Oklahoma 2024 Regular Session

Oklahoma House Bill HB2950 Compare Versions

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Version 2 (New)

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3		-	ENGR. H. B. NO. 2950 Page 1 1
	3	+	HB2950 HFLR Page 1
	4	+	BOLD FACE denotes Committee Amendments. 1
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28		-	ENGROSSED HOUSE
29		-	BILL NO. 2950 By: McCall, Lepak, and Sims of
30		-	the House
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
31	30
32		-	~~and~~
	31	+	STATE OF OKLAHOMA
33	32
34		-	Daniels of the Senate
	33	+	2nd Session of the 59th Legislature (2024)
	34	+
	35	+	COMMITTEE SUBSTITUTE
	36	+	FOR
	37	+	HOUSE BILL NO. 2950 By: McCall
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	43	+	COMMITTEE SUBSTITUTE
	44	+
40	45		An Act relating to revenue and taxation; amending 68
41	46		O.S. 2021, Section 2355, as last amended by Section
42		-	1, Chapter 27, 1st Extraordinary Session o f the 59th
43		-	Oklahoma Legislature, O.S.L. 2023 (68 O.S. Supp.
44		-	2023, Section 2355), which relates to income tax
45		-	rates for individuals and other entities ; modifying
46		-	income tax rate for designated tax year; providing
47		-	for reductions in income tax rates based upon certain
48		-	determination with respect to tax collections;
49		-	providing for further reductions in income tax rates
50		-	using prescribed formula; and providing an effective
51		-	date.
	47	+	1, Chapter 27, 1st Extraordinary Session, O.S.L. 2023
	48	+	(68 O.S. Supp. 2023, Section 2355), which relates to
	49	+	individual income tax rates; reducing tax rates;
	50	+	defining terms; imposing tax on renewable power
	51	+	production; establishing amou nt of tax per megawatt-
	52	+	hour; making tax applicable after certain date;
	53	+	establishing timeline f or remittance of tax and
	54	+	filing of reports; requiring th e prescription of
	55	+	certain forms; providing fine and penalty for filing
	56	+	and remittance failures; requiring certain annual
	57	+	reporting; providing for apportionment of monies;
	58	+	providing for codification; and providing effective
	59	+	dates.
	60	+
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56	65		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
57	66		SECTION 1. AMENDATORY 68 O.S. 2021, Section 2355, as
58	67		last amended by Section 1, Chapter 27, 1st Extraordinary Session,
59	68		O.S.L. 2023 (68 O.S. Supp. 2023, Section 2355), is amended to read
60	69		as follows:
61		-	Section 2355. A. Individuals. For all taxable years beginning
62		-	after December 31, 1998, and before January 1, 2006, a tax is hereby
63		-	imposed upon the Oklahoma taxable income of every resident or
64		-	nonresident individual, which tax shall be computed at the option of
65		-	the taxpayer under one of the two following methods:
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67		-	ENGR. H. B. NO. 2950 Page 2 1
	71	+	HB2950 HFLR Page 2
	72	+	BOLD FACE denotes Committee Amendments. 1
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	97	+	Section 2355. A. Individuals. For all taxable years beginning
	98	+	after December 31, 1998, and before January 1, 2006, a tax is hereby
	99	+	imposed upon the Oklahoma taxable in come of every resident or
	100	+	nonresident individual, which tax shall be computed at the option of
	101	+	the taxpayer under one of the two following methods:
92	102		1. METHOD 1.
93	103		a. Single individuals and married individuals filing
94	104		separately not deducting federal income t ax:
95	105		(1) 1/2% tax on first $1,000.00 or part there of,
96	106		(2) 1% tax on next $1,500.00 or part thereof,
97	107		(3) 2% tax on next $1,250.00 or part thereof,
98	108		(4) 3% tax on next $1,150.00 or part thereof,
99	109		(5) 4% tax on next $1,300.00 or part thereof,
100	110		(6) 5% tax on next $1,500.00 or part thereof,
101	111		(7) 6% tax on next $2,300.00 or part thereof, and
102	112		(8) (a) for taxable years beginning after December
103	113		31, 1998, and before January 1, 2002, 6.75%
104	114		tax on the remainder,
105	115		(b) for taxable years beginning on or after
106	116		January 1, 2002, and before January 1, 2004,
107	117		7% tax on the remainde r, and
108	118		(c) for taxable years beginning on or after
109	119		January 1, 2004, 6.65% tax on the remainder.
