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STATE OF OKLAHOMA
1st Session of the 59th Legislature (2023)
HOUSE BILL 2292 By: Pfeiffer
AS INTRODUCED
An Act relating to revenue and taxation; defining
terms; authorizing income tax cre dit for certain meat
processing activity; providing for refundability;
prescribing procedures related to use of credit
against income tax liability; providing for carryover
of tax credit amounts; imposing limitation on total
refund payments per fiscal year; prohibiting use of
tax credit with respect to cert ain assets related to
investment tax credit usage; providing for
codification; and providing an effective date.
BE IT ENACTED BY THE PEOPL E OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codifie d
in the Oklahoma Statutes as Section 2357.901 of Title 68, unless
there is created a duplication in numbering, re ads as follows:
A. As used in this section:
1. "Person" means:
a. An individual,
b. A general partnership,
c. A limited partnership,
d. A limited liability limited partnership,
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e. A corporation,
f. A limited liability company, or
g. Any other lawful business entity;
2. "Eligible Oklahoma meat processor" means a person engaged in
the business of meat processing within the state that has obtained
required certification to engage in meat processing by the Un ited
States Department of Agriculture or the Oklahoma State Department of
Agriculture, Food and Forestry or both such entities ; and
3. "Meat processing" means those activities described by
Industry No. 311611 or 311612 of the North American Industry
Classification System (NAICS), most recent revision;
B. For taxable years beginning on or after January 1, 2024,
there shall be allowed a credit against the tax imposed pursu ant to
Section 2355 of Title 68 of the Oklahoma Statutes in the amount of
Ten Thousand Dollars ($10,000.0 0) for an eligible Oklahoma meat
processor having obtained required certification from the United
States Department of Agriculture or the Oklahoma Department of
Agriculture, Food and Forestry.
C. The credit authorized by this section shall be refundable.
The credit authorized by this section shall first be applied to any
income tax liability of the taxpayer for the applic able tax year.
Any amount of credit no t used to reduce the income tax liability
shall be paid as a refund to t he taxpayer.
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D. If the taxpayer has a zero (0) liability amount for the tax
year, the tax credit authoriz ed by this section shall be allowed to
carry over, in order, to each of the subsequent income tax years of
the taxpayer until the credit amount for such tax yea r is either
utilized to reduce income tax liabilities or paid as a refund.
E. The credit authorized by this section shall be subject to an
annual cap of Fifteen Million Do llars ($15,000,000.00).
F. The credit authorized by this section shall not be used with
respect to assets qualifying for the tax credit authorized pursuant
to Section 2357.4 of Title 68 of the Oklahoma Statutes if the
taxpayer claims the tax credit aut horized by such section.
SECTION 2. This act shall become effective November 1, 2023.
59-1-6951 MAH 01/16/23