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OK SB1154
Bill
Status
2/1/2016
Primary Sponsor
Rob Standridge
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AI Summary
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Removes the January 1, 2017 sunset date for tax credits available to financial institutions participating in the Rural Economic Development Loan Act
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Adds a new requirement that no credits may be claimed for loans made on or after January 1, 2018 unless the Oklahoma Legislature reauthorizes the program
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Requires evaluation by the Incentive Evaluation Commission before legislative reauthorization can occur
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Credits apply to taxable income received by banks and credit unions from Rural Economic Development Loan Act loans, limited annually to 5% of certified payroll
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Effective date of November 1, 2016
Legislative Description
Tax credits; requiring reauthorization of Rural Economic Development Loan Act tax credits after review by Incentive Evaluation Commission. Effective date.
Last Action
Second Reading referred to Finance
2/2/2016