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 the language concerning the disclosure of information about tax credits claimed under certain sections, aiming to clarify what information can be shared without violating taxpayer confidentiality. Additionally, it mandates the Tax Commission to verify claims for tax credits on certain vehicles upon request, thereby promoting transparency and accountability in tax credit administration.

The legislation also focuses on tax incentives for clean-burning motor vehicle fuel property, allowing the Tax Commission to prepare reports estimating potential state revenue losses due to tax exclusions, deductions, and credits. It requires recipients of these incentives to report information electronically and establishes penalties for non-compliance. The bill modifies provisions for tax credits related to investments in clean-burning fuel property, changing the effective date for certain credits to July 1, 2023, and setting annual limits on the total credits that can be claimed. The act is scheduled to take effect on November 1, 2025.

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