Oklahoma 2023 Regular Session

Oklahoma House Bill HB2292 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	ENGR. H. B. NO. 2292 Page 1 1
	3	+	HB2292 HFLR Page 1
	4	+	BOLD FACE denotes Committee Amendments. 1
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28		-	ENGROSSED HOUSE
29		-	BILL NO. 2292 By: Pfeiffer, Davis, Bashore,
30		-	and Burns of the House
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
	30	+
	31	+	STATE OF OKLAHOMA
	32	+
	33	+	1st Session of the 59th Legislature (2023)
	34	+
	35	+	HOUSE BILL 2292 By: Pfeiffer, Davis, and Boles
	36	+	of the House
31	37
32	38		and
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34	40		Coleman of the Senate
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	45	+	AS INTRODUCED
39	46
40	47		[ revenue and taxation - income tax credit - meat
41	48		processing - tax credit amounts - refund payments -
42	49		codification - effective date ]
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47	54		BE IT ENACTED BY THE PEOPL E OF THE STATE OF OKLAHOMA:
48	55		SECTION 1. NEW LAW A new section of law to be codifie d
49	56		in the Oklahoma Statutes as Section 2357.901 of Title 68, unless
50	57		there is created a duplication in numbering, re ads as follows:
51	58		A. As used in this section:
52	59		1. "Person" means:
53	60		a. An individual,
54	61		b. A general partnership,
55	62		c. A limited partnership,
56	63		d. A limited liability limited partnership,
57		-	e. A corporation,
58		-	f. A limited liability company, or
59		-	g. Any other lawful business e ntity;
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61		-	ENGR. H. B. NO. 2292 Page 2 1
	65	+	HB2292 HFLR Page 2
	66	+	BOLD FACE denotes Committee Amendments. 1
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	91	+	e. A corporation,
	92	+	f. A limited liability company, or
	93	+	g. Any other lawful business entity;
86	94		2. "Eligible Oklahoma meat processor" means a person engaged in
87	95		the business of meat processing within the state that has obtained
88	96		required certification to engage in meat processing by the Un ited
89	97		States Department of Agriculture or the Oklahoma State Department of
90	98		Agriculture, Food and Forestry or both such entities ; and
91	99		3. "Meat processing" means those activities described by
92	100		Industry No. 311611 or 311612 of the North American Industry
93	101		Classification System (NAICS), most recent revision;
94	102		B. For taxable years beginning on or after January 1, 2024,
95	103		there shall be allowed a credit against the tax imposed pursu ant to
96	104		Section 2355 of Title 68 of the Oklahoma Statutes in the amount of
97	105		Ten Thousand Dollars ($10,000.0 0) for an eligible Oklahoma meat
98	106		processor having obtained required certification from the United
99	107		States Department of Agriculture or the Oklahoma Department of
100	108		Agriculture, Food and Forestry.
101	109		C. The credit authorized by this section shall be refundable.
102	110		The credit authorized by this section shall first be applied to any
103	111		income tax liability of the taxpayer for the applic able tax year.
104	112		Any amount of credit no t used to reduce the income tax liability
105	113		shall be paid as a refund to t he taxpayer.
106		-	D. If the taxpayer has a zero (0) liability amount for the tax
107		-	year, the tax credit authoriz ed by this section shall be allowed to
108		-	carry over, in order, to each of the subsequent income tax years of
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110		-	ENGR. H. B. NO. 2292 Page 3 1
	115	+	HB2292 HFLR Page 3
	116	+	BOLD FACE denotes Committee Amendments. 1
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	141	+	D. If the taxpayer has a zero (0) liability amount for the tax
	142	+	year, the tax credit authoriz ed by this section shall be allowed to
	143	+	carry over, in order, to each of the subsequent income tax years of
135	144		the taxpayer until the credit amount for such tax yea r is either
136	145		utilized to reduce income tax liabilities or paid as a refund.
137	146		E. The credit authorized by this section shall be subject to an
138	147		annual cap of Fifteen Million Do llars ($15,000,000.00).
139	148		F. The credit authorized by this section shall not be used with
140	149		respect to assets qualifying for the tax credit authorized pursuant
141	150		to Section 2357.4 of Title 68 of the Oklahoma Statutes if the
142	151		taxpayer claims the tax credit aut horized by such section.
143	152		SECTION 2. This act shall become effective November 1, 2023.
144		-	Passed the House of Representatives t he 6th day of March, 2023.
145	153
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149		-	Presiding Officer of the House
150		-	of Representatives
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154		-	Passed the Senate the ___ day of __________, 2023.
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159		-	Presiding Officer of the Senate
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	154	+	COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS AND BUDGET , dated
	155	+	02/23/2023 - DO PASS, As Amended and Coauthored.