H.J.Res.1054

Oklahoma HJR1054 proposes a constitutional amendment exempting business inventory from ad valorem taxation starting January 1, 2027.

Oklahoma HJR1054 seeks to amend the Oklahoma Constitution by adding a new Section 6D to Article X, which would exempt the inventory of for-profit business entities from ad valorem taxation if the personal property is described as inventory in the books and records of the entity. This exemption would also apply to inventory held by estates and trusts if the personal property is described as inventory in the books and records of the estate or trust. The amendment would take effect on January 1, 2027.