OK
Oklahoma House Bill HB4451

Oklahoma 2022 Regular Session

Oklahoma House Bill HB4451 Compare Versions

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28+ENGROSSED HOUSE
329 BILL NO. 4451 By: Wallace and Martinez of the
430 House
531
632 and
733
834 Thompson and Hall of the
935 Senate
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1440 An Act relating to revenue and taxation; amending 68
1541 O.S. 2021, Section 2902, which relates to five -year
1642 manufacturing exemptions for qualifying manufacturing
1743 concerns; modifying provisions related to payroll
1844 requirements for certain tax years; and declaring an
1945 emergency.
2046
2147
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24-SUBJECT: Revenue and taxation
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2551
2652 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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2853 SECTION 1. AMENDATORY 68 O.S. 2021, S ection 2902, is
2954 amended to read as follows:
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3155 Section 2902. A. Except as otherwise provided by subsection H
3256 of Section 3658 of this title pursuant to which the exemption
3357 authorized by this section may not be claimed, a qualify ing
3458 manufacturing concern, as defined by Section 6B of Article X of the
3559 Oklahoma Constitution, and as further defined herein, shall be
3660 exempt from the levy of any ad valorem taxes upon new, expanded or
3761 acquired manufacturing facilities including facilities engaged in
3862 research and development, for a period of five (5) years. The
3963 provisions of Section 6B of Article X of the Oklahoma Constitution
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4090 requiring an existing facility to have been unoccupied for a period
4191 of twelve (12) months prior to acquisition sh all be construed as a
4292 qualification for a facility to initially receive an exemption, and
4393 shall not be deemed to be a qualification for that facil ity to
4494 continue to receive an exemption in each of the four (4) y ears
45-following the initial year for which the exemption was granted. ENR. H. B. NO. 4451 Page 2
95+following the initial year for which the exemption was granted.
4696 Such facilities are hereby classified for the purposes of taxati on
4797 as provided in Section 22 of Article X of the Oklahoma Constitution.
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4998 B. For purposes of this section, the following de finitions
5099 shall apply:
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52100 1. "Manufacturing facilities" means facilities engaged in the
53101 mechanical or chemical transformation of materia ls or substances
54102 into new products and except as provided by paragraph 6 of
55103 subsection C of this section shall include:
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57104 a. establishments which have received a manuf acturer
58105 exemption permit pursuant to the provisions of Section
59106 1359.2 of this title,
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61107 b. facilities including repair and replacement parts,
62108 primarily engaged in aircraft repair, building and
63109 rebuilding whether o r not on a factory basis,
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65110 c. establishments primarily engaged in computer services
66111 and data processing as defined under Industrial Group
67112 Numbers 5112 and 5415, and U.S. Industry Number 334611
68113 and 519130 of the NAICS Manual, latest revision, and
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69140 which derive at least fifty percent (50%) of their
70141 annual gross revenues from the sale of a product or
71142 service to an out-of-state buyer or consumer, and as
72143 defined under Industrial Group Number 5182 of the
73144 NAICS Manual, latest revision, which derive at least
74145 eighty percent (80%) of their annual gross reven ues
75146 from the sale of a product or service to an out-of-
76147 state buyer or consumer. Eligibility as a
77148 manufacturing facility pursuant to this subparagraph
78149 shall be established, subject to review by the
79150 Oklahoma Tax Commission, by annually filing an
80151 affidavit with the Tax Commission stating that the
81152 facility so qualifies and such other information as
82153 required by the Tax Commission. For purposes of
83154 determining whether annual gross revenues are derived
84155 from sales to out-of-state buyers, all sales to the
85156 federal government shall be considered to be an out-
86157 of-state buyer,
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88158 d. facilities that the investment cost of the
89159 construction, acquisition or expansion is Five Hundred
90-Thousand Dollars ($500,000.00) or more with respect to ENR. H. B. NO. 4451 Page 3
160+Thousand Dollars ($500,000.00) or more with respect to
91161 assets placed into service during calendar year 2022.
