Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB356 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	ENGR. S. B. NO. 356 Page 1 1
	3	+	SENATE FLOOR VERSION - SB356 SFLR Page 1
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28		-	ENGROSSED SENATE
29		-	BILL NO. 356 By: Paxton of the Senate
	29	+	SENATE FLOOR VERSION
	30	+	March 1, 2021
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	32	+
	33	+	SENATE BILL NO. 356 By: Paxton of the Senate
30	34
31	35		and
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33	37		Boles of the House
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38	43		An Act relating to sales tax exemption; amending 68
39	44		O.S. 2011, Section 1360, which rel ates to exemptions
40	45		for corporations and part nerships; providing
41	46		exemption for specified transfers of tangible
42	47		personal property; and providing an effective date .
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48	53		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
49	54		SECTION 1. AMENDATORY 68 O.S. 2011, Section 1 360, is
50	55		amended to read as follows:
51	56		Section 1360. Exemptions - Corporations - Partnerships.
52	57		There are hereby specifically exempted from the tax levied in
53	58		this article Section 1350 et seq. of this title :
54	59		1. The transfer of tangible personal property, as f ollows:
55	60		a. from one corporation to another corporation pursuant
56	61		to a reorganization. As used in this subparagraph the
57	62		term "reorganization" means a statutory merger or
58	63		consolidation or the acquisition by a corp oration of
59	64		substantially all of the propertie s of another
60		-	corporation when the consideration is solely all or a
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62		-	ENGR. S. B. NO. 356 Page 2 1
	66	+	SENATE FLOOR VERSION - SB356 SFLR Page 2
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	92	+	corporation when the consideration is solely all or a
87	93		part of the voting stock of the acquiring corporation,
88	94		or of its parent or subsidiary corporation ,
89	95		b. between wholly owned subsidiaries of a parent company
90	96		and between a parent company and its wholly owned
91	97		subsidiary,
92	98		c. in connection with the winding up, dissolution or
93	99		liquidation of a corporation only when there is a
94	100		distribution in kind to the shareholders of the
95	101		property of such corporation ,
96	102		c.
97	103		d. to a corporation for the purpose of orga nization of
98	104		such corporation where the former owners of the
99	105		property transferred are immediately after the
100	106		transfer in control of the corporation, and the value
101	107		of the stock or securities received by each is
102	108		substantially in proportion to the value of such
103	109		person's interest in the property transferred by all
104	110		the former owners,
105	111		d.
106	112		e. to a partnership in the organization of such
107	113		partnership if the former owners of the property
108	114		transferred are, immediately after the transfer,
109	115		members of such partnership and th e value of the
110		-	interest in the partnership, received by each, is
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112		-	ENGR. S. B. NO. 356 Page 3 1
	117	+	SENATE FLOOR VERSION - SB356 SFLR Page 3
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	143	+	interest in the partnership, received by each, is
137	144		substantially in proportion to the value of such
138	145		person's interest in the property transferred by all
139	146		former owners,
140	147		e.
141	148		f. from a partnership to the members thereof when made in
142	149		kind in the dissolution of such partnership,
143	150		f.
144	151		g. to a limited liability company in the organization of
145	152		the limited liability company if the former owners of
146	153		the property transferred are, immediately after the
147	154		transfer, members of the limited liability company and
148	155		the value of the interest in the limited liability
149	156		company received by each is substantially in
150	157		proportion to the value of the interest in the
151	158		property transferred by all the former owners, and
152	159		g.
153	160		h. from a limited liability company to the members
154	161		thereof when made in kind in the dissolution of the
155	162		limited liability company ; and
156	163		2. Sale of an interest in tangible personal property to a
157	164		partner or other person who after s uch sale owns a joint interest in
158	165		such tangible personal property where the Oklahoma Sales or Use Tax
159	166		has previously been paid on such tangible personal property.
160		-	SECTION 2. This act shall become effective November 1, 2021.
161	167
162		-	ENGR. S. B. NO. 356 Page 4 1
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187		-	Passed the Senate the 8th day of March, 2021.
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191		-	Presiding Officer of the Senate
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194		-	Passed the House of Representatives the ____ day of __________,
195		-	2021.
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199		-	Presiding Officer of the House
200		-	of Representatives
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	194	+	SECTION 2. This act shall become effective November 1, 2021.
	195	+	COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS
	196	+	March 1, 2021 - DO PASS