This bill amends various sections of the Oklahoma Statutes concerning revenue and taxation, particularly focusing on exemptions and responsibilities related to motor vehicle taxes. Key changes include the removal of the exemption for the sale of motor vehicles from certain sales and use taxes, as well as the deletion of specific payment responsibilities associated with these taxes. The bill clarifies that the excise tax on motor vehicles will replace all other taxes, except for certain fees, and establishes a tax rate of 4.5% on tangible personal property based on the purchase price.

Additionally, the bill introduces new exemptions for personal property brought into the state by individuals intending to become residents, articles used by commercial airlines and railroads, livestock purchased for feeding or breeding, and rail transportation cars used to haul coal to electric power plants. The bill includes an emergency clause, allowing it to take effect immediately upon passage and approval, with a formal effective date set for July 1, 2025.

Statutes affected:
Introduced: 68-1355, 68-1404