92162 For subsequent calendar years, the investment required
93163 shall be increased annually by a percentage equal to
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94190 the previous year's increase in the Consumer Price
95191 Index-All Urban Consumers ("CPI-U") and such adjusted
96192 amount shall be the required investment cost in order
97193 to qualify for the exemption authorized by this
98194 section. The Oklahoma D epartment of Commerce sha ll
99195 determine the amount of the increase, if any, on
100196 January 1 of each year. The Oklahoma Tax Commission
101197 shall publish on its website at least annually the
102198 adjusted dollar amount in order to qualify for the
103199 exemption authorized by this section and shall in clude
104200 the adjusted dollar amount in any of its relevant
105201 forms or publications with respect to the exemption .
106202 Provided, "investment cost" shall not include the cost
107203 of direct replacement, refurbishment, repair or
108204 maintenance of existing machinery or equipm ent, except
109205 that "investment cost" shall include capital
110206 expenditures for direct replacement, refurbishment,
111207 repair or maintenance of existing machinery or
112208 equipment that qualifies for depreciation and/or
113209 amortization pursuant to t he Internal Revenue Code of
114210 1986, as amended, and such ex penditures shall be
115211 eligible as a part of an "expansion" that otherwise
116212 qualifies under this section,
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118239 e. establishments primaril y engaged in distribution as
119240 defined under Industry Numbers 49311, 4931 2, 49313 and
120241 49319 and Industry Sector Number 42 of the N AICS
121242 Manual, latest revision, and which meet the following
122243 qualifications:
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124244 (1) construction with an initial capital investment
125245 of at least Five Million Dollars ($5,000,000.00),
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127246 (2) employment of at least one hundred (100 ) full-
128247 time-equivalent employees, as certified by the
129248 Oklahoma Employment Security Commission,
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131249 (3) payment of wages or salaries to its employees at
132250 a wage which equals or exceeds the average wage
133251 requirements in the Oklahoma Quality Jo bs Program
134252 Act for the year in which the real property wa s
135-placed into service, and ENR. H. B. NO. 4451 Page 4
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253+placed into service, and
137254 (4) commencement of construction on or after November
138255 1, 2007, with construction to be completed w ithin
139256 three (3) years from the date of the commencement
140257 of construction,
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142258 f. facilities engaged in the manufacturing, compounding,
143259 processing or fabrication of materials into articles
144260 of tangible personal propert y according to the special
145261 order of a customer (custom order manufacturing) by
146262 manufacturers classified as operating in North
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147289 American Industry Classification System (NAICS)
148290 Sectors 32 and 33, but does not include such custom
149291 order manufacturing by manufac turers classified in
150292 other NAICS code sectors , and
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152293 g. with respect to any entity making an application for
153294 the exemption authorized by this sec tion on or after
154295 January 1, 2023, the establishment making application
155296 for exempt treatment of real or personal p roperty
156297 acquired or improved beginning Januar y 1, 2022, and
157298 for any calendar year thereafter, the entity shall be
158299 required to pay new direct jobs, as defined by Section
159300 3603 of this title for purposes of the Oklahoma
160301 Quality Jobs Program Act, an average an nualized wage
161302 which equals or exceeds the ave rage wage requirement
162303 in the Oklahoma Quality Jobs Program Act for the yea r
163304 in which the real or personal property was placed into
164305 service. The Oklahoma Tax Commission may request
165306 verification from the Oklahoma Department of Commerce
166307 that an establishment seeking an exemption for real or
167308 personal property pays an average annual ized wage that
168309 equals or exceeds the average wage require ment in
169310 effect for the year in which the real or personal
170311 property was placed in to service. For purposes of
171312 this subparagraph, it shall not be necessary for the
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172339 establishment to qualify for incentiv e payments
173340 pursuant to the Oklahoma Quality Jobs Program Act, but
174341 the establishment shall be subject to the wage
175342 requirements of the Okla homa Quality Jobs Program Act
176343 with respect to new direct jobs in order to qualify
177344 for the exempt treatment authorized b y this section.
