The bill amends Section 1356 of Title 68 of the Oklahoma Statutes to expand sales tax exemptions to include public trusts that are organized under the provisions of Section 176 et seq. of Title 60, with a municipality as the beneficiary. This change aims to enhance the operational capabilities of public trusts by exempting sales of tangible personal property or services to these entities from sales tax. The bill also maintains existing exemptions for governmental bodies, educational institutions, and nonprofit organizations, and it declares an emergency to expedite the implementation of these changes.

Additionally, the bill introduces new tax exemptions related to the sale, lease, use, storage, consumption, or distribution of tangible personal properties and services associated with the space industry, as well as for various nonprofit organizations focused on educational services, disaster recovery, and support for veterans. It establishes specific conditions for claiming these exemptions, including the requirement for purchasers to sign affidavits and a cap on total exemptions claimed, not exceeding $650,000. The bill aims to promote economic activity in the space sector and bolster community and educational initiatives while ensuring compliance with tax regulations.

Statutes affected:
Introduced: 68-1356