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 in the preceding tax year. Notably, the exemption does not apply to purchases of alcohol or tobacco. The bill also clarifies that the existing exemption for organizations providing disaster assistance will only apply to sales made on or after July 1, 2022, and it defines "disaster" for eligibility purposes. The new exemption is set to take effect on July 1, 2025, but the bill declares an emergency, allowing it to take effect immediately upon passage and approval.

In addition to the nonprofit exemptions, the bill outlines various existing exemptions for educational institutions, health centers, and cultural organizations, emphasizing the need for proper certification for purchases made on their behalf. It also introduces tax exemptions related to space exploration, specifying that sales or leases of items integral to space flight operations and associated machinery will be exempt from certain taxes, regardless of whether the property is returned to the state after launch. Overall, the bill aims to provide tax relief to nonprofit organizations and promote activities related to space exploration while ensuring compliance with tax regulations.

Statutes affected:
Introduced: 68-1356