This bill amends various sections of the Oklahoma Statutes concerning revenue and taxation, particularly focusing on exemptions and responsibilities related to motor vehicle sales and other tangible personal property. It modifies Section 1355 by removing the previous requirement that a portion of the levy (1.25%) be applied to gross receipts from motor vehicle sales. Additionally, it eliminates the motor vehicle excise tax exemption in Section 2106 and removes payment responsibilities for sales tax in Sections 1361 and 1402. Furthermore, Section 1404 is amended to remove exemptions related to the use of tangible personal property, specifically for motor vehicles. These changes aim to clarify tax obligations and streamline responsibilities regarding motor vehicle sales and related taxes in Oklahoma.

The bill also introduces new provisions that exempt certain articles and tangible personal property from sales and use taxes imposed by local jurisdictions. It includes exemptions for personal property brought into the state by individuals intending to become residents, property used by commercial airlines or railroads, livestock purchased outside the state for feeding or breeding, and rail transportation cars used to haul coal for electric power generation. An effective date of July 1, 2025, is established, along with an emergency declaration for immediate implementation upon passage and approval. Overall, the amendments seek to clarify and expand tax exemptions for specific categories of personal property, potentially benefiting individuals and businesses in these sectors.

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