OK HB1427

Expands the existing tax credit for investments in qualified clean-burning motor vehicle fuel property and hydrogen fuel cells to apply against both individual income tax (Section 2355) and corporate income tax (Section 2370), rather than just income tax generally

Credit amounts for vehicle conversions/purchases vary by gross vehicle weight: up to $5,500 for vehicles under 6,000 lbs, up to $9,000 for 6,001-10,000 lbs, up to $26,000 for 10,001-26,500 lbs, and up to $100,000 for vehicles over 26,501 lbs

Annual credit caps for tax years 2023-2028 are set at $10 million each for three categories: natural gas/propane vehicles and fueling infrastructure; hydrogen fuel cell vehicles and infrastructure; and public electric vehicle charging systems

Credits are available for tax years through 2028 and may be carried forward for up to five years if they exceed tax liability in a given year

Effective date is November 1, 2026