Oklahoma 2024 Regular Session

Oklahoma House Bill HB3197 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	ENGR. H. B. NO. 3197 Page 1 1
	3	+	HB3197 HFLR Page 1
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28		-	ENGROSSED HOUSE
29		-	BILL NO. 3197 By: Hilbert, Newton, and
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
	30	+
	31	+	STATE OF OKLAHOMA
	32	+
	33	+	2nd Session of the 59th L egislature (2024)
	34	+
	35	+	COMMITTEE SUBSTITUTE
	36	+	FOR
	37	+	HOUSE BILL NO. 3197 By: Hilbert, Newton, and
30	38		McDugle of the House
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32	40		and
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34	42		Jech of the Senate
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	46	+
	47	+	COMMITTEE SUBSTITUTE
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39	49		[ revenue and taxation - Vision Care and Researc h Tax
40	50		Credit Act of 2024 - income tax credit for donation
41	51		to vision institute - credit amount limitation -
42	52		tax credit prohibited – carryover - cap amount -
43	53		cap amount procedures – noncodification –
44	54		codification - effective date ]
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48	59		BE IT ENACTED BY THE PEO PLE OF THE STATE OF OKLAHOMA:
49	60		SECTION 1. NEW LAW A new section of law not to be
50	61		codified in the Oklahoma Statutes reads as foll ows:
51	62		This act shall be known and may be cited as the "Vision Care and
52	63		Research Tax Credit Act of 2024".
53		-	SECTION 2. NEW LAW A new section of law to be codified
54		-	in the Oklahoma Statutes as Section 2357.45.1 of Title 68, unless
55		-	there is created a duplication in numbering, r eads as follows:
56		-	A. As used in this section, "vision institute" means an
57		-	organization which is exempt from taxation pursuant to the Internal
58		-	Revenue Code of 1986, as amended, with a focus on raising the
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60		-	ENGR. H. B. NO. 3197 Page 2 1
	65	+	HB3197 HFLR Page 2
	66	+	BOLD FACE denotes Committee Amendments. 1
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	91	+	SECTION 2. NEW LAW A new section of law to be codified
	92	+	in the Oklahoma Statutes as Section 2357.45.1 of Title 68, unless
	93	+	there is created a duplication in numbering, r eads as follows:
	94	+	A. As used in this section, "vision institute" means an
	95	+	organization which is exempt from taxation pursuant to the Internal
	96	+	Revenue Code of 1986, as amended, with a focus on raising the
85	97		standard of clinical and surgical vision care in Oklahoma through
86	98		patient care at or above national standards and peer -reviewed vision
87	99		research or a not-for-profit supporting or ganization, as that term
88	100		is defined by the Internal Revenue Code, affiliated with a tax -
89	101		exempt organization with a focus on raising the standard of clinical
90	102		and surgical vision care in Oklahoma through patient care at or
91	103		above national standards and peer -reviewed vision research. The
92	104		tax-exempt organization with a focus on raising the sta ndard of
93	105		clinical and surgical vision care in Oklahoma through patient care
94	106		at or above national standa rds and peer-reviewed vision research
95	107		shall:
96	108		1. Be an independent vision institute;
97	109		2. Have a board of directo rs;
98	110		3. Be able to accept donations in its own n ame or the name of
99	111		its supporting organization;
100	112		4. Be an identifiable institute that has its ow n employees and
101	113		administrative staff ;
102	114		5. Be involved in direct pati ent care; and
103		-	6. Be involved in the conduct of research funded by the
104		-	National Institutes of Health at a minimum lev el of Two Million
105		-	Dollars ($2,000,000.00) per year averaged over five (5) years.
106		-	B. For taxable years beginning on or after January 1, 202 5,
107		-	there shall be allowed as a credit against the tax imposed pursuant
108		-	to Section 2355 of Title 68 of the Oklahoma Statutes a credit for
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110		-	ENGR. H. B. NO. 3197 Page 3 1
	116	+	HB3197 HFLR Page 3
	117	+	BOLD FACE denotes Committee Amendments. 1
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	142	+	6. Be involved in the conduct of research funded by the
	143	+	National Institutes of Health at a minimum lev el of Two Million
	144	+	Dollars ($2,000,000.00) per year averaged over five (5) years.
	145	+	B. For taxable years beginning on or after January 1, 202 5,
	146	+	there shall be allowed as a credit against the tax imposed pursuant
	147	+	to Section 2355 of Title 68 of the Oklahoma Statutes a credit for
135	148		any taxpayer who makes a donation to a vision institute. The credit
136	149		otherwise authorized by this s ection shall not exceed One Thousand
137	150		Dollars ($1,000.00) for a s ingle individual, Two Thousand Dolla rs
138	151		($2,000.00) for married individuals filing joi ntly, or Fifty
139	152		Thousand Dollars ($50,000.00) for any taxpayer that is a legal
140	153		business entity including limited and gener al partnerships,
141	154		corporations, subchapter S corpor ations, and limited liability
142	155		companies. The dollar amounts for limiting the tax credits as
143	156		described by this subsection shall be app licable to each type of
144	157		taxpayer for each one of such tax credits and sh all not be a
145	158		limitation on the aggregate total of all such credits that may be
146	159		claimed for any single tax year.
147	160		C. The tax credit authorized by this section shall not be used
148	161		to reduce the tax liability of the taxpayer to less than zero (0).
149	162		D. To the extent not used, the tax credit authorized by this
150	163		section may be carried over, in o rder, to each of the five (5)
151	164		subsequent taxable years.
152		-	E. For tax years beginning on or after January 1, 20 25, the
153		-	total amount of credits authorized by this section used t o offset
154		-	tax shall be adjusted annually to limit the annual amount of credits
155		-	to Two Million Dollars ($2,000,000.00). The Tax Commission shall
156		-	annually calculate and publish a percentage by which the credits
157		-	authorized by this section shall be reduced so the total amount of
158		-	credits used to offset tax does not exceed Two Million Dollars
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160		-	ENGR. H. B. NO. 3197 Page 4 1
	166	+	HB3197 HFLR Page 4
	167	+	BOLD FACE denotes Committee Amendments. 1
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	192	+	E. For tax years beginning on or after January 1, 20 25, the
	193	+	total amount of credits authorized by this section used t o offset
	194	+	tax shall be adjusted annually to limit t he annual amount of credits
	195	+	to Two Million Dollars ($2,000,000.00). The Tax Commission shall
	196	+	annually calculate and publish a percentage by which the credits
	197	+	authorized by this section shall be reduced so the total amount of
	198	+	credits used to offset tax doe s not exceed Two Million Dollars
185	199		($2,000,000.00) per year. The formula to be used for t he percentage
186	200		adjustment shall be Two Million Dollars ($2,000,000.00) divided by
187	201		the credits used to offset tax in the second preceding year.
188	202		F. Pursuant to subsection E of this section, in the event the
189	203		total tax credits authorized by this section excee d Two Million
190	204		Dollars ($2,000,000.00) in any calendar year, the Tax Commission
191	205		shall permit any excess over Tw o Million Dollars ($2,000,000.00) but
192	206		shall factor such exc ess into the percentage adjustment formula for
193	207		subsequent years.
194	208		SECTION 3. This act shall become effective January 1, 2025.
195		-	Passed the House of Representatives the 6th day of March, 2024.
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200		-	Presiding Officer of the House
201		-	of Representatives
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205		-	Passed the Senate the ___ day of __________, 2024.
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210		-	Presiding Officer of the Senate
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	210	+	COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS AND BUDGET , dated
	211	+	02/29/2024 - DO PASS, As Amended and Coauthored.