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179345 Eligibility as a manufacturing facility p ursuant to this
180-subparagraph shall be established, subject to review by the Tax ENR. H. B. NO. 4451 Page 5
346+subparagraph shall be established, subject to review by the Tax
181347 Commission, by annually filing an affidavit w ith the Tax Commission
182348 stating that the facility so qualifies and containi ng such other
183349 information as required by the Tax Commissi on.
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185350 Provided, eating and drinking places, as well as other retail
186351 establishments, shall not qualify as manufacturing faciliti es for
187352 purposes of this section, nor shall centrally assessed properties.
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189353 Eligibility as a manufacturing facility pursuant to this
190354 subparagraph shall be established, subject to review by the Tax
191355 Commission, by annually filing an application with the Tax
192356 Commission stating that the facility so qualifies and containing
193357 such other information as required by the Tax Commission;
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195358 2. "Facility" and "facilities", except as otherwise provided by
196359 this section, means and includes the land, buildings, structures and
197360 improvements used directly and exclusively in the manufacturing
198361 process. Effective January 1, 2022, and for each calendar year
199362 thereafter, for establishments which have received a manufacturer
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200389 exemption permit pursuant to the provisions of Section 1359.2 of
201390 this title, or facilities engaged in manufacturing activities
202391 defined or classified in the NAICS Manual under Industry Nos. 31111 1
203392 through 339999, inclusive, but for no other establishments, facility
204393 and facilities means and includes the land, buildings , structures,
205394 improvements, machinery, fixtures, equipment and other person al
206395 property used directly and exclusively in the manufact uring process;
207396 and
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209397 3. "Research and development" means activities directly rel ated
210398 to and conducted for the purpose of disc overing, enhancing,
211399 increasing or improving future or existing products or processes or
212400 productivity.
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214401 C. The following provisions s hall apply:
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216402 1. A manufacturing concern shall be entitled to the exemption
217403 herein provided for each new manufacturing facili ty constructed,
218404 each existing manufacturing facility acquired and the expan sion of
219405 existing manufacturing facilities on the same sit e, as such terms
220406 are defined by Section 6B of Article X of the Oklahoma Constit ution
221407 and by this section;
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223408 2. No manufacturing concern shall receive more than one five -
224409 year exemption for any one manu facturing facility unless the
225-expansion which qualifies t he manufacturing facility for an ENR. H. B. NO. 4451 Page 6
410+expansion which qualifies t he manufacturing facility for an
226411 additional five-year exemption meets the requirements of paragraph 4
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227438 of this subsection and the employment level established for any
228439 previous exemption is maintained;
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230440 3. Any exemption as to the expansion of an existing
231441 manufacturing facility shall be limited to the increase in ad
232442 valorem taxes directly attributable to the expansion;
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234443 4. All initial applications for any exemption for a new,
235444 acquired or expanded manufac turing facility shall be granted only
236445 if:
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238446 a. there is a net increase in annualized base payroll
239447 over the initial payroll of at least Two Hundred Fifty
240448 Thousand Dollars ($250,000.00) if the facility is
241449 located in a county with a population of fewer than
242450 seventy-five thousand (75,000), according to the mos t
243451 recent Federal Decennial Census, while maintaining or
244452 increasing base payroll in subsequent years, or at
245453 least One Million Dollars ($1 ,000,000.00) if the
246454 facility is located in a county with a population o f
247455 seventy-five thousand (75,000) or more, accordi ng to
248456 the most recent Federal Decennial Census, while
249457 maintaining or increasing base payroll in subsequent
250458 years; provided the payroll r equirement of this
251459 subparagraph shall be waived for claims for exemptio ns
252460 including claims previously denied or on appe al on
253461 March 3, 2010, for all initial applications for
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254488 exemption filed on or after January 1, 2004, and on or
255489 before March 31, 2009, and a ll subsequent annual
256490 exemption applications filed related to the initia l
257491 application for exemption, for an applicant, i f the
258492 facility has been located in Oklahoma for at least
259493 fifteen (15) years engaged in marine engine
260494 manufacturing as defined under U.S. Industry Number
261495 333618 of the NAICS Manual, latest revision, and has
262496 maintained an average employment of five hundred ( 500)
263497 or more full-time-equivalent employees over a ten-year
264498 period. Any applicant that qualifies for the payroll
265499 requirement waiver as o utlined in the previous
266500 sentence and subsequently closes its Oklahoma
267501 manufacturing plant prior to January 1, 2012, may be
268502 disqualified for exemption and subject to recapture.
