Oklahoma HB2988 creates a tax credit for qualified taxpayers who implement stewardship practices on land.

Oklahoma HB2988 establishes the Oklahoma Harmful Woody Species Removal Tax Credit Act. It provides an income tax credit for qualified taxpayers who actively implement qualified stewardship practices on land, such as removing woody species, improving soil health, and enhancing water retention. The credit is limited to $200,000 per taxpayer per year, with a cap of $3,000,000 in total credits issued annually. The Oklahoma Conservation Commission is responsible for issuing tax credit certificates and maintaining a database to evaluate the credit's effectiveness.

Oklahoma HB2988 creates a tax credit for qualified taxpayers who implement stewardship practices on land.

Oklahoma HB2988 establishes the Oklahoma Harmful Woody Species Removal Tax Credit Act. It provides an income tax credit for qualified taxpayers who actively implement qualified stewardship practices on land, such as removing woody species, improving soil health, and enhancing water retention. The credit is limited to $200,000 per taxpayer per year, with a cap of $3,000,000 in total credits issued annually. The Oklahoma Conservation Commission is responsible for issuing tax credit certificates and maintaining a database to evaluate the credit's effectiveness.