110		-	b. Married individuals filing jointly and surviving
111		-	spouse to the extent and in the manner that a
112		-	surviving spouse is permitted to file a joint return
113		-	under the provisions of the Internal Revenue Code and
114		-	heads of households as defined in the Internal Revenue
115		-	Code not deducting federal income tax:
116	120
117		-	ENGR. H. B. NO. 2950 Page 3 1
	121	+	HB2950 HFLR Page 3
	122	+	BOLD FACE denotes Committee Amendments. 1
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	147	+	b. Married individuals filing jointly and surviving
	148	+	spouse to the extent and in the manner that a
	149	+	surviving spouse is permitted to file a joint return
	150	+	under the provisions of the Internal Revenue Code and
	151	+	heads of households as defined in the Internal Revenue
	152	+	Code not deducting federal income tax:
142	153		(1) 1/2% tax on first $2,000.00 or part thereof,
143	154		(2) 1% tax on next $3,000.00 or part thereof,
144	155		(3) 2% tax on next $2,500.00 or part thereof,
145	156		(4) 3% tax on next $2,300.00 or part thereof,
146	157		(5) 4% tax on next $2,400.00 or part there of,
147	158		(6) 5% tax on next $2,800.00 or part thereof,
148	159		(7) 6% tax on next $6,000.00 or part thereof, and
149	160		(8) (a) for taxable years beginning after De cember
150	161		31, 1998, and before January 1, 2002, 6.75%
151	162		tax on the remainder,
152	163		(b) for taxable years beginning on or a fter
153	164		January 1, 2002, and before January 1, 2004,
154	165		7% tax on the remainder, and
155	166		(c) for taxable years beginning on or after
156	167		January 1, 2004, 6.65 % tax on the remainder.
157	168		2. METHOD 2.
158	169		a. Single individuals and married individuals filing
159	170		separately deducting federal income tax:
160		-	(1) 1/2% tax on first $1,000.00 or part thereof,
161		-	(2) 1% tax on next $1,500.00 or part thereof,
162		-	(3) 2% tax on next $1,250.00 or part thereof,
163		-	(4) 3% tax on next $1,150.00 or part thereof,
164		-	(5) 4% tax on next $1,200.00 or part thereof,
165		-	(6) 5% tax on next $1,400.00 or part thereof,
166	171
167		-	ENGR. H. B. NO. 2950 Page 4 1
	172	+	HB2950 HFLR Page 4
	173	+	BOLD FACE denotes Committee Amendments. 1
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	198	+	(1) 1/2% tax on first $1,000.00 or part thereof,
	199	+	(2) 1% tax on next $1,500. 00 or part thereof,
	200	+	(3) 2% tax on next $1,250.00 or part thereof,
	201	+	(4) 3% tax on next $1,150.00 or part thereo f,
	202	+	(5) 4% tax on next $1,200.00 or part thereof,
	203	+	(6) 5% tax on next $1,400.00 or part thereof,
192	204		(7) 6% tax on next $1,500.00 or part thereof,
193	205		(8) 7% tax on next $1,500.00 or part thereof,
194	206		(9) 8% tax on next $2,000.00 or part thereof,
195	207		(10) 9% tax on next $3,500.00 or part thereof, and
196	208		(11) 10% tax on the remainder.
197	209		b. Married individuals filing jointly and surviving
198	210		spouse to the extent and in the mann er that a
199	211		surviving spouse is permitted to file a joint return
200	212		under the provisions of the Internal Revenue C ode and
201	213		heads of households as defined in the Intern al Revenue
202	214		Code deducting federal income tax:
203	215		(1) 1/2% tax on the first $2,000.00 or part there of,
204	216		(2) 1% tax on the next $3,000.00 or part thereof,
205	217		(3) 2% tax on the next $2,500.00 or part thereof,
206	218		(4) 3% tax on the next $1,400.00 or part thereof,
207	219		(5) 4% tax on the next $1,500.00 or part thereof,
208	220		(6) 5% tax on the next $1,600.00 or part thereof,
209	221		(7) 6% tax on the next $1,250.00 or part thereof,
210		-	(8) 7% tax on the next $1,750.00 or part thereof,
211		-	(9) 8% tax on the next $3,000.00 or part thereof,
212		-	(10) 9% tax on the next $6,000.00 or part thereof, and
213		-	(11) 10% tax on the remainder.
