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OK SB1285
Bill
Status
2/1/2016
Primary Sponsor
Eddie Fields
Click for details
AI Summary
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Reduces the value of 19 different Oklahoma tax credits to 75% of their current amounts for tax years beginning on or after January 1, 2017
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Affected credits include those for manufacturing investment and new employment, Oklahoma-mined coal purchases and production, clean-burning motor vehicle fuel property, child care provider expenses, zero-emission electricity generation, and historic building rehabilitation
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Additional credits reduced include those for biomedical and cancer research donations, energy-efficient residential construction, employer expenses for injured employees, railroad reconstruction, scholarship-granting organization contributions, aerospace employee tuition reimbursement and compensation, volunteer firefighter certification, and affordable housing investments
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Credits earned from activities occurring before January 1, 2017 remain unaffected by the reductions
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Effective date: November 1, 2016
Legislative Description
Tax credits; creating the Tax Credit Reduction Act; reducing value of certain tax credits by twenty-five percent. Effective date.
Last Action
Second Reading referred to Finance
2/2/2016