Senate Bill 1581 Summary

• Allows a one-time income tax credit for investments in qualified clean-burning motor vehicle fuel property placed in service after December 31, 1990, for tax years beginning before January 1, 2020.

• Sets credit percentages as follows: 45% of cost for vehicle modifications or originally equipped vehicles; 75% per-location credit for fuel delivery/charging infrastructure; 50% or $2,500 maximum per-location credit for home natural gas compression systems.

• Limits total annual credits claimed statewide to $6,000,000 for tax years beginning January 1, 2016 through December 31, 2018, with the Oklahoma Tax Commission calculating annual percentage adjustments to stay within the cap.

• Reduces credit amounts to 75% of otherwise allowed amounts for tax years beginning January 1, 2017 and later.

• Becomes effective November 1, 2016.