214		-	B. Individuals. For all taxable years beginning on or after
215		-	January 1, 2008, and ending any tax year which begins after December
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217		-	ENGR. H. B. NO. 2950 Page 5 1
	223	+	HB2950 HFLR Page 5
	224	+	BOLD FACE denotes Committee Amendments. 1
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	249	+	(8) 7% tax on the next $1,750.00 or part thereof,
	250	+	(9) 8% tax on the next $3,000.00 or part thereof,
	251	+	(10) 9% tax on the next $6,000.00 or part thereof, and
	252	+	(11) 10% tax on the remainder.
	253	+	B. Individuals. For all taxable years beginning on or after
	254	+	January 1, 2008, and ending any tax year which begins afte r December
242	255		31, 2015, for which the determination required pursu ant to Sections
243	256		4 and 5 of this act is made by the State Board of Equalization, a
244	257		tax is hereby imposed upon the Oklahoma taxable income of every
245	258		resident or nonresident individual, which tax s hall be computed as
246	259		follows:
247	260		1. Single individuals and married individuals filing
248	261		separately:
249	262		(a) 1/2% tax on first $1,000.00 or part thereof,
250	263		(b) 1% tax on next $1,500.00 or part thereof,
251	264		(c) 2% tax on next $1,250.00 or part thereof,
252	265		(d) 3% tax on next $1,150.00 or part thereof,
253	266		(e) 4% tax on next $2,300.00 or part thereof,
254	267		(f) 5% tax on next $1,500.00 or part thereof,
255	268		(g) 5.50% tax on the remainder for the 2 008 tax year and
256	269		any subsequent tax year unless the rate prescribed by
257	270		subparagraph (h) of this paragraph is in effect, and
258	271		(h) 5.25% tax on the remainder for th e 2009 and subsequent
259	272		tax years. The decrease in the top marginal
260		-	individual income tax rate otherwise authorized by
261		-	this subparagraph shall be contingent upon the
262		-	determination required to be made by the State Board
263		-	of Equalization pursuant to Section 2355.1A of this
264		-	title.
265	273
266		-	ENGR. H. B. NO. 2950 Page 6 1
	274	+	HB2950 HFLR Page 6
	275	+	BOLD FACE denotes Committee Amendments. 1
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	300	+	individual income tax rate o therwise authorized by
	301	+	this subparagraph shall be contingent upon the
	302	+	determination required to be made by the State Board
	303	+	of Equalization pursuant to Section 23 55.1A of this
	304	+	title.
291	305		2. Married individuals filing jointly and surviving spouse to
292	306		the extent and in the manner that a surviving spouse is permitted to
293	307		file a joint return under the provisions of the Internal Revenue
294	308		Code and heads of households as define d in the Internal Revenue
295	309		Code:
296	310		(a) 1/2% tax on first $2,000.00 or part thereof,
297	311		(b) 1% tax on next $3,000.00 or part thereof,
298	312		(c) 2% tax on next $2,500.00 or part thereof,
299	313		(d) 3% tax on next $2,300.00 or part thereof,
300	314		(e) 4% tax on next $2,400.00 or part thereof,
301	315		(f) 5% tax on next $2,800.00 or part thereof,
302	316		(g) 5.50% tax on the remainder for the 2 008 tax year and
303	317		any subsequent tax year unless the rate prescribed by
304	318		subparagraph (h) of this paragraph is in effect, and
305	319		(h) 5.25% tax on the remainder for th e 2009 and subsequent
306	320		tax years. The decrease in the top marginal
307	321		individual income tax rate o therwise authorized by
308	322		this subparagraph shall be contingent upon the
309	323		determination required to be made by th e State Board
310		-	of Equalization pursuant to Section 2355.1A of this
311		-	title.
