Oklahoma SB475 amends tax credit rules for clean-burning motor vehicles and requires the Tax Commission to verify credit claims.
Oklahoma SB475 modifies the state's income tax credit for investments in clean-burning motor vehicle fuel property. It limits the annual credit to $20 million for tax years 2020 through 2022 and adjusts the credit annually for subsequent years. The bill also requires the Oklahoma Tax Commission to verify if a credit has been previously claimed for a specific vehicle upon request. The changes include updates to statutory references and language, and the bill provides an effective date for the amendments.
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- Core Provisions
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- Impact
- Legal Framework
- Critical Issues
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