OK SB1282

Oklahoma Tax Commission directed to enhance efforts to discover and reduce fraud and abuse of sales tax exemptions under the Sales Tax Code

Creates new sales tax exemption for paper stock and raw materials manufactured into commercial printed material (magazines, catalogs, retail inserts, direct mail) primarily for use and delivery outside Oklahoma

Modifies ad valorem tax exemption eligibility for computer services and data processing establishments by updating NAICS classification codes and requiring 50% of annual gross revenues from out-of-state sales (or 80% for certain data processing services)

Expands definition of "investment cost" for manufacturing facility exemptions to include capital expenditures for replacement, refurbishment, repair, or maintenance of existing machinery that qualifies for federal depreciation/amortization

Effective dates: Sections on fraud prevention and commercial printing exemption become effective November 1, 2016; manufacturing facility exemption modifications become effective January 1, 2016