312		-	C. Individuals. For all taxable years beginning on or after
313		-	January 1, 2024, and except as provided pursuant to the provisions
314		-	of subsection D of this section, a tax is hereby imposed upon the
315	324
316		-	ENGR. H. B. NO. 2950 Page 7 1
	325	+	HB2950 HFLR Page 7
	326	+	BOLD FACE denotes Committee Amendments. 1
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341		-	Oklahoma taxable income of every resident or nonresident individual,
342		-	which tax shall be computed as follows:
	351	+	of Equalization pursuant to Section 23 55.1A of this
	352	+	title.
	353	+	C. Individuals. For all taxable years beginning on or after
	354	+	January 1, 2024, a tax is hereby imposed upon the Oklaho ma taxable
	355	+	income of every resident or nonresident individual, which tax shall
	356	+	be computed as follows:
343	357		1. Single individuals and married individuals filing
344	358		separately:
345		-	(a) 0.25% tax on first $1,000.00 or part thereof,
346		-	(b) 0.75% tax on next $1,500.00 or part thereof,
347		-	(c) 1.75% tax on next $1,250.00 or part thereof,
348		-	(d) 2.75% tax on next $1,150.00 or part thereof,
349		-	(e) 3.75% tax on next $2,300.00 or part thereof,
350		-	(f) 4.75% tax on the remainder.
	359	+	(a) 0.25% 0.00% tax on first $1,000.00 or part thereof,
	360	+	(b) 0.75% 0.50% tax on next $1,500.00 or part thereof,
	361	+	(c) 1.75% 1.50% tax on next $1,250.00 or part thereof,
	362	+	(d) 2.75% 2.50% tax on next $1,150.00 or part thereof,
	363	+	(e) 3.75% 3.50% tax on next $2,300.00 or part thereof,
	364	+	(f) 4.75% 4.50% tax on the remainder.
351	365		2. Married individuals filing jointly and surviving spouse to
352	366		the extent and in the manner that a surviving spouse is permit ted to
353	367		file a joint return under the provisions of the Internal Revenue
354	368		Code and heads of households as defined in the Internal Revenue
355	369		Code:
356		-	(a) 0.25% tax on first $2,000.00 or part thereof,
357		-	(b) 0.75% tax on next $3,000.00 or part thereof,
358		-	(c) 1.75% tax on next $2,500.00 or part thereof,
359		-	(d) 2.75% tax on next $2,300.00 or part thereof,
360		-	(e) 3.75% tax on next $4,600.00 or part thereof,
361		-	(f) 4.75% tax on the remainder.
362		-	No deduction for federal income taxes paid shall be allowed to
363		-	any taxpayer to arrive at taxable income.
	370	+	(a) 0.25% 0.00% tax on first $2,000.00 or part thereof,
	371	+	(b) 0.75% 0.50% tax on next $3,000.00 or part thereof,
	372	+	(c) 1.75% 1.50% tax on next $2,500.00 or part thereof,
	373	+	(d) 2.75% 2.50% tax on next $2,300.00 or part thereof,
	374	+	(e) 3.75% 3.50% tax on next $4,600.00 or part thereof,
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365		-	ENGR. H. B. NO. 2950 Page 8 1
	376	+	HB2950 HFLR Page 8
	377	+	BOLD FACE denotes Committee Amendments. 1
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390		-	D. Individuals. 1. Except as otherwise provided by this
391		-	subsection, for all taxable years beginning on or after January 1,
392		-	2025, a tax is hereby imposed upon the Oklahoma taxable income of
393		-	every resident or nonresident individual, which tax shall be four
394		-	and seventy-five hundredths percent (4.75%) reduced by 0.0025, for
395		-	purposes of any reduction, for any income tax year beginning on the
396		-	January 1 date immediately succeeding a fiscal year ending on the
397		-	preceding June 30 for which the State Board of Equalization makes a
398		-	certification, at its December meeting, that total t ax collections
399		-	for such fiscal year exceeded the total tax collections for the
400		-	immediately preceding fiscal year by Four Hundred Million Dollars
401		-	($400,000,000.00) or more. Subject to the determinations regarding
402		-	the increase in total tax collections as pre scribed by this
403		-	paragraph, the reductions prescribed by this paragraph shall be made
404		-	for all applicable income tax years until the rate of individual
405		-	income tax equals three percent (3.0%). The tax levied pursuant to
406		-	this subsection shall be lev ied only upon the amounts of Ok lahoma
407		-	taxable income in ex cess of:
408		-	a. Thirteen Thousand Five Hundred Fifty Dollars
409		-	($13,550.00) for taxpayers having a single or married
410		-	filing separate filing status, or
411		-	b. Twenty-seven Thousand One Hundred Dollars ($27,100.00)
412		-	for taxpayers having a married joint return filing
	402	+	(f) 4.75% 4.50% tax on the remainder.
