Post by Admin on Jan 22, 2019 15:51:31 GMT -6
Here are some of the bills we may be watching that have to do with taxes and revenue
HB1003
HB1003, by Rep. Mike Sanders, R-Kingfisher, provides a sales tax exemption to American Legion organizations chartered by the United States Congress or entities organized under the laws of Oklahoma or another state pursuant to the authority of the national American Legion organization. (Emergency Measure)
Status : Prefiled
Status Date : 12/18/2018
HB1016
HB1016, by Rep. Ryan Martinez, R-Edmond, creates the Oklahoma Revenue and Taxation Policy Act of 2019.
Status : Prefiled
Status Date : 01/08/2019
HB1017
HB1017, by Rep. Ryan Martinez, R-Edmond, creates the Oklahoma Revenue and Taxation Policy Act of 2019.
Status : Prefiled
Status Date : 01/08/2019
SB0002
SB0002, by Sen. Kimberly David, R-Porter, ends the assessment of the motor vehicle sales tax on purchases made on or after July 1, 2019. (Emergency Measure)
Status : Prefiled
Status Date : 11/20/2018
SB0008
SB0008, by Sen. Roger Thompson, R-Okemah, exempts from sales tax sales of tangible personal property or services to the American Legion, whether the purchase is made by the entity chartered by the United States Congress or an entity organized under the state laws pursuant to the authority of the American Legion organization. (Emergency Measure)
Status : Prefiled
Status Date : 11/26/2018
SB0018
SB0018, by Sen. Roger Thompson, R-Okemah, modifies the sales tax exemption for railroad rolling stock. It extends the sunset day on the sales tax exemption to July 1, 2024, from July 1, 2019. The bill clarifies language that the exemption applies to leases, as well as sales. It adds railroad car maintenance and retrofitting to the exemption. (Emergency Measure)
Status : Prefiled
Status Date : 12/03/2018
SB0032
SB0032, by Sen. Roger Thompson, R-Okemah, requires the State, through the Department of Commerce to establish a program that allows existing tax credits to be repurchased from the owners of outstanding credits to reduce the debt burden of the state. The bill permits the department to enter into agreements for the purchase of tax credits if the agreement is in the best interest of the state and when the cost of the credits' repurchase is determined to be less than the benefit to the state through the resulting reinvestment of a negotiated percentage of the payment by the state to the credits' owners. The bill permits payments to the tax credits' owners to be made in one or over multiple years. It provides neither the state nor the tax credit owners will have any obligation to the other if an agreement is not reached. It makes final approval of a tax credit purchase agreement subject to the availability of funds appropriated by the Legislature. The bill mandates that the Department of Commerce require the agreement be beneficial to the interests of the State and its citizens through increased investment by the owner of the tax credit in facilities, equipment and job creation as a result of the use of all or some of the proceeds received from the cancellation of the tax credits per the terms of the agreement. The bill prohibits any agreement from being finalized unless the estimated direct state benefits resulting from the agreement exceed the estimated direct state cost. The bill defines the term "estimated direct state benefits" to mean the revenues projected to accrue to the state as a result of new direct jobs or investment, additional tax revenues and the savings achieved through the purchase of outstanding but unclaimed tax credits. It defines the term "estimated direct state costs" to mean the price paid to the owner of the tax credits for the credits which are surrendered and canceled under the agreement. It requires the former owner of the tax credits, withing 30 days of the finalization of any agreement to repurchase tax credits, to notify the Oklahoma Tax Commission on a form prescribed by the commission of the identify of the taxpayer, the type of tax credit, the total amount of tax credits including any carryover credits and other information required by the commission so that the tax credits repurchased cannot be used to reduce any future tax liability of the taxpayer or its successor. It requires any approved agreement also to be filed with the commission. It requires the owner selling the tax credits to the State to file with the state on a yearly basis documenting the benefits to the state as defined in the agreement. It requires the information be submitted on a form prescribed by the Department of Commerce not later than March 15 of each year related to the economic benefits for the preceding calendar year. The bill permits the state to require the return of any funds equal to the percentage of the agreement which is not completed by the former owner of the credits if the credits' former owner does not fulfill the terms of the approved agreement.
