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OK SB1613
Bill
Status
5/16/2016
Primary Sponsor
Clark Jolley
Click for details
AI Summary
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Amends Oklahoma tax code Section 2357.11 to limit coal tax credits to tax years ending on or before December 31, 2015 (instead of December 31, 2021) for purchasers of Oklahoma-mined coal under subsection B.
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Changes the end date for coal production credits from December 31, 2021 to December 31, 2016 for miners holding valid Oklahoma Department of Mines permits under subsection D.
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Adds a new restriction prohibiting any coal tax credits for events, transactions, or activities occurring on or after January 1, 2017.
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Allows credits earned before January 1, 2014 to be carried over for five years; credits earned after January 1, 2014 may be refunded at 85% of face value at taxpayer's election.
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Becomes effective November 1, 2016.
Legislative Description
Tax credits; limiting time period during which credits are allowed for production and purchase of coal. Effective date.
Last Action
Second Reading referred to Joint Committee on Appropriations and Budget
5/17/2016