	403	+	No deduction for federal income taxes paid shall be allowed to
	404	+	any taxpayer to arrive at taxable income.
	405	+	D. Nonresident aliens. In lieu of the rates set forth in
	406	+	subsection A above this section, there shall be imposed on
	407	+	nonresident aliens, as defined in the Internal Revenue Code, a tax
	408	+	of eight percent (8%) instead of thirty percent (30%) as used in the
	409	+	Internal Revenue Code, with respect to the Ok lahoma taxable income
	410	+	of such nonresident aliens as determined under the provision of the
	411	+	Oklahoma Income Tax Act.
	412	+	Every payer of amounts covered by this subsection shall deduct
	413	+	and withhold from such amounts paid each payee an amount equal to
	414	+	eight percent (8%) thereof. Every payer required to deduct and
	415	+	withhold taxes under this subsection shall for each quarterly period
	416	+	on or before the last day of the month following the close of each
	417	+	such quarterly period, pay over the amount so withheld as taxes to
	418	+	the Tax Commission, and shall file a return with each such payment.
	419	+	Such return shall be in such form as the Tax Commission shall
	420	+	prescribe. Every payer required under this subsection to deduct and
	421	+	withhold a tax from a payee shall, as to the total amounts paid to
	422	+	each payee during the calendar year, furnish to such payee, on or
	423	+	before January 31, of the succeeding year, a written statement
	424	+	showing the name of the payer, the name of the payee and the payee's
	425	+	Social Security account number, if any, the tota l amount paid
413	426
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	427	+	HB2950 HFLR Page 9
	428	+	BOLD FACE denotes Committee Amendments. 1
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439		-	status, head of household or qualifying w idow filing
440		-	status.
441		-	2. If the individual income tax rate reaches three p ercent
442		-	(3.0%) as provided by paragraph 1 of this subsection, such income
443		-	tax rate shall be in effect for the income tax year beginning on the
444		-	January 1 date immediately following the income tax year for which
445		-	the rate of income tax was three and twenty-five hundredths percent
446		-	(3.25%), and the rate of three per cent (3.0%) shall be reduced each
447		-	succeeding income tax year by 0.3, such subtraction to be made from
448		-	the whole number three (3) . Such reduction shall be made for each
449		-	of the ten (10) succeeding income tax year s, each beginning January
450		-	1, until the rate of individual income tax equals zero percent (0%).
451		-	E. Nonresident aliens. In lieu of the rates set forth in
452		-	subsection A above, there shall be imposed on nonresident aliens, as
453		-	defined in the Internal Revenue Code, a tax of eight percent (8%)
454		-	instead of thirty percent (30%) as used in the Internal Revenue
455		-	Code, with respect to the Oklahoma taxable income of such
456		-	nonresident aliens as determined under the provision of the Oklahoma
457		-	Income Tax Act.
	453	+	subject to taxation, and the total amount deducted and withheld as
	454	+	tax and such other information as the Tax Commission may require.
	455	+	Any payer who fails to withhold or pay to the Tax Commission any
	456	+	sums herein required to be withheld or paid shall be personally and
	457	+	individually liable therefor to the State of Oklahoma.
	458	+	E. Corporations. For all taxable years beginning after
	459	+	December 31, 2021, a tax is hereby imposed upon the Oklahoma taxable
	460	+	income of every corporation doing business within this state or
	461	+	deriving income from sources within this state in an amount equal to
	462	+	four percent (4%) thereof.
	463	+	There shall be no additional Oklahoma income tax imposed on
	464	+	accumulated taxable income or on undistributed personal holding
	465	+	company income as those terms are defined in the Internal Rev enue
	466	+	Code.
