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OK SB1284
Bill
Status
2/1/2016
Primary Sponsor
Eddie Fields
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AI Summary
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Requires seven Oklahoma tax credits to be reauthorized by the Legislature after evaluation by the Incentive Evaluation Commission, or they will expire for activities occurring on or after January 1, 2018
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Affected credits include: manufacturing investment/new employment, historic building rehabilitation, biomedical/cancer research institute donations, energy efficient residential construction, railroad reconstruction/replacement expenditures, scholarship-granting/educational improvement grant organization donations, and affordable housing investments
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Manufacturing investment credits require minimum $50,000 investment and provide 1% of qualified property cost or $500 per new employee; larger investments of $40 million+ qualify for 2% credit or $1,000 per new employee
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Scholarship tax credits are capped at $3.5 million annually for scholarship-granting organizations and $1.5 million for educational improvement grants, with individual limits of $1,000-$2,000 for individuals and $100,000 for businesses
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Effective date of November 1, 2016
Legislative Description
Tax credits; requiring reauthorization of certain credits after review by Incentive Evaluation Commission. Effective date.
Last Action
Second Reading referred to Finance
2/2/2016