Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB735 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	ENGR. H. A. to ENGR. S. B. NO. 735 Page 1 1
	3	+	SB735 HFLR Page 1
	4	+	BOLD FACE denotes Committee Amendments. 1
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28		-	ENGROSSED HOUSE AMENDME NTS
29		-	TO
30		-	ENGROSSED SENATE BILL NO . 735 By: Howard and Garvin of the
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
	30	+
	31	+	STATE OF OKLAHOMA
	32	+
	33	+	2nd Session of the 58th Legislature (2022)
	34	+
	35	+	ENGROSSED SENATE
	36	+	BILL NO. 735 By: Howard and Garvin of the
31	37		Senate
32	38
33	39		and
34	40
35		-	Moore of the House
	41	+	Moore and Hilbert of the
	42	+	House
36	43
37	44
38	45
39	46
40		-	An Act relating to income tax credit; creating the
41		-	Justin Sullivan Trailer Safety Act; providing a
42		-	credit for the purchase o f a safe wheel tethering
43		-	system for certain semitrailers and frac tanks;
44		-	providing limit for credits earned; authorizing the
45		-	carry forward of credit for certain term; creating
46		-	definition; imposing cap on credits; prescribing
47		-	formula for adjustment to credi t amounts; providing
48		-	for noncodification; providing for codificati on; and
49		-	providing an effective date .
	47	+	[ income tax credit - providing a credit for the
	48	+	purchase of a safe wheel tethering system for
	49	+	certain semitrailers and frac tanks - effective
	50	+	date ]
50	51
51	52
52	53
53	54
54		-	AUTHOR: Add the following House Coauthor: Hilbert
	55	+	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
	56	+	SECTION 1. NEW LAW A new section o f law not to be
	57	+	codified in the Oklahoma Statutes rea ds as follows:
	58	+	This act shall be know n and may be cited as the “Justin Sullivan
	59	+	Trailer Safety Act”.
	60	+	SECTION 2. NEW LAW A new sec tion of law to be codified
	61	+	in the Oklahoma Statute s as Section 2358.11 of Title 68, unless
	62	+	there is created a duplication in numbering, reads as follows:
55	63
56		-	AMENDMENT NO. 1. Page 1, lines 6 through 10 1/2, strike the title
57		-	to read:
58		-
59		-
60		-	"[ income tax credit – providing a credit for the
61		-	purchase of a safe wheel tethe ring system for
62		-	certain semitrailers and frac tanks – effective
63		-	date ]"
64		-
65		-	AMENDMENT NO. 2. Page 1, line 13, strike the en acting clause
66		-
67		-
68		-	ENGR. H. A. to ENGR. S. B. NO. 735 Page 2 1
	64	+	SB735 HFLR Page 2
	65	+	BOLD FACE denotes Committee Amendments. 1
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93		-	Passed the House of Representatives the 20th day of April, 2022.
	90	+	A. For tax years 2022 through 2026, there shall be allowe d a
	91	+	credit against the income tax imposed by Section 2355 of Title 68 of
	92	+	the Oklahoma Statutes for the purchase of a safe w heel tethering
	93	+	system for each semitrailer as defined by Secti on 1-162 of Title 47
	94	+	of the Oklahoma Statutes and each frac tank as def ined by Section 54
	95	+	of Title 17 of the Oklaho ma Statutes and registered under the
	96	+	provisions of the Oklahoma Vehicle License and Registration Act in
	97	+	Sections 1101 et seq. of Title 47 of the Oklahoma Statutes. The
	98	+	amount of the credit shall equal twenty percent (20%) of the
	99	+	purchase price. The total amount of credits earned by an individual
	100	+	or entity shall not exceed Ten Thousand Dollars ($10,000.00). The
	101	+	amount of the credit allowed but not used in any taxable year may be
	102	+	carried forward as a credit agains t subsequent income tax liability
	103	+	for a period not exceeding five (5) ye ars following the pur chase.
	104	+	B. For the purposes o f this section, “safe wheel tethering
	105	+	system” means a system that prevents wheel separation from a trailer
	106	+	using a steel cable that ru ns through the axle tube of the trailer
	107	+	and is tethered to a pair of whe el-end caps located on opposite ends
	108	+	of the trailer axle.
	109	+	C. The total amount of credits authorized by this sect ion used
	110	+	to offset tax shall be adjusted annually to limit the annual a mount
	111	+	of credits to Two Hundred Fifty Thous and Dollars ($250,000.00). T he
	112	+	Oklahoma Tax Commission shall annually calculat e and publish a
	113	+	percentage by which the credits authorized by t his section shall be
94	114
95		-
96		-
97		-
98		-
99		-	Presiding Officer of the House of
100		-	Representatives
101		-
102		-
103		-	Passed the Senate the ____ day of _______ ___, 2022.
