Oklahoma 2024 Regular Session

Oklahoma House Bill HB3426 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	SENATE FLOOR VERSION - HB3426 SFLR Page 1
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	3	+	ENGR. H. B. NO. 3426 Page 1 1
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29		-	SENATE FLOOR VERSION
30		-	April 8, 2024
31		-	AS AMENDED
32		-
33	28		ENGROSSED HOUSE
34		-	BILL NO. 3426 By: Archer, Menz, Alonso-
35		-	Sandoval, and Staires of
36		-	the House
	29	+	BILL NO. 3426 By: Archer and Menz of the
	30	+	House
37	31
38	32		and
39	33
40	34		Haste of the Senate
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44	39
45	40		[ revenue and taxation - income tax credits for
46	41		qualified space transportation vehicle providers -
47	42		taxable years – definitions - effective date ]
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52		-
53	47		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
54	48		SECTION 1. AMENDATORY 68 O.S. 2021, Section 2357.42, is
55	49		amended to read as fo llows:
56	50		Section 2357.42 A. For tax years beginning after December 31,
57		-	2000, and ending before January 1, 2000 through 2009 and 2024
58		-	through 2030, there shall be allowed to an investor making an
59		-	eligible investment a credit against the tax imposed by Section 2355
60		-	or 2370 of this title or Section 624 or 628 of Title 36 of the
61		-	Oklahoma Statutes. Th e credit may be used in the payment of
62		-	estimated tax payments for the tax imposed by Section 624 or 628 of
63		-	Title 36 of the Oklahoma Statutes. The credit shall be in the
64		-	amount as set forth in su bsection G of this section.
	51	+	2000, and ending before January 1, 2009 2030, there shall be allowed
	52	+	to an investor making an eligible i nvestment a credit against the
	53	+	tax imposed by Section 2355 or 2370 of this title or Section 624 or
	54	+	628 of Title 36 of the Oklahoma Statutes. The credit may be used in
	55	+	the payment of estimated tax payments for the tax imposed by Section
	56	+	624 or 628 of Title 36 of the Oklahoma Statu tes. The credit shall
	57	+	be in the amount as set forth in subsection G of this section.
	58	+	B. The amount of the credit shall be transferable to subsequent
	59	+	transferees.
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	61	+	ENGR. H. B. NO. 3426 Page 2 1
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92		-	B. The amount of the credit shall be transferable to subsequent
93		-	transferees.
94	86		C. As used in this section:
95	87		1. "Eligible investment" means an investment made during a
96	88		period not earlier than January 1, 2001, and not later than December
97		-	31, 2003, and for the period not earlier than January 1, 2024, and
98		-	not later than December 31, 2029, in a qualified space
99		-	transportation vehicle provider that:
	89	+	31, 2003 2029, in a qualified space transportation vehicle provider
	90	+	that:
100	91		a. is headquartered in this state or is ultimately
101	92		controlled by an entity headquartered in this state,
102	93		or
103	94		b. has been certified by the Oklahoma Tax Commission as
104	95		meeting the following minimum qualifications:
105	96		(1) is included within the definition of "basic
106	97		industry" as set forth in division (1) of
107	98		subparagraph a of paragraph 1 of subsection A of
108	99		Section 3603 of this title and has been
109	100		preapproved by the Oklahoma Department o f
110	101		Commerce to receive incentive payments pursuant
111	102		to the Oklahoma Quality Jobs Program Act or the
112	103		Former Military Facility Development Act. The
113	104		Department shall establish a p rocess for
114	105		preapproval of applicants for the Oklahoma
115	106		Quality Jobs Program Act or the Former Military
	107	+	Facility Development Act for purposes of this
	108	+	division. The qualified space transpo rtation
	109	+	vehicle provider shall agree to submit such
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117		-	SENATE FLOOR VERSION - HB3426 SFLR Page 3
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	111	+	ENGR. H. B. NO. 3426 Page 3 1
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143		-	Facility Development Act for purposes of this
144		-	division. The qualified space transportation
145		-	vehicle provider shall agree to submit such
146	136		information as may be required under this section
147	137		and the Oklahoma Quality Jobs Program Act or the
148	138		Former Military Facility Development Act to allow
149	139		the Tax Commission to determine the amount of th e
150	140		tax credit allowed pursuant to the provisions of
151	141		this section and the amoun t of incentive payments
152	142		allowed pursuant to the Oklahoma Quality Jobs
153	143		Program Act or the Former Military Facility
154	144		Development Act for purposes of subsection K of
155	145		this section,
156	146		(2) has equity capitalization of not less than Ten