	467	+	F. Certain foreign corporatio ns. In lieu of the tax imposed in
	468	+	the first paragraph of subsection D of this section, for all taxable
	469	+	years beginning after December 31, 2021, there shall be imposed on
	470	+	foreign corporations, as defined in the Inte rnal Revenue Code, a tax
	471	+	of four percent (4%) instead of thirty percent (30%) as used in the
	472	+	Internal Revenue Code, where such income is received from sources
	473	+	within Oklahoma, in accordance with the provisions of the Internal
	474	+	Revenue Code and the Oklahoma Income Tax Act.
458	475		Every payer of amounts covered by this subsection shall deduct
459	476		and withhold from such amounts paid each payee an amount equal to
460		-	eight percent (8%) thereof. Every payer required to deduct and
461		-	withhold taxes under this subsection shall for each quarterly period
462		-	on or before the last day of the month following the close of each
463	477
464		-	ENGR. H. B. NO. 2950 Page 10 1
	478	+	HB2950 HFLR Page 10
	479	+	BOLD FACE denotes Committee Amendments. 1
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	504	+	four percent (4%) thereof. Every payer required to deduct and
	505	+	withhold taxes under this subsection shall for e ach quarterly period
	506	+	on or before the last d ay of the month following the close of each
489	507		such quarterly period, pay over the amount so withheld as taxes to
490	508		the Tax Commission, and shall file a return with each such payment.
491	509		Such return shall be in such for m as the Tax Commission shall
492	510		prescribe. Every payer required under this subsection to deduct and
493	511		withhold a tax from a payee shall, as to the total amounts paid to
494	512		each payee during the calendar year, furnish to suc h payee, on or
495	513		before January 31, of th e succeeding year, a written statement
496	514		showing the name of the payer, the name of the payee and the payee's
497		-	Social Security account number, if any, the total ~~amount~~ paid
498		-	subject to taxation, ~~and~~ the total amount deducted and withheld as
499		-	~~tax~~ and such other information as the Tax Commission may require.
500		-	~~Any~~ payer who fails to withhold or pay to the ~~Ta x~~ Commission any
501		-	~~sums~~ herein required to be withheld or paid shall be personally and
	515	+	Social Security account number, if any, the total amounts paid
	516	+	subject to taxation, the total amount deducted and withheld as tax
	517	+	and such other information as the Tax Commission may require . Any
	518	+	payer who fails to withhold or pay to the Tax Commission any sums
	519	+	herein required to be withheld or paid shall be personally and
502	520		individually liable therefor to the Sta te of Oklahoma.
503		-	E. F. Corporations. For all taxable years beginning after
504		-	December 31, 2021, a tax is hereby imposed upon the Okla homa taxable
505		-	income of every corporation doing business within this state or
506		-	deriving income from sources within this state in an amount equal to
507		-	four percent (4%) thereof.
508		-	There shall be no additional Oklahoma income tax imposed on
509		-	accumulated taxable inc ome or on undistributed personal holding
510		-	company income as those terms are defined in the Internal Rev enue
511		-	Code.
	521	+	G. Fiduciaries. A tax is hereby imposed upon the Oklahoma
	522	+	taxable income of every trust and estate at the same rates as are
	523	+	provided in subsection B or, C or D of this section for single
	524	+	individuals. Fiduciaries are not allowed a deduction for any
	525	+	federal income tax paid.
	526	+	H. Tax rate tables. For all taxable years beginni ng after
	527	+	December 31, 1991, in lieu of the tax imposed by subsection A, B or,
512	528
513		-	ENGR. H. B. NO. 2950 Page 11 1
	529	+	HB2950 HFLR Page 11
	530	+	BOLD FACE denotes Committee Amendments. 1
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538		-	~~F. G.~~ ~~Certain foreign corpora tions. In lieu~~ of ~~the tax~~ imposed
539		-	in the ~~first paragraph~~ of ~~subsection D F of this section~~, ~~for all~~
540		-	taxable ~~years beginning after December 31,~~ ~~2021, there shall be~~
541		-	~~imposed on foreign corporations~~, ~~as defined in the Inte rnal Revenue~~
542		-	~~Code, a~~ tax ~~of four percent (4%) instead of thirty percent (30%) as~~
543		-	~~used~~ in the ~~Internal Revenue Code, where such income is received~~
544		-	~~from sources within Oklahoma~~, ~~in accordance with~~ the ~~provisions~~ of
545		-	the ~~Internal Revenue Code and t he Oklahoma Income Tax Act~~.
