The 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 and hydrogen fuel cells. It expands the forms of taxation against which the credit can be applied, now allowing credits against income tax as well as taxes imposed by specific sections of Title 36. The bill also updates statutory references and language, and specifies that the credit will be available for investments made in qualified clean-burning motor vehicle fuel property placed in service on or after July 1, 2023.

Additionally, the bill establishes annual limits on the total amount of credits that can be claimed, setting a cap of $10 million for various categories of clean-burning fuel property and related infrastructure for the tax years 2023 through 2028. It includes provisions for the Oklahoma Tax Commission to calculate and publish necessary adjustments to ensure that the total credits do not exceed these limits. The bill is set to take effect on November 1, 2026.

Statutes affected:
Introduced: 68-2357.22