The bill amends existing tax laws related to farm equipment in Oklahoma, specifically addressing the taxation of agricultural equipment and whole goods. It imposes a tax in lieu of ad valorem tax on certain items, including agricultural equipment and attachments, owned or possessed for sale or lease by retailers and individuals operating whole goods equipment. The definition of taxable items has been modified to include whole goods agricultural equipment and attachments, and the tax will be based on the fair cash value of these items. Additionally, the bill requires dealers and individuals to maintain a sales log for applicable items, which will be subject to inspection by county assessors.

Key changes include the requirement for tax stamps to be retained in a log by entities and individuals operating whole goods equipment, and the stipulation that the tax stamp will be based on fair cash value for these entities. The bill also updates statutory language and references, ensuring clarity in the definitions and responsibilities of those involved in the sale and operation of agricultural equipment. The effective date for these changes is set for January 1, 2027.

Statutes affected:
Introduced: 68-5403