269503 For an applicant engaged in paperboard manufacturing
270-as defined under U.S. Indu stry Number 322130 of the ENR. H. B. NO. 4451 Page 7
504+as defined under U.S. Indu stry Number 322130 of the
271505 NAICS Manual, latest revision, union master p ayouts
272506 paid by the buyer of the facility to spec ified
273507 individuals employed by the facility at the time of
274508 purchase, as specified under the purchase agreement,
275509 shall be excluded from pay roll for purposes of this
276510 section.
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278537 In order to provide certainty with r espect to
279538 investments in manufacturing facilitie s pertaining to
280539 all initial applications for exemption filed on or
281540 after January 1, 2016, the following definitions shall
282541 apply:
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284542 (1) "base payroll" shall mean total payroll adjusted
285543 for any nonrecurring bonus es, exercise of stock
286544 option or stock rights and other nonrecurring,
287545 extraordinary items included in total payroll,
288546 and
289-
290547 (2) "initial payroll" shall mean base payroll for the
291548 year immediately preceding the initial
292549 construction, acquisition or expansion.
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294550 The Tax Commission shall verify payroll information
295551 through the Oklahoma Employment Security Commission by
296552 using reports from the Oklahoma Employment Security
297553 Commission for the calendar y ear immediately preceding
298554 the year for which initial application is mad e for
299555 base-line payroll, which must be maintaine d or
300556 increased for each subsequent year; provided, a
301557 manufacturing facility shall have the option of
302558 excluding from its payroll, for purp oses of this
303559 section:
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305586 i. payments to sole proprietors, members
306587 of a partnership, members of a limited
307588 liability company who own at least ten
308589 percent (10%) of the capital of the
309590 limited liability company or
310591 stockholder-employees of a corporation
311592 who own at least ten percent (10%) of
312593 the stock in the corporation, and
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314594 ii. any nonrecurring bonuses, exercise of
315-stock option or stock rights or other ENR. H. B. NO. 4451 Page 8
595+stock option or stock rights or other
316596 nonrecurring, extraordinary items
317597 included in total payroll numbers as
318598 reported by the Oklahoma Employment
319599 Security Commission. A manufacturing
320600 facility electing either option shall
321601 indicate such election upon its
322602 application for an exemption under this
323603 section. Any manufacturing facility
324604 electing either option shall submit
325605 such information as the Tax Commission
326606 may require in order to verify payroll
327607 information. Payroll information
328608 submitted pursuant to the provisions of
329609 this paragraph shall be submitted to
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330636 the Tax Commission and shall be subject
331637 to the provisions of Section 205 of
332638 this title, and
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334639 b. the facility offers, or will offer within one hundred
335640 eighty (180) days of the date of employment, a basic
336641 health benefits plan to the full-time-equivalent
337642 employees of the facility, which is determined by the
338643 Department of Commerce to consist of the elements
339644 specified in subparagraph b of paragraph 1 of
340645 subsection A of Section 3603 of this title or elements
341646 substantially equivalent ther eto.
