SB2144

Oklahoma SB2144 amends farm equipment tax, requiring certain entities to pay tax in lieu of ad valorem.

Oklahoma SB2144 amends the tax code to impose a tax on the sale or lease of whole goods agricultural equipment and attachments, in lieu of the annual ad valorem tax. The tax applies to dealers, entities, and individuals selling or leasing farm equipment. The tax rate varies based on the sales price or fair cash value of the equipment, with tax stamps required to be affixed to sales invoices. The tax stamps must be retained in a log and are subject to inspection by county assessors.