Oklahoma 2023 Regular Session

Oklahoma Senate Bill SB562 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	ENGR. S. B. NO. 562 Page 1 1
	3	+	SENATE FLOOR VERSION - SB562 SFLR Page 1
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28		-	ENGROSSED SENATE
29		-	BILL NO. 562 By: Howard of the Senate
	29	+	SENATE FLOOR VERSION
	30	+	February 20, 2023
	31	+	AS AMENDED
	32	+
	33	+	SENATE BILL NO. 562 By: Howard of the Senate
30	34
31	35		and
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33	37		Martinez of the House
	38	+
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38	43		An Act relating to documentary tax stamp; amending 68
39	44		O.S. 2021, Section 3202, which relates to exemptions;
40	45		requiring submission of certain documents a s required
41	46		by the county clerk; and providing an effective date.
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46	51		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
47	52		SECTION 1. AMENDATORY 68 O.S. 2021, Section 3202, is
48	53		amended to read as follows:
49	54		Section 3202. A. The tax imposed by Section 3201 of this title
50	55		shall not apply to:
51	56		1. Deeds recorded prior to the effective date of Sections 3201
52	57		through 3206 of this title;
53	58		2. Deeds which secure a debt or other obligation;
54	59		3. Deeds which, without additional consideration, confirm,
55	60		correct, modify or supplement a deed previously recorded;
56	61		4. Deeds between husband and wife, or parent and child, or any
57	62		persons related within the second degree of consanguini ty, without
58	63		actual consideration therefor, deeds between any person and an
59		-	express revocable trust created by such person or such person ’s
60		-	spouse or deeds pursuant to which property is transferred from a
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62		-	ENGR. S. B. NO. 562 Page 2 1
	65	+	SENATE FLOOR VERSION - SB562 SFLR Page 2
	66	+	(Bold face denotes Committee Amendments) 1
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	91	+	express revocable trust created by such person or such person ’s
	92	+	spouse or deeds pursuant to which property is transferred from a
87	93		person to a partnership, limited liability company o r corporation of
88	94		which the transferor or the transferor’s spouse, parent, child, or
89	95		other person related within the second degree of consanguinity to
90	96		the transferor, or trust for primary benefit of such persons, are
91	97		the only owners of the partnership, limi ted liability company or
92	98		corporation. However, if any interest in the partnership, limited
93	99		liability company or corporation is transferred within one (1) year
94	100		to any person other than the transferor or the transferor ’s spouse,
95	101		parent, child, or other pers on related within the secon d degree of
96	102		consanguinity to the transferor, the seller shall immediately pay
97	103		the amount of tax which would have been due had this exemption not
98	104		been granted;
99	105		5. Tax deeds;
100	106		6. Deeds of release of property which is security for a debt or
101	107		other obligation;
102	108		7. Deeds executed by Indians in approval proceedings of the
103	109		district courts or by the Secretary of the Interior;
104	110		8. Deeds of partition, unless, for consideration, some of the
105	111		parties take shares greater in value than their und ivided interests,
106	112		in which event a tax attaches to each deed conveying such greater
107	113		share computed upon the consideration for the excess;
108		-	9. Deeds made pursuant to mergers of partnerships, limited
109		-	liability companies or corporations;
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111		-	ENGR. S. B. NO. 562 Page 3 1
	115	+	SENATE FLOOR VERSION - SB562 SFLR Page 3
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	141	+	9. Deeds made pursuant to mergers of partnerships, limited
	142	+	liability companies or corporations;
136	143		10. Deeds made by a subsidiary corporation to i ts parent
137	144		corporation for no consideration other than the cancellation or
138	145		surrender of the subsidiary ’s stock;
139	146		11. Deeds or instruments to which the State of Oklahoma or any
140	147		of its instrumentalities, agencies or subdivisions is a party,
141	148		whether as grantee or as grantor or in any other capacity;
142	149		12. Deeds or instruments to which the United States or any of
143	150		its agencies or departments is a party, whether as grantor or as
144	151		grantee or in any other capacity, provided that this shall n ot
145	152		exempt transfers to or f rom national banks or federal savings and
146	153		loan associations;
147	154		13. Any deed executed pursuant to a foreclosure proceeding in
148	155		which the grantee is the holder of a mortgage on the property being
149	156		foreclosed, or any deed executed purs uant to a power of sale in
150	157		which the grantee is the party exercising such power of sale or any
151	158		deed executed in favor of the holder of a mortgage on the property
152	159		in consideration for the release of the borrower from liability on
153	160		the indebtedness secured by such mortgage except as to cash
154	161		consideration paid; provided, however, the tax shall apply to deeds
155	162		in other foreclosure actions, unless otherwise hereinabove exempted,
156	163		and shall be paid by the purchaser in such foreclosure actions; or
157		-	14. Deeds and other instruments to which the Oklahoma Space
158		-	Industry Development Author ity or a spaceport user, as defined in
159		-	the Oklahoma Space Industry Development Act, is a party.
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161		-	ENGR. S. B. NO. 562 Page 4 1
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	166	+	(Bold face denotes Committee Amendments) 1
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	191	+	14. Deeds and other instruments to which the Oklahoma Space
	192	+	Industry Development Authority or a spaceport user, as defined in
	193	+	the Oklahoma Space Industry Development Act, is a party.
186	194		B. An individual or entity cl aiming an exemption pursuant to
187	195		this section shall prov ide documentation as required by the county
188	196		clerk to verify eligibility for the exemption. Documentation may
189	197		include but not be limited to entity minutes and ownership ledgers,
190	198		tax returns or depreciation schedules re lated to the property
191	199		conveyed in the deed, mortgages or notes issued with lands,
192	200		tenements, or other realty being provided as collateral for which
193	201		the exemption is claimed , and on a form prescribed by the Oklahoma
194	202		Tax Commission. Affidavits claiming exemptions shall be signed
195	203		under penalty of perjury.
196	204		SECTION 2. This act shall become effective November 1, 2023.
197		-	Passed the Senate the 28th day of February, 2023.
198		-
199		-
200		-
201		-	Presiding Officer of the Senate
202		-
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204		-	Passed the House of Representatives the ____ day of __________,
205		-	2023.
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207		-
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209		-	Presiding Officer of the House
210		-	of Representatives
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	205	+	COMMITTEE REPORT BY: COMMITTEE ON FINANCE
	206	+	February 20, 2023 - DO PASS AS AMENDED