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343647 For purposes of this section, calculation of the amount of
344648 increased base payroll shall be measured from the start of initial
345649 construction or expansion to the completion of such construction or
346650 expansion or for three (3) years from the start of initia l
347651 construction or expansion, whichever occurs first. The amount of
348652 increased base payroll shall include payroll for full -time-
349653 equivalent employees in this state who are employed by an entity
350654 other than the facility which has previously or is currently
351655 qualified to receive an exemption pursuant to the provisions of this
352656 section and who are leased or otherwise provided to the facility, if
353657 such employment did not exist in this state prior to the start of
354658 initial construction or expansion of the facility. The
355659 manufacturing concern shall submit an affidavit to the Tax
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356686 Commission, signed by an officer, stating that the construction,
357687 acquisition or expansion of the facility will result in a net
358688 increase in the annua lized base payroll as required by this
359689 paragraph and that full-time-equivalent employees of the facility
360-are or will be offered a basic health benefits plan as required by ENR. H. B. NO. 4451 Page 9
690+are or will be offered a basic health benefits plan as required by
361691 this paragraph. If, after the completion of such construction or
362692 expansion or after three (3) years from the start of initial
363693 construction or expansion, whichever occurs first, the construction,
364694 acquisition or expansion has not resulted in a net increase in the
365695 amount of annualized base payroll, if required, or any other
366696 qualification specified in this paragraph has not been met, the
367697 manufacturing concern shall pay an amount equal to the amount of any
368698 exemption granted including penalties and interest thereon, to the
369699 Tax Commission for deposit to the Ad Valorem Reimbursement Fund;
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371700 5. Except as otherwise provided by this paragraph, any new,
372701 acquired or expanded computer data processing, data preparation or
373702 information processing servi ces provider classified in U.S. Industry
374703 Number 518210 of the North American Industrial Classification Syst em
375704 (NAICS) Manual, 2017 revision, may apply for exemption s under this
376705 section for each year in which new, acquired, or expanded capital
377706 improvements to the facility are made for assets placed in service
378707 not later than December 31, 2021, if:
379-
380708 a. there is a net increase in annualized payroll of the
381709 applicant at any facility or facilities of the
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382736 applicant in this state of at least Two Hundred Fifty
383737 Thousand Dollars ($250,000.00), which is at tributable
384738 to the capital improvements, or a net increase of
385739 Seven Million Dollars ($7,000,000.00) or more in
386740 capital improvements, while maintaining or increasing
387741 payroll at the facility or facilities in this state
388742 which are included in the application, a nd
389-
390743 b. the facility offers, or will offer within one hundred
391744 eighty (180) days of the date of employment of new
392745 employees attributable to the capital improvements, a
393746 basic health benefits plan to the full-time-equivalent
394747 employees of the facility, which is determined by the
395748 Department of Commerce to consist of the elements
396749 specified in subparagraph b of paragraph 1 of
397750 subsection A of Section 3603 of this title or elements
398751 substantially equivalent thereto.
399-
400752 An establishment described by this paragraph, the pri mary
401753 business activity of which is described by Industry No. 518210 of
402754 the North American Industry Classification System (NAICS) Manual,
403755 2017 revision, that has applied for and been granted an exemption
404756 for personal property at any time within five (5) yea rs prior to the
405-effective date of this act, may apply for exemptions fo r items of ENR. H. B. NO. 4451 Page 10
757+effective date of this act, may apply for exemptions fo r items of
406758 eligible personal property to be located withi n improvements to real
407759 property and such real property and improvements having been exempt
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408786 from ad valorem taxation prior to the effective date of this act
409787 pursuant to the provisions of this section if such personal property
410788 is placed in service not later than December 31, 2036. No
411789 additional personal property of such establishment placed in service
412790 after such date shall qualify f or the exempt treatment otherwise
413791 authorized pursuant to this paragraph ;
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415792 6. Effective January 1, 2017, an entity engaged in ele ctric
416793 power generation by means of wind, as described by the North
417794 American Industry Classification System, No. 221119, shall no t be
418795 defined as a qualifying manufacturing concern for purposes of the
419796 exemption otherwise authorized pursuant to Section 6B of Article X
420797 of the Oklahoma Constitution or qualify as a "manufacturing
421798 facility" as defined in this section. No initial applicat ion for
422799 exemption shall be filed by or accepted from an entity engaged in
423800 electric power generation by means of wind on or after January 1,
424801 2018;
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426802 7. An entity or applicant engaged in an industry as defined
427803 under U.S. Industry Number 324110 of the NAICS Ma nual, latest
428804 revision, which has applied for or been granted an exempti on for a
429805 time period which began on or after calendar ye ar 2012 and before
430806 calendar year 2016 but which did not meet the payroll requirements
431807 of subparagraph a of paragraph 4 of this su bsection because of
432808 nonrecurring bonuses, exercise of stock option or s tock rights or
433809 other nonrecurring, extraordinary items i ncluded in total payroll in
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434836 the previous year, shall be allowed an exemption, beginning with
435837 calendar year 2016, for the number o f years including the calendar
436838 year for which the exemption was denied, remaining in the entity 's
437839 five-year exemption period, provided such entity attains or
438840 increases payroll at or above the initial or base payroll
439841 established for the exemption ; and
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441842 8. A facility engaged in manufacturing defined under U.S.
