Senate Bill No. 475 amends Oklahoma's tax procedure laws to enhance the confidentiality of records held by the Oklahoma Tax Commission while allowing for specific disclosures related to tax credits. The bill updates legal references concerning the disclosure of information about tax credits, changing the language from "Sections 1 through 8 of this act" to "Sections 3930 through 3937 of this title." This clarification aims to ensure that the Tax Commission can appropriately disclose information regarding tax credits while maintaining taxpayer confidentiality. Additionally, the bill mandates that the Tax Commission verify claims for tax credits related to certain vehicles upon request, promoting transparency in the administration of these credits.

Furthermore, the bill introduces a one-time income tax credit for investments in qualified clean-burning motor vehicle fuel property, applicable to property placed in service on or after July 1, 2023. It specifies eligible property types, including equipment for modifying vehicles to alternative fuels, and establishes credit amounts based on vehicle weight. The legislation allows for the carryforward of unused credits for up to five years and imposes annual limits on total credits claimed. It also includes provisions for the Tax Commission to require reporting from tax incentive recipients, verify claims using vehicle identification numbers, and enforce penalties for violations. The act is set to take effect on November 1, 2025.

Statutes affected:
Introduced: 68-205, 68-2357.22
Floor (Senate): 68-205, 68-2357.22