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OK HB2935
Bill
Status
2/1/2016
Primary Sponsor
Mark McCullough
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AI Summary
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Amends 68 O.S. 2011, Section 2887 to modify ad valorem tax exemptions for property owned by charitable institutions in Oklahoma
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Removes previous requirements that charitable institutions be organized under state law as nonprofit entities and that no income inure to private stockholders as conditions for property tax exemption
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Eliminates detailed provisions regarding IRS Revenue Procedure 96-32 income standards, occupancy rate requirements, and reporting obligations for residential rental properties owned by charitable organizations
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Removes specific exemption criteria for continuum of care retirement communities, including construction date requirements and county population thresholds
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Effective date of January 1, 2017
Legislative Description
Revenue and taxation; ad valorem taxation; exemptions; effective date.
Last Action
Referred to Appropriations and Budget Revenue and Taxation Subcommittee
2/2/2016