157	147		Million Dollars ($10,000,000. 00) Twenty Million
158	148		Dollars ($20,000,000.00), and
159	149		(3) has received a commitment by a local governmental
160	150		entity, whether by contract, letter agreement,
161	151		terms sheet, resolution, ordi nance or indenture,
162	152		to provide funds, personal property or real
163	153		property in the aggregate amount of Fifteen
164	154		Million Dollars ($15,000,000.00) One Million
165	155		Dollars ($1,000,000.00) or more which will be
166	156		utilized by one or more qualified space
	157	+	transportation vehicle p roviders. For purposes
	158	+	of this division, such property may include
	159	+	personal or real property owned by a local
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194		-	transportation vehicle providers. For purposes
195		-	of this division, such property may include
196		-	personal or real property owned by a local
197	186		governmental entity which has been lease d to a
198	187		state authority pursuant to a long -term lease or
199	188		personal or real property which a local
200	189		governmental entity has transferred to a state
201	190		authority. If such property has been so
202	191		transferred, the commitment required by this
203	192		division may be satisfied i f the state authority
204	193		agrees in writing to make the property so
205	194		transferred available for use by one or m ore
206	195		qualified space transportation vehicle providers ;
207	196		2. "Qualified space transportation vehicle provider " means any
208	197		commercial provider organized und er the laws of this state as a
209	198		corporation or a limited liability company and engaged in designing ,
210	199		developing, producing, or operating commercial space transportation
211	200		vehicles in this state;
212	201		3. "Space transportation vehicle " includes all types of
213	202		vehicles or orbital or suborbital spacecraft, whether now in
214	203		existence, developed in the future, or currently un der design,
215	204		development, construction, reconstruction, or reconditioni ng,
216	205		constructed in this state and owned by a qualified space
217	206		transportation vehic le provider, for the purpose of operating in, or
	207	+	transporting a payload to, from, or within, outer space, or in
	208	+	suborbital trajectory, and includes any component of such vehic le or
	209	+	spacecraft not specifically designed or adapted for a payload ; and
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245		-	transporting a payload to, from, or within, outer space, or in
246		-	suborbital trajectory, and includes any component of such ve hicle or
247		-	spacecraft not specifically designed or adapted for a payload; and
248	236		4. "Subsequently refunded or returned", when used in reference
249	237		to an eligible investment, means an actual redemp tion by the
250	238		qualified space transportation vehicle provider of the sec urities or
251	239		other indicia of ownership in the qualified space transportation
252	240		vehicle provider received by the investor from the investor 's
253	241		investment. The failure to allow the tax credits or the recapture
254	242		of the tax credits shall not affect the validity of the tax credits
255	243		in the hands of a transferee of the initial investor or subseque nt
256	244		transferees. Provided, an investor to whom an eligible investment,
257	245		or portion thereof, is subsequentl y refunded or returned shall
258	246		reimburse the Tax Commission the amount o f any credits claimed by a
259	247		transferee with respect to any such amount .
260	248		D. The tax credit provided for in this section shall not be
261	249		allowed or, if already claimed, shall be subjec t to recapture as to
262	250		the initial investor or investors with respect to any am ount of an
263	251		eligible investment made which is subsequently refunded or returned
264	252		to such investor. Further, a tax credit shall not be allowed to an
265	253		investor making an eligible investment in a qualified space
266	254		transportation vehicle provider or shall be subje ct to recapture as
267	255		to the initial investor or investors if previously allowed if the
268	256		qualified space transportation vehicle provider in which the
	257	+	investment was made fails to make use of such funds or property
	258	+	within three (3) years of the date the tax cre dit was allowed. Any
	259	+	recapture under this subsection shall only apply as to that part of
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296		-	investment was made fails to make use of such funds or property
297		-	within three (3) years of the date the tax credit was allowed. Any
298		-	recapture under this subsection shall only apply as to that part of
299	286		the tax credit as is associated with the amount of the investment
300	287		which is subsequently refunded or returned or which is not utilized.