442843 Industry Number 327310 of the NAICS Manual shall have the payroll
443844 requirements of paragraph 4 of this subsection waived for tax year
444845 2021, which is based in part on the 2020 calendar year payroll
445846 reported to the Oklahoma Employment Security Commission, and may
446847 continue to receive the exemption for the five -year period provided
447848 in this section only if all other requirements of this section are
448849 met; and
449- ENR. H. B. NO. 4451 Page 11
450850 9. A facility engaged in manufacturing which otherwise
451851 qualifies for the exemption or exemptions pursuant to the provisions
452852 of this section shall have the payroll requir ements of paragraph 4
453853 of this subsection waived for tax year 2021, which is based in part
454854 on the 2020 calendar year payroll reported to the Oklahoma
455855 Employment Security Commission, and may continue to receive the
456856 exemption for the five -year period provided in this section only if
457857 all other requirements of this section are met.
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459858 D. 1. Except as provided in paragraph 2 of this subsectio n,
460859 the five-year period of exemption from ad valorem taxes for any
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461886 qualifying manufacturing facility property shall begin on January 1
462887 following the initial qualifying use of the property in the
463888 manufacturing process.
464-
465889 2. The five-year period of exemption from ad valorem taxes for
466890 any qualifying manufacturing facility, as specified in s ubparagraphs
467891 a and b of this paragraph, wh ich is located within a tax incentive
468892 district created pursuant to the Local Development Act by a county
469893 having a population of at l east five hundred thousand (500,000),
470894 according to the most recent Federal Decenni al Census, shall begin
471895 on January 1 following the expiration or termination of the ad
472896 valorem exemption, abatement, or other incentive provided through
473897 the tax incentive dist rict. Facilities qualifying pursuant to this
474898 subsection shall include:
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476899 a. a manufacturing facility as defined in subparagra ph c
477900 of paragraph 1 of subsection B of this section, and
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479901 b. an establishment primarily engaged in distribution as
480902 defined under Industry Number 49311 of the North
481903 American Industry Classification System for which t he
482904 initial capital investment was at leas t One Hundred
483905 Eighty Million Dollars ($180,000,000.00); provided,
484906 that the qualifying job creation and depreciable
485907 property investment occurred prior to calendar year
486908 2017 but not earlier than calendar year 2013.
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488935 E. Any person, firm or corporation claimi ng the exemption
489936 herein provided for shall file each year for which exemption is
490937 claimed, an application therefor with the county asse ssor of the
491938 county in which the new, expanded or acquired facility is located.