104		-
105		-
106		-
107		-
108		-
109		-	Presiding Officer of the Senate
110		-
111		-
112		-	ENGR. S. B. NO. 735 Page 1 1
	115	+	SB735 HFLR Page 3
	116	+	BOLD FACE denotes Committee Amendments. 1
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137		-	ENGROSSED SENATE
138		-	BILL NO. 735 By: Howard and Garvin of the
139		-	Senate
140		-
141		-	and
142		-
143		-	Moore of the House
144		-
145		-
146		-
147		-	An Act relating to income tax credit; creating the
148		-	Justin Sullivan Trailer Safety Act; providing a
149		-	credit for the purchase of a safe wheel tethering
150		-	system for certain semitrailers and frac tanks;
151		-	providing limit for credits earned; authorizing the
152		-	carry forward of credit for certain term; creating
153		-	definition; imposing cap on credits; prescribing
154		-	formula for adjustment to credit amounts; providing
155		-	for noncodification; providing for codification; and
156		-	providing an effective date .
157		-
158		-
159		-
160		-
161		-	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
162		-	SECTION 1. NEW LAW A new section o f law not to be
163		-	codified in the Oklahoma Statutes rea ds as follows:
164		-	This act shall be know n and may be cited as the “Justin Sullivan
165		-	Trailer Safety Act”.
166		-	SECTION 2. NEW LAW A new sec tion of law to be codified
167		-	in the Oklahoma Statute s as Section 2358.11 of Title 68, unless
168		-	there is created a duplication in numbering, reads as follows:
169		-	A. For tax years 2022 through 2026, there shall be allowe d a
170		-	credit against the income tax imposed by Section 2355 of Title 68 of
171		-	the Oklahoma Statutes for the purchase of a safe wheel tethering
172		-	system for each semitrailer as defined by Secti on 1-162 of Title 47
173		-
174		-	ENGR. S. B. NO. 735 Page 2 1
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199		-	of the Oklahoma Statutes and each frac tank as def ined by Section 54
200		-	of Title 17 of the Oklaho ma Statutes and registered under the
201		-	provisions of the Oklahoma Vehicle License and Registration Act in
202		-	Sections 1101 et seq. of Title 47 of the Oklahoma Statutes. The
203		-	amount of the credit shall equal twenty percent (20%) of the
204		-	purchase price. The total amount of credits earned by an individual
205		-	or entity shall not exceed Ten Thousand Dollars ( $10,000.00). The
206		-	amount of the credit allowed but not used in any taxable year may be
207		-	carried forward as a credit agains t subsequent income tax liability
208		-	for a period not exceeding five (5) ye ars following the pur chase.
209		-	B. For the purposes of this section, “safe wheel tethering
210		-	system” means a system that prevents wheel separation from a trailer
211		-	using a steel cable that ru ns through the axle tube of the trailer
212		-	and is tethered to a pair of whe el-end caps located on opposite ends
213		-	of the trailer axle.
214		-	C. The total amount of credits authorized by this sect ion used
215		-	to offset tax shall be adjusted annually to limit the annual a mount
216		-	of credits to Two Hundred Fifty Thous and Dollars ($250,000.00). T he
217		-	Oklahoma Tax Commission shall annually calculate and publish a
218		-	percentage by which the credits authorized by t his section shall be
219	141		reduced so the total amount of credits used to off set tax does not
220	142		exceed Two Hundred Fifty T housand Dollars ($250,000.00) per year.
221	143		The formula to be used for the percent age adjustment shall be Two
222		-
223		-	ENGR. S. B. NO. 735 Page 3 1
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248	144		Hundred Fifty Thousand Dollars ($25 0,000.00) divided by the credits
249	145		claimed in the second preceding year.
250	146		SECTION 3. This act shall become effective November 1, 2021.
251		-	Passed the Senate the 9th day of March, 2021.
252	147
253		-
254		-
255		-	Presiding Officer of the Senate
256		-
257		-
258		-	Passed the House of Representatives the ____ day of __________,
259		-	2021.
260		-
261		-
262		-
263		-	Presiding Officer of the House
264		-	of Representatives
265		-
266		-
	148	+	COMMITTEE REPORT BY: COMMITTEE ON APPROPRIA TIONS AND BUDGET, dated
	149	+	04/14/2022 - DO PASS, As Amended and Coauthored.