SB1579

Oklahoma SB1579 amends tax credit provisions for investments in clean-burning motor vehicle fuel property.

Oklahoma SB1579 amends the tax credit provisions for investments in qualified clean-burning motor vehicle fuel property. It expands the forms of taxation for which a credit is allowed against, updates statutory references, and provides an effective date. The bill specifies credit amounts based on vehicle weight and fuel type, and includes provisions for annual adjustments to credit limits. It also details the transfer of funds from the tax credit to the Compressed Natural Gas Conversion Safety and Regulation Fund.