HB 1187 Summary

• Defines "tax incentive" as tax exemptions, deductions, exclusions from tax computation, reductions of gross to net tax liability, or cash payments made by state agencies to entities for business location, expansion, job creation, retention, or similar economic inducement.

• Prohibits enactment of new tax incentives unless provisions include a specific date after which the incentive may no longer be authorized.

• Limits the expiration date of tax incentives to no longer than four (4) years from the effective date of the act creating the incentive.

• Codifies the new law as Section 291 of Title 68 of the Oklahoma Statutes.

• Becomes effective November 1, 2017.