HB3178

Oklahoma HB3178 establishes a depreciation schedule for farm equipment and tractors for ad valorem taxation purposes.

Oklahoma HB3178 creates a depreciation schedule for farm equipment and tractors to determine their fair cash value for ad valorem taxation. The fair cash value decreases by 25% each year, starting from the original cost. The Oklahoma Tax Commission is tasked with creating necessary rules and forms to implement this act, which will become effective on January 1, 2027.