Status : Prefiled
Status Date : 12/09/2018
SB0129, by Sen. Joe Newhouse, R-Broken Arrow, exempts from sales tax sales of tangible personal property or services to an organization that is the flagship program of an organization which is exempt from taxation pursuant to the provisions of the Internal Revenue Code and which provides support to veterans, active duty members of the Armed Forces, reservists and members of the National Guard to assist with the transition to civilian life and is known as the Coffee Bunker. (Emergency Measure)
Status : Prefiled
Status Date : 01/04/2019
SB0130, by Sen. Joe Newhouse, R-Broken Arrow, sunsets on July 1, 2022, unless reauthorized by the Legislature, the Aircraft Excise Tax exemption for aircraft purchased by a state resident to be used exclusively in this state for agricultural spraying purposes.
Status : Prefiled
Status Date : 01/04/2019
SB0131, by Sen. Joe Newhouse, R-Broken Arrow, sunsets on July 1, 2022, unless reauthorized by the Legislature, the Aircraft Excise Tax exemption for aircraft that have a selling price in excess of $2.5 million and are transferred to a purchaser who is not a resident of this state for immediate transfer out of state.
Status : Prefiled
Status Date : 01/04/2019
SB0132, by Sen. Joe Newhouse, R-Broken Arrow, sunsets on July 1, 2022, unless reauthorized by the Legislature, the $0.16 per gallon credit against the tax imposed on all gasoline, compressed natural gas, liquefied natural gas and all diesel fuel used or consumed in this state for each gallon of ethyl alcohol which is contained in ethanol sold by a retail dealer.
Status : Prefiled
Status Date : 01/04/2019
SB0169, by Sen. George Young, D-Oklahoma City, makes the earned income tax credit refundable for tax years beginning on or after Jan. 1, 2019.
Status : Prefiled
Status Date : 01/07/2019
SB0180, by Sen. Gary Stanislawski, R-Tulsa, modifies the limits on credits claimed under the Oklahoma Equal Opportunity Education Scholarship Act.
Status : Prefiled
Status Date : 01/07/2019
SB0207, by Sen. Robert Standridge, R-Norman, permits the Tax Commission, with no civil or criminal liability to any member of employee for any error or omission, to post information on the commission's website of specific information related to the Public School Classroom Support Revolving Fund, to which individual and corporate income tax payers may make contributions on their tax returns. The bill requires the Oklahoma Tax Commission to publish on its website the names of taxpayers with the largest two donations to the Public School Classroom Support Revolving Fund for the most recently completed calendar year. It requires the taxpayer with the largest donation for the calendar year be designated the "valedictorian," and the taxpayer with the second largest contribution for the calendar year be designated the "salutatorian." It requires, if a taxpayer has not agreed to the disclosure of his or her name or the name of a donating business entity, the Tax Commission to identify the taxpayer with the next largest donation for the calendar year who has agreed to the disclosure of his or her name or the name of the donating business entity. The bill requires the instructions accompanying the tax form include a notification that the Oklahoma Tax Commission will be publicly identifying the taxpayers who make the two largest donations to the Public School Classroom Support Revolving Fund each calendar year. It requires the tax form include a place for the taxpayer to opt out of being publicly identified.
Status : Prefiled
Status Date : 01/09/2019
SB0208, by Sen. Robert Standridge, R-Norman, permits the Tax Commission, with no civil or criminal liability to any member of employee for any error or omission, to post information on the commission's website of specific information related to the Oklahoma Equal Opportunity Scholarship Act. The bill requires reports from scholarship-granting organizations and educational improvement grant organizations to the Oklahoma Tax Commission to include whether a contributor has agreed to make the amount of the contribution and his or her name or the name of the contributing business entity public upon identification by the Tax Commission as making one of the largest contributions for the most recently completed calendar year. The bill requires the Oklahoma Tax Commission to publish on its website the names of taxpayers with the two largest contributions for the most recently completed calendar year. It requires the taxpayer with the largest donation for the calendar year be designated the "valedictorian," and the taxpayer with the second largest contribution for the calendar year be designated the "salutatorian." It requires, if a taxpayer has not agreed to the disclosure of his or her name or the name of a donating business entity, the Tax Commission to identify the taxpayer with the next largest donation for the calendar year who has agreed to the disclosure of his or her name or the name of the donating business entity.
