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HOUSE OF REPRESENTATIVES - FLOOR VERSION
STATE OF OKLAHOMA
1st Session of the 59th Legislature (2023)
COMMITTEE SUBSTITUTE
FOR ENGROSSED
SENATE BILL NO. 1071 By: Montgomery of the Senate
and
Wallace and Boles of the
House
COMMITTEE SUBSTITUTE
[ income tax – exemption – hydrogen manufacturer –
effective date ]
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA :
SECTION 1. NEW LAW A new secti on of law to be codified
in the Oklahoma Statutes as Sec tion 2357.91 of Title 68, unless
there is created a duplication in numbering, reads as follows :
A. For tax years 2024 through 2034, the first Ten Million
Dollars ($10,000,000.00) of revenues generated from the operation of
a newly constructed establishment in this state placed in service
after the effective date of this act, primarily engaged in the
manufacture of hydrogen classified in the NAICS Manual under U.S.
Industry No. 325120, shall be exempt from the tax imposed by Section
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2355 of Title 68 of the Oklahoma Statutes for the first five (5)
years of operations.
B. To qualify for the exemption provided in subsection A of
this section, an esta blishment shall meet the following
requirements:
1. The natural gas used in the production of the hydrogen shall
be produced in this state; and
2. Payment of wages or salaries at a wage that equals or
exceeds the average wage requirements in the Oklahoma Quality Jobs
Program Act, Section 3601 et seq. of Title 68 of the Oklahoma
Statutes.
C. Eligibility for an establishment pursuant to this section
for each applicable tax year shall be determined by the Oklahoma Tax
Commission, upon the annual filing of an application provided by the
Commission stating that th e establishment qualifies and containing
information as may be required by Commission.
SECTION 2. This act shall become effective November 1, 2023.
COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS AND BUDGET, dated
04/19/2023 - DO PASS, As Amended and Coauthored.