546		-	~~Every payer~~ of ~~amounts covered by~~ this subsection ~~shall deduct~~
547		-	~~and withhold from such amounts paid each payee an~~ amount ~~equal to~~
548		-	~~four percent (4%) thereof~~. ~~Every payer required to deduct and~~
549		-	~~withhold taxes under this subsection shall for e ach quarterly period~~
550		-	~~on or before~~ the ~~last day~~ of ~~the month following the close of each~~
551		-	~~such quarterly period~~, ~~pay over the amount so withheld~~ as ~~taxes to~~
552		-	~~the Tax Commission,~~ ~~and shall file a return with each such payment.~~
553		-	~~Such return shall be in such for m as~~ the ~~Tax Commission shall~~
554		-	~~prescribe. Every payer required under this subsection to deduct and~~
555		-	~~withhold a tax~~ from a ~~payee shall, as to the total amounts paid to~~
556		-	~~each payee during the calendar year~~, ~~furnish~~ to ~~such payee, on or~~
557		-	~~before January 31~~, ~~of th e succeeding year~~, ~~a written statement~~
558		-	~~showing the name of the payer, the name of the payee~~ and ~~the payee's~~
559		-	~~Social Security account number,~~ if any~~, the total amounts paid~~
560		-	~~subject to taxation,~~ the ~~total amount deducted and withheld as tax~~
561		-	~~and such other information as the Tax Commission may require~~. ~~Any~~
	555	+	C or D of this section, as applicable there is hereby imposed for
	556	+	each taxable year on the taxable income of every individual, whose
	557	+	taxable income for such taxable year does not excee d the ceiling
	558	+	amount, a tax determined under tables, applicable to such taxable
	559	+	year which shall be prescribed by t he Tax Commission and which shall
	560	+	be in such form as it determines appropriate. In the table so
	561	+	prescribed, the amounts of the tax shall be computed on the basis of
	562	+	the rates prescribed by subsection A, B or, C or D of this section.
	563	+	For purposes of this subsection, the term "ceiling amount" means,
	564	+	with respect to any taxpay er, the amount determined by the T ax
	565	+	Commission for the tax rate category in which such taxpayer falls.
	566	+	SECTION 2. NEW LAW A new section o f law to be codified
	567	+	in the Oklahoma Statutes as Section 6701 of Title 68, unless there
	568	+	is created a duplication in numbering, reads as follows:
	569	+	As used in this act:
	570	+	1. "Megawatt-hour" means the energy equivalent of one million
	571	+	(1,000,000) watts consumed within a period of one (1) hour;
	572	+	2. "Renewable power" means the production of electricity from a
	573	+	source that is not depleted when used, including but not limited to
	574	+	wind power, solar power, geothermal energy, biomass , and
	575	+	hydroelectric power; and
	576	+	3. "Renewable power business" means any for-profit business
	577	+	enterprise engaged in the wholesale production of electricity by
	578	+	means of renewable power.
562	579
563		-	ENGR. H. B. NO. 2950 Page 12 1
	580	+	HB2950 HFLR Page 12
	581	+	BOLD FACE denotes Committee Amendments. 1
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588		-	payer who fails to withhold or pay to the Tax Commission any sums
589		-	herein required to be withheld or paid shall be personally and
590		-	individually liable therefor to the State of Oklahoma.
591		-	G. H. Fiduciaries. A tax is hereby imposed upon the Oklahoma
592		-	taxable income of every trust and estate at the same rates as are
593		-	provided in subsection B or, C, or D of this section for single
594		-	individuals. Fiduciaries are not allowed a deduction for any
595		-	federal income tax paid.
596		-	H. I. Tax rate tables. For all taxable years beginning after
597		-	December 31, 1991, in lieu of the tax imposed by subsection A, B or,
598		-	C, or D of this section, as applicable t here is hereby imposed for
599		-	each taxable year on the taxable income of every individual, whose
600		-	taxable income for such taxable year does not exceed the ceiling
601		-	amount, a tax determined under tables, applicable to such taxable
602		-	year which shall be prescribed by the Tax Commission and which shall
603		-	be in such form as it determine s appropriate. In the table so
604		-	prescribed, the amounts of the tax shall be computed on the basis of
605		-	the rates prescribed by subsection A, B or, C, or D of this section.
