Oklahoma HB1427 expands tax credits for clean-burning vehicle fuel and hydrogen fuel cells.
Oklahoma HB1427 amends tax credit provisions to include new equipment for clean-burning vehicle fuel and hydrogen fuel cells. It allows credits for equipment modifying vehicles to use compressed natural gas, liquefied natural gas, liquefied petroleum gas, or hydrogen. Credits are also available for equipment related to the delivery of these fuels. The bill sets maximum credit amounts based on vehicle weight and includes provisions for annual credit calculations and adjustments. The tax credits can offset income tax liability and are subject to annual limits.
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