This bill 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. It clarifies that although tax records are generally confidential, exceptions exist for information concerning certain tax credits. The bill introduces new legal language and statutory references, particularly regarding the disclosure of information for tax credits claimed under designated provisions. Additionally, it mandates the Oklahoma Tax Commission to verify claims for tax credits associated with investments in qualified clean-burning motor fuel property upon request, thereby promoting transparency in tax credit claims while safeguarding sensitive tax information.

Furthermore, the bill establishes a one-time income tax credit for investments in qualified clean-burning motor vehicle fuel property for assets placed in service on or after July 1, 2023. It tasks the Tax Commission with estimating potential state revenue losses due to these tax incentives and requires recipients to report pertinent information. The legislation imposes penalties for violations, categorizing them as misdemeanors with fines or imprisonment. It also sets annual caps on the total amount of tax credits for various clean-burning fuel property types at $10 million each from 2023 to 2028, with provisions for annual adjustments and notifications to state officials when claims near 80% of the limit. The act is scheduled to take effect on November 1, 2025.

Statutes affected:
Introduced: 68-205, 68-2357.22