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OK SB1052
Bill
AI Summary
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Amends the income tax credit for Class II and Class III railroad reconstruction or replacement expenditures, which equals 50% of qualified expenditures up to $2,000 per mile of track owned or leased in Oklahoma
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Limits transferability of unused credits to those generated prior to January 1, 2017; transfers must be filed with the Oklahoma Tax Commission within 30 days
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Restricts carryover provisions to credits earned prior to January 1, 2017, with a 5-year carryforward period
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Terminates the credit for taxable years beginning on or after January 1, 2018, unless reauthorized by the Legislature following evaluation by the Incentive Evaluation Commission
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Effective date: November 1, 2016
Legislative Description
Income tax credits; modifying time period during which credits are allowed for railroad reconstruction or replacement expenditures. Effective date.
Last Action
coauthored by Yen
2/29/2016