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ENGROSSED HOUSE AMENDME NT
TO
ENGROSSED SENATE BILL NO . 1071 By: Montgomery of the Senate
and
Wallace of the House
[ income tax - exemption - eligibility - application
- codification - effective date ]
AUTHOR: Add the following House Coauthor: Boles
AMENDMENT NO. 1. Strike the stricken title, enacting clause, and
entire bill and insert:
"[ income tax – exemption – hydrogen manufacturer –
effective date ]
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA :
SECTION 1. NEW LAW A new section 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.
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Industry No. 325120, shall be exempt from the tax imposed by Section
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 establishment shall pay 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 the Commission.
SECTION 2. This act shall become effective November 1, 2023."
Passed the House of Representatives the 27th day of April, 2023.
Presiding Officer of the House of
Representatives
Passed the Senate the ____ day of _______ ___, 2023.
Presiding Officer of the Senate
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ENGROSSED SENATE
BILL NO. 1071 By: Montgomery of the Senate
and
Wallace of the House
[ income tax - exemption - eligibility - application
- codification - effective date ]
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA :
SECTION 3. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Sec tion 2357.91 of Title 68, unless
there is created a duplication in numb ering, reads as follows :
A. For tax years 2024 through 2034, 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 2355 of Title 68 of the Oklahoma Statutes for the first five
(5) years of operations.
B. To qualify for the exemption provided in subsec tion 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
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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 tax year shall be determined by the Oklahoma Tax
Commission, upon the annual filing of an application provided by the
Commission stating that the establishment qualifies and containing
information as may be required by Commission.
SECTION 4. This act shall become effective November 1, 2023.
Passed the Senate the 20th day of March, 2023.
Presiding Officer of the Senate
Passed the House of Representatives the ____ day of __________,
2023.
Presiding Officer of the House
of Representatives