Oklahoma 2024 2024 Regular Session

Oklahoma House Bill HB3028 Amended / Bill

Filed 02/24/2024

                     
 
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HOUSE OF REPRESENTATIVES - FLOOR VERSION 
 
STATE OF OKLAHOMA 
 
2nd Session of the 59th Legislature (2024) 
 
HOUSE BILL 3028 	By: Maynard of the House 
 
   and 
 
  Bullard of the Senate 
 
 
 
 
 
AS INTRODUCED 
 
An Act relating to revenue and taxation; ame nding 68 
O.S. 2021, Section 2890, as amended by Section 1, 
Chapter 5, 1st Extraordinary Session, O.S.L. 2023 (68 
O.S. Supp. 2023, Section 2890 ), which relates to 
additional homestead exemptions; modifying definition 
of gross household income; and providing an effective 
date. 
 
 
 
 
 
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA: 
SECTION 1.     AMENDATORY     68 O.S. 2021, Section 2890, as 
amended by Section 1, Chapter 5, 1st Extraordinary Session, O.S.L. 
2023 (68 O.S. Supp. 2023, S ection 2890), is amended to read as 
follows: 
Section 2890. A.  In addition to the amount of the homestead 
exemption authorized and allowed in Section 2889 of this t itle, an 
additional exemption is hereby granted, to the extent of One 
Thousand Dollars ($1,000.00) of the assessed valuation on each   
 
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homestead of heads of households whose gross household income from 
all sources for the preceding calendar year did not exce ed Thirty 
Thousand Dollars ($30,000.00). 
B.  The term "gross household income" as used in this section 
means the gross amount of income of every type , regardless of the 
source, received by all persons occupying the same household, 
whether such income was taxable or nontaxable for federal or state 
income tax purposes, i ncluding pensions, a nnuities, federal Social 
Security, unemployment payments, public a ssistance payments, 
alimony, support money, workers' compensation, loss-of-time 
insurance payments, net capital gains and any other type of income 
received, and excluding gif ts.  The term "gross household income" 
shall not include any veterans' disability compensation payments or 
the amount of any federal stimulus or relie f payments related to the 
COVID-19 virus.  The term "head of household" as used in this 
section means a person who as owner or joint owner maintains a home 
and furnishes support for the home, furnishings, and other material 
necessities. 
C.  The application for the additional homestead exemption shall 
be made each year on or before March 15 or within thirty (30 ) days 
from and after receipt by the taxpayer of notice of valuation 
increase, whichever is later, and upon the form prescribed by the 
Oklahoma Tax Commission, which shall require the taxpayer to c ertify 
as to the amount of gross income.  Upon request of the county   
 
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assessor, the Oklahoma Tax Commission shall assist in verifying the 
correctness of the amount of the gross income. 
D.  For persons sixty-five (65) years of age or older as of 
March 15 and who have previously qualified for the additional 
homestead exemption, no annual a pplication shall be required in 
order to receive the exemptio n provided by this section; however, 
any person whose gross househ old income in any calendar year exceeds 
the amount specified in this section in order to qualify for the 
additional homestead exemption shall notify the county assessor and 
the additional exemption shall not be allowed for the applicable 
year.  Any executor or administrator of an estate within which i s 
included a homestead property exempt pursuant to the provi sions of 
this section shall notify the county assessor of the change in 
status of the homestead property if such property is not the 
homestead of a person who would be eligible for the exemption 
provided by this section. 
SECTION 2.  This act shall become effectiv e November 1, 2024. 
 
COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS AND BUDGET , dated 
02/22/2024 - DO PASS, As Coauthored.