This bill amends Section 1356 of Title 68 of the Oklahoma Statutes to introduce a sales tax exemption for certain nonprofit organizations that are either created under Oklahoma law or authorized to operate in the state, provided they have 501(c)(3) status and gross revenues not exceeding $3 million during the preceding tax year. The legislation specifies that this exemption does not apply to purchases of alcohol or tobacco, aiming to alleviate the tax burden on nonprofits and enable them to allocate more resources towards their charitable missions. Additionally, the bill extends eligibility for tax exemptions to organizations that assist individuals following disasters, particularly in repairing or restoring single-family homes.

Furthermore, the bill outlines existing exemptions for various entities, including educational institutions and health centers, and emphasizes the importance of certification for compliance with exemption criteria. It establishes a framework for refunding sales tax for certain transactions involving public trusts and nonprofits engaged in specific activities, such as constructing facilities for disadvantaged populations. The bill sets a cap on the total amount of sales tax exemptions that can be claimed and outlines the refund application process, promoting economic activity in the space sector and supporting community-focused initiatives. The effective date of the bill is set for July 1, 2025, with an emergency clause for immediate implementation upon passage and approval.

Statutes affected:
Introduced: 68-1356