Oklahoma 2022 Regular Session

Oklahoma House Bill HB1060 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	An Act
2		-	ENR. H. B. NO. 1060 Page 1
3		-	ENROLLED HOUSE
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	3	+	ENGR. S. A. TO ENGR. H. B. NO. 1060 Page 1 1
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	28	+	ENGROSSED SENATE AMENDMENT
	29	+	TO
	30	+	ENGROSSED HOUSE
	31	+	BILL NO. 1060 By: Boles, Davis, Hill and
	32	+	Moore of the House
	33	+
	34	+	and
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	36	+	Paxton of the Senate
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	40	+
	41	+
	42	+	[ revenue and taxation - sales tax - exemptions for
	43	+	corporations and partnerships - effective date ]
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	45	+
	46	+
	47	+
	48	+	AMENDMENT NO. 1. Page 1
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	50	+	Restore title
	51	+
	52	+	Passed the Senate the 12th day of April, 2021.
	53	+
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	56	+	Presiding Officer of the Senate
	57	+
	58	+
	59	+	Passed the House of Representatives the ____ day of __________,
	60	+	2021.
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	64	+	Presiding Officer of the House
	65	+	of Representatives
	66	+
	67	+	ENGR. H. B. NO. 1060 Page 1 1
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	92	+	ENGROSSED HOUSE
4	93		BILL NO. 1060 By: Boles, Davis, Hill and
5	94		Moore of the House
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7	96		and
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9	98		Paxton of the Senate
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16		-	An Act relating to sales tax; amending 68 O.S. 2011,
17		-	Section 1360, which relates to exemptions for
18		-	corporations and partnerships; providing ex emption
19		-	for specified transfers of tangible personal
20		-	property; and providing an effective date.
	105	+
	106	+	[ revenue and taxation - sales tax - exemptions for
	107	+	corporations and partnerships - effective date ]
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24		-	SUBJECT: Sales tax
25	111
26	112		BE IT ENACTED BY THE PEOPLE OF THE STATE OF O KLAHOMA:
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28	113		SECTION 1. AMENDATORY 68 O.S. 2011, Section 1360, is
29	114		amended to read as follows:
30		-
31	115		Section 1360. Exemptions - Corporations - Partnerships.
32		-
33	116		There are hereby specifically exempted from the tax levied in
34	117		this article Section 1350 et seq. of this title :
35		-
36	118		1. The transfer of tangible personal property, as follows:
37		-
38	119		a. from one corporation to another corporation pursuant
39	120		to a reorganization. As used in this subparagraph the
40	121		term "reorganization" means a statutory merger or
41	122		consolidation or the acquisition by a corporation of
42	123		substantially all of the properties of another
43	124		corporation when the consideration is solely all or a
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	126	+	ENGR. H. B. NO. 1060 Page 2 1
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44	151		part of the voting stock of the acquiring corporation,
45	152		or of its parent or subsidiary corporation,
46		-	ENR. H. B. NO. 1060 Page 2
47	153		b. between wholly owned subsidiaries of a parent company
48	154		and between a parent company and its wholly owned
49	155		subsidiary,
50		-
51	156		c. in connection with the winding up, dissolution or
52	157		liquidation of a corporation only when there is a
53	158		distribution in kind to the shareholders of the
54	159		property of such corporation,
55		-
56	160		c. d. to a corporation for the purpose of organization of
57	161		such corporation where the former owners of the
58	162		property transferred are immediately after the
59	163		transfer in control of the corporation, and the value
60	164		of the stock or securities received by each is
61	165		substantially in proport ion to the value of such
62	166		person's interest in the property transferred by all
63	167		the former owners,
64		-
65	168		d. e. to a partnership in the organization of such
66	169		partnership if the former owners of the property
67	170		transferred are, immediately after the transfer,
68	171		members of such partnership and the value of the
69	172		interest in the partnership, received by each, is
70	173		substantially in proportion to the value of such
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	175	+	ENGR. H. B. NO. 1060 Page 3 1
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71	200		person's interest in the property transferred by all
72	201		former owners,
73		-
74	202		e. f. from a partnership to the members thereof when made in
75	203		kind in the dissolution of such partnership,
76		-
77	204		f. g. to a limited liability company in the organization of
78	205		the limited liability company if the former owners of
79	206		the property transferred are, immediately after the
80	207		transfer, members of the limited liability company and
81	208		the value of the interest in the limited liability
82	209		company received by each is substantially in
83	210		proportion to the value of the interest in the
84	211		property transferred by all the form er owners, and
85		-
86	212		g. h. from a limited liability company to the members
87	213		thereof when made in kind in the dissolution of the
88	214		limited liability company; and
89		-
90	215		2. Sale of an interest in tangible personal property to a
91		-	partner or other person who after such sale ~~owns~~ a joint interest in ~~ENR. H. B. NO. 1060 Page 3~~
	216	+	partner or other person who after such sale o wns a joint interest in
92	217		such tangible personal property where the Oklahoma Sales or Use Tax
93	218		has previously been paid on such tangible personal property.
	219	+	SECTION 2. This act shall become effective November 1, 20 21.
94	220
95		-	SECTION 2. This act shall become effective November 1, 20 21.
96		-	ENR. H. B. NO. 1060 Page 4
97		-	Passed the House of Representatives the 27th day of April, 2021.
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	246	+	Passed the House of Repre sentatives the 8th day of March, 2021.
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102	251		Presiding Officer of the House
103	252		of Representatives
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106		-	Passed the Senate the ~~12th~~ day of ~~April~~, 2021.
	255	+	Passed the Senate the ___ day of __________, 2021.
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111	260		Presiding Officer of the Senate
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115		-	OFFICE OF THE GOVERNOR
116		-	Received by the Office of the Governor this ____________________
117		-	day of ___________________, 20_______, at _______ o'clock _______ M.
118		-	By: _________________________________
119		-	Approved by the Governor of the State of Oklahoma this _________
120		-	day of ___________________, 20_______, at _______ o'clock _______ M.
121		-
122		-
123		-	_________________________________
124		-	Governor of the State of Oklahoma
125		-
126		-	OFFICE OF THE SECRETARY OF STATE
127		-	Received by the Office of the Secretary of State this __________
128		-	day of ___________________, 20_______, at _______ o'clock _______ M.
129		-	By: _________________________________
130		-