OK SB1435

Removes the January 1, 2020 expiration date for income tax credits for investments in qualified clean-burning motor vehicle fuel property, making the credit available subject to reauthorization requirements.

Requires the Oklahoma Tax Commission to promulgate rules to administer the credit program, including establishing and enforcing penalties for violations.

Establishes a sunset provision prohibiting credits for activities occurring on or after January 1, 2018, unless the section is reauthorized by the Oklahoma Legislature after evaluation by the Incentive Evaluation Commission.

Requires the Tax Commission to calculate 5% of qualified clean-burning motor vehicle fuel property costs from tax year 2012 and transfer that amount annually to the Compressed Natural Gas Conversion Safety and Regulation Fund beginning July 1, 2014.

Effective date is November 1, 2016.