606		-	For purposes of this subsection, the term "ceiling amount" means,
607		-	with respect to any taxpay er, the amount determined by the Tax
608		-	Commission for the tax rate category in which such taxpayer falls.
609		-	SECTION 2. This act shall become effective January 1, 2025.
	606	+	SECTION 3. NEW LAW A new section of law to be codified
	607	+	in the Oklahoma Statutes as Secti on 6702 of Title 68, unless there
	608	+	is created a duplication in numbering, reads as follows:
	609	+	A. Effective January 1, 2025, there shall be imposed a levy of
	610	+	One Dollar ($1.00) per megawatt-hour upon electricity produced by a
	611	+	renewable power business within t he state.
	612	+	B. The tax shall be due and owing not later than the fifteenth
	613	+	day of the month immediately following the month during which the
	614	+	electricity was produced.
	615	+	C. The Oklahoma Tax Commission shall prescribe a form for use
	616	+	in reporting the tax imposed pursuant to the provi sions of this act.
	617	+	D. The renewable power business shall timely file the report
	618	+	and make remittance of the tax as required by this section. Failure
	619	+	to timely file the report shall result in a fine of One Hundred
	620	+	Dollars ($100.00) per day for each day the return remains unfiled
	621	+	not to exceed a maximum of sixty (60) days.
	622	+	E. Failure to remit the tax to the Tax Commission as required
	623	+	pursuant to the provisions of this section shall result in a penalty
	624	+	equal to ten percent (10%) of the principal amount of th e monthly
	625	+	tax amount due and owing. The penalty shall become part of the
	626	+	principal amount of the tax due and owing.
	627	+	SECTION 4. NEW LAW A new section of law to be codified
	628	+	in the Oklahoma Statutes as Section 6703 of Title 68, unless there
	629	+	is created a duplication in numbering, reads as follows:
610	630
611		-	ENGR. H. B. NO. 2950 Page 13 1
	631	+	HB2950 HFLR Page 13
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636		-	Passed the House of Representatives the 13th day of March, 2024.
	657	+	A. Any renewable power business subject to the tax imposed
	658	+	pursuant to the provisions of this act shall be required to file an
	659	+	annual report with the Oklahoma Tax Commi ssion which summarizes the
	660	+	total amount of electric power produced from any and all renewable
	661	+	power facilities owned by the renewable power business within the
	662	+	state for the period of January 1 through December 31 of the year
	663	+	prior to the year in which the report is filed as req uired by this
	664	+	section. The summary shall include the amount of electric power
	665	+	produced each month by each renewable power facility device owned by
	666	+	the renewable power business in the state.
	667	+	B. The Oklahoma Tax Commission shall pres cribe a form for the
	668	+	report required by this section. The report shall be filed with the
	669	+	Oklahoma Tax Commission not later than February 15 each year
	670	+	covering the electric power produced by renewable power facilities
	671	+	owned by a renewable power business located in the state for the
	672	+	preceding calendar year.
	673	+	SECTION 5. NEW LAW A new section of law to be codified
	674	+	in the Oklahoma Statutes as Section 6704 of Title 68, unless there
	675	+	is created a duplication in numbering, reads as follows:
	676	+	The monies derived from taxes, fines, and penalties imposed
	677	+	pursuant to the provisions of this act shall be apportioned to the
	678	+	General Revenue Fund.
	679	+	SECTION 6. Section 1 of this act shall become effective January
	680	+	1, 2024.
637	681
	682	+	HB2950 HFLR Page 14
	683	+	BOLD FACE denotes Committee Amendments. 1
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638	707
	708	+	SECTION 7. Sections 2 through 5 of this act shall become
	709	+	effective November 1, 2024.
639	710
640		-
641		-	Presiding Officer of the House
642		-	of Representatives
643		-
644		-
645		-
646		-	Passed the Senate the ___ day of __________, 2024.
647		-
648		-
649		-
650		-
651		-	Presiding Officer of the Senate
	711	+	COMMITTEE REPORT BY: COMMITTEE ON RULES, dated 02/26/2024 - DO PASS,
	712	+	As Amended.