This bill amends Section 2357.22 of Title 68 of the Oklahoma Statutes, which pertains to tax credits for investments in qualified clean-burning motor vehicle fuel property. The amendments include provisions that allow insurance companies claiming a credit against state premium taxes to not be required to pay additional retaliatory taxes as a result of claiming the credit. The bill also specifies that the credit can fully offset any retaliatory tax imposed under the relevant sections of the Oklahoma Statutes. Additionally, the bill establishes limits on the total amount of credits authorized for various types of clean-burning fuel property for the tax years 2023 through 2028, capping the annual amount at $10 million for each category of property.

The effective date of the bill is set for July 1, 2025, and it declares an emergency, indicating that the provisions are necessary for the preservation of public peace, health, or safety. The bill aims to promote the use of clean-burning motor vehicle fuels by providing financial incentives while ensuring that the tax credits do not exceed specified limits, thereby managing the fiscal impact on the state.

Statutes affected:
Introduced: 68-2357.22