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SENATE FLOOR VERSION
March 1, 2023
SENATE BILL NO. 752 By: Murdock
[ sales tax exemption - property - codification -
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 Section 1357.11 of Title 68, unless
there is created a duplication in numb ering, reads as follows:
A. The occasional sale of tangible personal propert y is hereby
exempt from the tax levied by Section 1350 et seq. of Title 68 of
the Oklahoma Statutes.
B. As used in this section:
1. “Nonrecurring sale” means no more than two sales or series
of sales of tangible personal property subject to the tax levied by
Section 1350 et seq. of Title 68 of the Oklahoma Statutes during a
twelve-month period. Provided, the sale of all or substantially all
of the property of a business or of a separate division, branch, or
identifiable segment of a business shall not be limited to no more
than two sales or series of sales during a twelve-month period to be
considered a nonrecurring sale ;
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2. “Occasional sale” means a nonrecurring sale and:
a. shall include:
(1) sales by an individual who, at the time of the
sale, is not engaged in the business of selling
tangible personal property,
(2) the sale of all or subst antially all of the
property of a business or of a separate division,
branch, or identifiable segment of a business. A
separate division, branch, or identifiable
segment of a business shall exist if before the
sale of property the income and expenses
attributable to the separate division, branch, or
identifiable segment could be ascertained from a
record utilizing generally accepted accounting
principles or another comprehensive basis of
accounting, and
(3) sales by an individual if the property was
originally purchased by the individual or a
member of the individual ’s family for the
personal use of the indi vidual or individual’s
family, and if:
(a) the individual does not possess a sales tax
permit issued pursuant to Section 1364 of
Title 68 of the Oklahoma Statutes, and
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(b) the individual is not a “marketplace seller”
as defined in Section 1 391 of Title 68 of
the Oklahoma Statutes, and
b. shall not include:
(1) any sale that is made, supervis ed, or aided by an
auctioneer, or agent or employee of an
auctioneer,
(2) sellers of tangible personal property held on
consignment,
(3) the rental or lease of tangible personal
property, and
(4) the sale of motor vehicles; and
3. “Series of sales” means any multiple sales of tangible
personal property, for a limi ted duration not to exceed thirty (30)
consecutive days. Each individual sale of the multiple sales shall
meet the definition of occasional sale as provided in this
subsection.
SECTION 2. This act shall become effective November 1, 2023.
COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS
March 1, 2023 - DO PASS