Senate Bill No. 475 amends Oklahoma's tax procedure laws to enhance the confidentiality of records held by the Oklahoma Tax Commission while introducing specific exceptions for disclosing information related to tax credits. The bill updates legal references concerning tax credit disclosures, replacing "Sections 1 through 8 of this act" with "Sections 3930 through 3937 of this title" to clarify the provisions for such disclosures. Additionally, it mandates the Tax Commission to verify claims for tax credits related to certain vehicles upon request, promoting transparency and accountability in the administration of these credits.

The bill also introduces measures to improve reporting and accountability for tax incentives associated with clean-burning motor vehicle fuel property. It empowers the Tax Commission to prepare annual reports estimating revenue losses from various tax exclusions, deductions, and credits, and requires recipients of these incentives to provide necessary information electronically. Penalties for non-compliance are established, classifying violations as misdemeanors. Furthermore, the bill modifies the tax credit structure for investments in clean-burning fuel property, changing the effective date for hydrogen fuel cell 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