Oklahoma SB1997 exempts certain property of business entities from ad valorem tax, effective January 1, 2027.
Oklahoma SB1997 amends the state's tax code to exempt certain property of business entities from ad valorem taxation. This includes property used for charitable purposes, nonprofit schools and colleges, and specific types of residential properties. The bill also updates statutory language and references, and it specifies that the exemption applies regardless of the number of locations operated by the business entity within the state. The changes will take effect on January 1, 2027.
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