICS 221119)
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Declares emergency effective date of July 1, 2016 with bill passage through House Appropriations and Budget Committee on February 25, 2016
Legislative Description
Revenue and taxation; tax credits; insurance premium tax; depreciable property; clean-burning motor fuel; effective date; emergency.
Last Action
Emergency added
2/25/2016