Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB932 Compare Versions

Only one version of the bill is available at this time.

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53	53	STATE OF OKLAHOMA
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55	55	1st Session of the 58th Legislature (2021)
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57	57	SENATE BILL 932 By: David
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63	63	AS INTRODUCED
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65	65	An Act relating to income tax; amending 68 O.S. 2011,
66	66	Section 2359, as amended by Section 4, Chapter 320,
67	67	O.S.L. 2019 (68 O.S. Supp. 2020, Section 2359), which
68	68	relates to income tax exemption; excluding certain
69	69	private hospitals from income tax exemption; and
70	70	providing an effective date .
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75	75	BE IT ENACTED BY THE PEOPLE OF THE STATE O F OKLAHOMA:
76	76	SECTION 1. AMENDATORY 68 O.S. 2011, Section 2359, as
77	77	amended by Section 4, Chapter 320, O.S.L. 2019 (68 O.S. Supp. 2020,
78	78	Section 2359), is amended to read as follows:
79	79	Section 2359. A. A person or organization exempt from federal
80	80	income taxation under the provis ions of the Internal Revenue Code
81	81	shall also be exempt from the tax imposed by Section 2351 et seq. of
82	82	this title in each year in which suc h person or organization
83	83	satisfies the requirements of the Internal Reve nue Code for
84	84	exemption from federal income ta xation. If the exemption applicable
85	85	to any person or organization under the provisions of the Internal
86	86	Revenue Code is limited or qualifie d in any manner, the exemption
87	87	from taxes imposed by this article shall be limited or qualified in
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139	139	a similar manner. The exemption provided in this subse ction shall
140	140	not apply to a private hospital as defined in Section 1 -701 of Title
141	141	63 of the Oklahoma Statutes.
142	142	B. Notwithstanding the provisions of subsection A of this
143	143	section, the unrelated business taxable inc ome or other income
144	144	subject to tax, as computed under the provisions of the Internal
145	145	Revenue Code, of any person or organization exempt from the tax
146	146	imposed by Section 2351 et seq. of this title and subject to the tax
147	147	imposed on such income by the Internal Revenue Code shall be subject
148	148	to the tax which would have been imposed by this act the Oklahoma
149	149	Income Tax Act but for the provisions of subsection A of this
150	150	section.
151	151	C. Insurance companies paying, during or for the taxable year,
152	152	a tax to this state on gross premium income shall be exempt from the
153	153	provisions of this a rticle and the taxes levied thereby.
154	154	D. Royalty earned by an inventor from products developed and
155	155	manufactured in this state shall be exempt from the ta x imposed by
156	156	Section 2355 of this title for a seven -year period, pursuant to the
157	157	provisions of Section 5064.7 of Title 74 of the Oklahoma Statutes.
158	158	E. Tenants of small business incubators shall be exempt for the
159	159	tax imposed by Section 2355 of this title, pursuant to the
160	160	provisions of Section 5078 of Title 74 of the Oklahoma Statutes.
161	161	SECTION 2. This act shall become effective November 1, 2021.
162	162	58-1-1073 QD 1/21/2021 5:46:57 PM