House Bill No. 1427, introduced by Wilk, amends Section 2357.22 of Title 68 of the Oklahoma Statutes, which pertains to tax credits for investments in clean-burning motor vehicle fuel property. The bill modifies the provisions regarding the use of tax credits against insurance premium taxes and introduces new language that allows for credits based on investments made in qualified clean-burning motor vehicle fuel property after the effective date of the act. Specifically, it establishes that for tax years 2028 and before, a one-time credit against income tax will be available for such investments, and it also allows for credits against insurance premium taxes.

Additionally, the bill sets limits on the total amount of credits authorized for various types of clean-burning fuel property, capping them at $10 million each for compressed natural gas, hydrogen fuel cell systems, and electric vehicle recharging systems for the tax years 2023 through 2028. The Oklahoma Tax Commission is tasked with calculating and publishing the percentage by which these credits will be reduced to ensure that the total does not exceed the specified limits. 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
Engrossed: 68-2357.22
Sub Committee OR Policy Committee Recommendations (House) Sub Committee Recommendation: 68-2357.22