492939 The application shall be on a form or form s prescribed by the Tax
493940 Commission, and shall be filed on or before March 15, except as
494-provided in Section 2902.1 of this title, of e ach year in which the ENR. H. B. NO. 4451 Page 12
941+provided in Section 2902.1 of this title, of e ach year in which the
495942 facility desires to take the exemption or within thirty (30) days
496943 from and after receipt by such per son, firm or corporation of notice
497944 of valuation increase, whichever is later. In a case where
498945 completion of the facility or facilitie s will occur after January 1
499946 of a given year, a facility may apply to claim the ad valorem tax
500947 exemption for that year. I f such facility is found to be qualified
501948 for exemption, the ad valorem tax exemption provided for herein
502949 shall be granted for that ent ire year and shall apply to the ad
503950 valorem valuation as of January 1 of that given year. For
504951 applicants which qualify und er the provisions of subparagraph b of
505952 paragraph 1 of subsection B of this section, the application shall
506953 include a copy of the affida vit and any other information required
507954 to be filed with the Tax Commission.
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509955 F. The application shall be examined by the county assessor and
510956 approved or rejected in the same manner as provided by law for
511957 approval or rejection of claims for homestead exempt ions. The
512958 taxpayer shall have the same right of review by and appeal from the
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513985 county board of equalization, in the same manner and subject to the
514986 same requirements as provided by law for review and appeals
515987 concerning homestead exemption claims. Approved applications shall
516988 be filed by the county assessor with the Tax Commission no late r
517989 than June 15, except as provided in S ection 2902.1 of this title, of
518990 the year in which the facility desires to take the exemption.
519991 Incomplete applications and applications filed after June 15 will be
520992 declared null and void by the Tax Commission. In the event that a
521993 taxpayer qualified to rec eive an exemption pursuant to the
522994 provisions of this section shall make payment of ad valorem taxes in
523995 excess of the amount due, the co unty treasurer shall have the
524996 authority to credit the taxpayer 's real or personal property tax
525997 overpayment against curren t taxes due. The county treasurer may
526998 establish a schedule of up to five (5) years of credit to resolve
527999 the overpayment.
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5291000 G. Nothing herein shall in any manner affect, alter or impair
5301001 any law relating to the assessme nt of property, and all property,
5311002 real or personal, which may be entitled to exemption hereunder shall
5321003 be valued and assessed as is other like property and as provided by
5331004 law. The valuation and assessment of property for which an
5341005 exemption is granted here under shall be performed by the Tax
5351006 Commission using one or more of the cost, income and expense and
5361007 sales comparison approaches to estimate fair cash value in
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5371034 accordance with the Uniform Standards of Professional Appraisal
5381035 Practice.
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5401036 H. The Tax Commission shall have the authority and duty to
5411037 prescribe forms and to promulgate rules as may be necessary to carry
5421038 out and administer the terms and provisions of this section.
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5441039 SECTION 2. It being immediately necessary for the preservation
5451040 of the public peace, health or safety, an emergency is hereby
5461041 declared to exist, by reason whereof this act shall take effect and
5471042 be in full force from and after its passage an d approval.
548- ENR. H. B. NO. 4451 Page 14
5491043 Passed the House of Representatives the 7th day of March, 2022.
5501044
5511045
5521046
5531047
5541048 Presiding Officer of the House
5551049 of Representatives
5561050
5571051
558-Passed the Senate the 9th day of March, 2022.
1052+Passed the Senate the ___ day of __________, 2022.
5591053
5601054
5611055
5621056
5631057 Presiding Officer of the Senate
5641058
5651059
566-OFFICE OF THE GOVERNOR
567-Received by the Office of the Governor this ____________________
568-day of ___________________, 20_______, at _______ o'clock _______ M.
569-By: _________________________________
570-Approved by the Governor of the Stat e of Oklahoma this _________
571-day of ___________________, 20_______, at _______ o'clock _______ M.
572-
573-
574- _________________________________
575- Governor of the State of Oklahoma
576-
577-OFFICE OF THE SECRETARY OF STATE
578-Received by the Office of the Secretary of State thi s __________
579-day of ___________________, 20_______, at _______ o'clock _______ M.
580-By: _________________________________
581-