House Bill No. 1427, introduced by Wilk, amends Section 2357.22 of the Oklahoma Statutes regarding tax credits for investments in clean-burning motor vehicle fuel property. The bill allows for a one-time credit against income tax for investments made in qualified clean-burning motor vehicle fuel property placed in service on or after January 1, 1991, and expands the eligibility for tax credits to include investments made on or after the effective date of the act. Additionally, it introduces provisions for credits against insurance premium taxes based on these investments.
The bill also establishes annual limits on the total amount of credits that can be claimed, setting a cap of $20 million for tax years 2020 through 2022, and $10 million for tax years 2023 through 2028 for various categories of clean-burning fuel property. The Oklahoma Tax Commission is tasked with calculating and publishing the percentage by which credits will be reduced to ensure these limits are not exceeded. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.
Statutes affected: Introduced: 68-2357.22
House Committee Substitute: 68-2357.22
Floor (House): 68-2357.22
Floor (Senate): 68-2357.22
Engrossed: 68-2357.22
Sub Committee OR Policy Committee Recommendations (House) Sub Committee Recommendation: 68-2357.22