Status : Prefiled
Status Date : 01/09/2019
HB1003, by Rep. Mike Sanders, R-Kingfisher, provides a sales tax exemption to American Legion organizations chartered by the United States Congress or entities organized under the laws of Oklahoma or another state pursuant to the authority of the national American Legion organization. (Emergency Measure)
Status : Prefiled
Status Date : 12/18/2018
HB1016
HB1016, by Rep. Ryan Martinez, R-Edmond, creates the Oklahoma Revenue and Taxation Policy Act of 2019.
Status : Prefiled
Status Date : 01/08/2019
HB1017
HB1017, by Rep. Ryan Martinez, R-Edmond, creates the Oklahoma Revenue and Taxation Policy Act of 2019.
Status : Prefiled
Status Date : 01/08/2019
SB0002
SB0002, by Sen. Kimberly David, R-Porter, ends the assessment of the motor vehicle sales tax on purchases made on or after July 1, 2019. (Emergency Measure)
Status : Prefiled
Status Date : 11/20/2018
SB0008
SB0008, by Sen. Roger Thompson, R-Okemah, exempts from sales tax sales of tangible personal property or services to the American Legion, whether the purchase is made by the entity chartered by the United States Congress or an entity organized under the state laws pursuant to the authority of the American Legion organization. (Emergency Measure)
Status : Prefiled
Status Date : 11/26/2018
SB0018
SB0018, by Sen. Roger Thompson, R-Okemah, modifies the sales tax exemption for railroad rolling stock. It extends the sunset day on the sales tax exemption to July 1, 2024, from July 1, 2019. The bill clarifies language that the exemption applies to leases, as well as sales. It adds railroad car maintenance and retrofitting to the exemption. (Emergency Measure)
Status : Prefiled
Status Date : 12/03/2018
SB0032
SB0032, by Sen. Roger Thompson, R-Okemah, requires the State, through the Department of Commerce to establish a program that allows existing tax credits to be repurchased from the owners of outstanding credits to reduce the debt burden of the state. The bill permits the department to enter into agreements for the purchase of tax credits if the agreement is in the best interest of the state and when the cost of the credits' repurchase is determined to be less than the benefit to the state through the resulting reinvestment of a negotiated percentage of the payment by the state to the credits' owners. The bill permits payments to the tax credits' owners to be made in one or over multiple years. It provides neither the state nor the tax credit owners will have any obligation to the other if an agreement is not reached. It makes final approval of a tax credit purchase agreement subject to the availability of funds appropriated by the Legislature. The bill mandates that the Department of Commerce require the agreement be beneficial to the interests of the State and its citizens through increased investment by the owner of the tax credit in facilities, equipment and job creation as a result of the use of all or some of the proceeds received from the cancellation of the tax credits per the terms of the agreement. The bill prohibits any agreement from being finalized unless the estimated direct state benefits resulting from the agreement exceed the estimated direct state cost. The bill defines the term "estimated direct state benefits" to mean the revenues projected to accrue to the state as a result of new direct jobs or investment, additional tax revenues and the savings achieved through the purchase of outstanding but unclaimed tax credits. It defines the term "estimated direct state costs" to mean the price paid to the owner of the tax credits for the credits which are surrendered and canceled under the agreement. It requires the former owner of the tax credits, withing 30 days of the finalization of any agreement to repurchase tax credits, to notify the Oklahoma Tax Commission on a form prescribed by the commission of the identify of the taxpayer, the type of tax credit, the total amount of tax credits including any carryover credits and other information required by the commission so that the tax credits repurchased cannot be used to reduce any future tax liability of the taxpayer or its successor. It requires any approved agreement also to be filed with the commission. It requires the owner selling the tax credits to the State to file with the state on a yearly basis documenting the benefits to the state as defined in the agreement. It requires the information be submitted on a form prescribed by the Department of Commerce not later than March 15 of each year related to the economic benefits for the preceding calendar year. The bill permits the state to require the return of any funds equal to the percentage of the agreement which is not completed by the former owner of the credits if the credits' former owner does not fulfill the terms of the approved agreement.
