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OK SB557
Bill
AI Summary
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Amends Oklahoma law (68 O.S. 2011, Section 6003) regarding aircraft excise tax exemptions to modify the expiration date of the exemption for high-value aircraft transfers.
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Changes the expiration date of the exemption for aircraft with selling prices exceeding $2,500,000 transferred to non-resident purchasers for immediate out-of-state transfer from July 1, 2022 to July 1, 2022 (no change to original date specified).
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Eliminates the exemption for rotary-wing aircraft purchased for U.S. military training purposes, which was set to expire January 1, 2018.
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Maintains all existing aircraft excise tax exemptions for manufacturers, dealers, government entities, corporate reorganizations, commercial airlines, and various other specified transfers.
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Becomes effective November 1, 2017.
Legislative Description
Aircraft excise tax; limiting time period during which certain exemption may be used. Effective date.
Last Action
Recommendation to the full committee; Do Pass Appropriations and Budget Finance Subcommittee
3/30/2017