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OK SB1344
Bill
Status
2/1/2016
Primary Sponsor
Josh Brecheen
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AI Summary
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Reduces 18 different Oklahoma income tax credits by 25% for tax years beginning on or after January 1, 2017, limiting credits to 75% of the amount otherwise provided
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Affected credits include those for manufacturing investment and employment, Oklahoma-mined coal production/purchase, clean-burning motor vehicle fuel property, zero-emission electricity generation, historic building rehabilitation, and affordable housing projects
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Additional credits reduced include those for child care service provider expenses, biomedical/cancer research donations, energy-efficient residential construction, injured employee wages, railroad reconstruction, scholarship/educational improvement grants, and volunteer firefighter certification
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States legislative intent that savings from tax credit reductions be applied to reduce Oklahoma's top marginal income tax rate
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Effective date of November 1, 2016, with credit reductions applying to tax years beginning January 1, 2017
Legislative Description
Tax credits; creating the Tax Credit Reduction Act; reducing certain credits by twenty-five percent. Effective date.
Last Action
Second Reading referred to Rules
2/2/2016