OK
Oklahoma House Bill HB1926

Oklahoma 2024 Regular Session

Oklahoma House Bill HB1926 Compare Versions

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3-ENGR. S. A. TO ENGR. H. B. NO. 1926 Page 1 1
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28-ENGROSSED SENATE AMENDMENT
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31-BILL NO. 1926 By: Sims and Boles of the House
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35- Montgomery of the Senate
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40-[ revenue and taxation - homestead exemption -
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46-AUTHOR: Add the following House Coauthor: Wolfley
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48-AMENDMENT NO. 1. Page 1, strike the enacting clause
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52-Passed the Senate the 25th day of April, 2023.
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56- Presiding Officer of the Senate
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59-Passed the House of Representatives the ____ day of __________,
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64- Presiding Officer of the House
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31+AS AMENDED
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9233 ENGROSSED HOUSE
93-BILL NO. 1926 By: Sims and Boles of the House
34+BILL NO. 1926 By: Sims, Boles, and Wolfley of
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11251 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
11352 SECTION 1. AMENDATORY 68 O.S. 2021, Section 2890, is
11453 amended to read as follows:
11554 Section 2890. A. In addition to the amount of the homestead
11655 exemption authorized and allowed in Section 2889 of this title, an
11756 additional exemption is hereby granted, to the extent of One
11857 Thousand Dollars ($1,000.00) of the a ssessed valuation on each
11958 homestead of heads of households whose gross household income from
12059 all sources for the preceding calendar year did not excee d Twenty-
12160 five Thousand Dollars ($25,000.00) Thirty Thousand Dollars
12261 ($30,000.00).
12362 B. The term "gross household income " as used in this section
12463 means the gross amount of income of every type, regardless o f the
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15191 source, received by all persons occupying the same household,
15292 whether such income was taxable or nontaxable for federal or state
15393 income tax purposes, including pensions, annuities, federal Social
15494 Security, unemployment payments, public assistance pay ments,
15595 alimony, support money, workers' compensation, loss-of-time
15696 insurance payments, capital gains and any other type of income
15797 received, and excluding gifts . The term "gross household income "
15898 shall not include any veterans' disability compensation paym ents or
15999 the amount of any federal stimulus or relief payments related to the
160100 COVID-19 virus. The term "head of household" as used in this
161101 section means a person who as owner or joint owner maint ains a home
162102 and furnishes support for the home, furnishings, and other material
163103 necessities.
164104 C. The application for the additional homestead exemption shall
165105 be made each year on or before March 15 or within thirty (30) days
166106 from and after receipt by the t axpayer of notice of valuation
167107 increase, whichever is later, and upon the form prescribed by the
168108 Oklahoma Tax Commission, which shall require the taxpayer to certify
169109 as to the amount of gross income . Upon request of the county
170110 assessor, the Oklahoma Tax C ommission shall assist in verifying the
171111 correctness of the a mount of the gross income.
172112 D. For persons sixty-five (65) years of age or older as of
173113 March 15 and who have previously qualified for the additional
174114 homestead exemption, no annual application shal l be required in
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201142 order to receive the exemption provided by this section; however,
202143 any person whose gross household income in any calendar ye ar exceeds
203144 the amount specified in this section in order to qualify for the
204145 additional homestead exemption shall no tify the county assessor and
205146 the additional exemption shall not be allowed for the applicable
206147 year. Any executor or administrator of an esta te within which is
207148 included a homestead property exempt pursuant to the provisions of
208149 this section shall notify the county assessor of the change in
209150 status of the homestead p roperty if such property is not the
210151 homestead of a person who would be eligible fo r the exemption
211152 provided by this section.
212153 SECTION 2. This act shall become effect ive January 1, 2024.
213-Passed the House of Representatives the 14th day of March, 2023.
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218- Presiding Officer of the House
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222-Passed the Senate the ___ day of __________, 2023.
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154+COMMITTEE REPORT BY: COMMITTEE ON FINANCE
155+April 3, 2023 - DO PASS AS AMENDED