Status : Prefiled
Status Date : 12/09/2018
SB0129, by Sen. Joe Newhouse, R-Broken Arrow, exempts from sales tax sales of tangible personal property or services to an organization that is the flagship program of an organization which is exempt from taxation pursuant to the provisions of the Internal Revenue Code and which provides support to veterans, active duty members of the Armed Forces, reservists and members of the National Guard to assist with the transition to civilian life and is known as the Coffee Bunker. (Emergency Measure)
Status : Prefiled
Status Date : 01/04/2019
SB0130, by Sen. Joe Newhouse, R-Broken Arrow, sunsets on July 1, 2022, unless reauthorized by the Legislature, the Aircraft Excise Tax exemption for aircraft purchased by a state resident to be used exclusively in this state for agricultural spraying purposes.
Status : Prefiled
Status Date : 01/04/2019
SB0131, by Sen. Joe Newhouse, R-Broken Arrow, sunsets on July 1, 2022, unless reauthorized by the Legislature, the Aircraft Excise Tax exemption for aircraft that have a selling price in excess of $2.5 million and are transferred to a purchaser who is not a resident of this state for immediate transfer out of state.
Status : Prefiled
Status Date : 01/04/2019
SB0132, by Sen. Joe Newhouse, R-Broken Arrow, sunsets on July 1, 2022, unless reauthorized by the Legislature, the $0.16 per gallon credit against the tax imposed on all gasoline, compressed natural gas, liquefied natural gas and all diesel fuel used or consumed in this state for each gallon of ethyl alcohol which is contained in ethanol sold by a retail dealer.
Status : Prefiled
Status Date : 01/04/2019
SB0169, by Sen. George Young, D-Oklahoma City, makes the earned income tax credit refundable for tax years beginning on or after Jan. 1, 2019.
Status : Prefiled
Status Date : 01/07/2019
SB0180, by Sen. Gary Stanislawski, R-Tulsa, modifies the limits on credits claimed under the Oklahoma Equal Opportunity Education Scholarship Act.
Status : Prefiled
Status Date : 01/07/2019
SB0207, by Sen. Robert Standridge, R-Norman, permits the Tax Commission, with no civil or criminal liability to any member of employee for any error or omission, to post information on the commission's website of specific information related to the Public School Classroom Support Revolving Fund, to which individual and corporate income tax payers may make contributions on their tax returns. The bill requires the Oklahoma Tax Commission to publish on its website the names of taxpayers with the largest two donations to the Public School Classroom Support Revolving Fund for the most recently completed calendar year. It requires the taxpayer with the largest donation for the calendar year be designated the "valedictorian," and the taxpayer with the second largest contribution for the calendar year be designated the "salutatorian." It requires, if a taxpayer has not agreed to the disclosure of his or her name or the name of a donating business entity, the Tax Commission to identify the taxpayer with the next largest donation for the calendar year who has agreed to the disclosure of his or her name or the name of the donating business entity. The bill requires the instructions accompanying the tax form include a notification that the Oklahoma Tax Commission will be publicly identifying the taxpayers who make the two largest donations to the Public School Classroom Support Revolving Fund each calendar year. It requires the tax form include a place for the taxpayer to opt out of being publicly identified.
Status : Prefiled
Status Date : 01/09/2019
SB0208, by Sen. Robert Standridge, R-Norman, permits the Tax Commission, with no civil or criminal liability to any member of employee for any error or omission, to post information on the commission's website of specific information related to the Oklahoma Equal Opportunity Scholarship Act. The bill requires reports from scholarship-granting organizations and educational improvement grant organizations to the Oklahoma Tax Commission to include whether a contributor has agreed to make the amount of the contribution and his or her name or the name of the contributing business entity public upon identification by the Tax Commission as making one of the largest contributions for the most recently completed calendar year. The bill requires the Oklahoma Tax Commission to publish on its website the names of taxpayers with the two largest contributions for the most recently completed calendar year. It requires the taxpayer with the largest donation for the calendar year be designated the "valedictorian," and the taxpayer with the second largest contribution for the calendar year be designated the "salutatorian." It requires, if a taxpayer has not agreed to the disclosure of his or her name or the name of a donating business entity, the Tax Commission to identify the taxpayer with the next largest donation for the calendar year who has agreed to the disclosure of his or her name or the name of the donating business entity.
Status : Prefiled
Status Date : 01/09/2019