301	288		E. The Tax Commission shall:
302	289		1. Certify, upon request of an authorized agent or
303	290		representative of a qualified space transportation vehicle provider,
304	291		that the qualified space transportation vehicle provider fo r which
305	292		the certification is sought meets the qualifications prescribed by
306	293		subparagraph b of paragraph 1 of subsection C of this section. The
307	294		certification shall be in writing and signed by an authorized
308	295		representative of the Tax Commission and, for purposes of
309	296		determining qualifications of a qualified space transportation
310	297		vehicle provider in which an investment may be eligible for the
311	298		credit authorized by thi s section, shall be binding upon the Tax
312	299		Commission; and
313	300		2. Issue a certificate to an investor th at provides adequate
314	301		documentation of qualification for the credit authorized by this
315	302		section even if the credit may not be claimed until after the date
316	303		upon which the certificate is requested. Upon issuance, the
317	304		certificate shall be evidence that an investor or a transferee of
318	305		the original tax credit claimant submitting the certi ficate, or a
319	306		certified copy thereof, with the relevant tax return or other form,
	307	+	has the legal right to exercise the credit in order to reduce the
	308	+	relevant tax liability for the p eriod authorized by this section.
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347		-	has the legal right to exercise the credit in order to reduce the
348		-	relevant tax liability for the period authorized by this section.
349	335		F. The maximum amount of all eligible inve stments for which tax
350	336		credits may be claimed under this section shall be Thirty M illion
351	337		Dollars ($30,000,000.00). If more than one qualified space
352	338		transportation vehicle provider has be en certified by the Tax
353	339		Commission pursuant to the provisions of subse ction E of this
354	340		section, the investors in the first such approved qualified space
355	341		transportation vehicle provider shall be entitled to a credit based
356	342		on their investment of the le sser of their eligible investment or
357	343		Thirty Million Dollars ($30,000,000.00). The investors in the
358	344		second such approved qualified space transportation vehicl e provider
359	345		shall then be entitled to a credit based on their investment of the
360	346		lesser of their eligible i nvestment or the difference between the
361	347		total eligible investments in previously approved qualified space
362	348		transportation vehicle providers and Thirty M illion Dollars
363	349		($30,000,000.00). This same procedure will apply for all
364	350		subsequently approved qua lified space transportation vehicle
365	351		providers. If the amount of eligible inv estments exceeds the amount
366	352		upon which the tax credit may be claimed as provided herein,
367	353		investors shall be allowed a share of the amount of the available
368	354		tax credit in order of the date s of receipt of certification
369	355		therefor by the Tax Commission pursuant to the provisions of
370	356		paragraph 1 of subsection E of this section.
	357	+	G. The amount of the tax credit allowed pursuant to the
	358	+	provisions of subsection A of this section shall be deem ed fully
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398		-	G. The amount of the tax credit allowed pursuant to the
399		-	provisions of subsection A of this section shall be deemed fully
400	385		earned as of the date of the investment and shall be fully
401	386		redeemable as follows:
402	387		Period for Which
403	388		Tax Liability Determined Credit Allowed
404	389		Tax year subsequent to year of
405	390		eligible investment 10.6% of eligible
406	391		investment
407	392		Second tax year subsequent to y ear
408	393		of eligible investment 11.236% of eligible
409	394		investment
410	395		Third tax year subsequent to year
411	396		of eligible investment 11.910% of eligible
412	397		investment
413	398		Fourth tax year subsequent to year
414	399		of eligible investment 12.624% of eligible
415	400		investment
416	401		Fifth tax year subsequent to year
417	402		of eligible investment 13.381% of eligible
418	403		investment
419	404		H. The amount of a tax credit allowed pursuant to the
420	405		provisions of this se ction not used in payment of taxes due in the
421	406		year in which such credit is allowed pursuant to subsection G of
	407	+	this section may be used as a credit against subsequent tax
	408	+	liability of the investor or a subsequent transferee for a period
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449		-	this section may be used as a credit against subsequent tax
450		-	liability of the investor or a subsequent transferee for a per iod
451	435		not to exceed three (3) years from the year in which such credit is
452	436		originally allowed.
453	437		I. The Tax Commission shall develop and issue appropriate forms
454	438		and instructions to enable investors to c laim the tax credit
455	439		provided for in this section.
456	440		J. A qualified space transport ation vehicle provider in which
457	441		an eligible investment qualifies for a credit authorized by this
458	442		section shall maintain a record of investment made in the qualified
459	443		space transportation vehicle provider for the period beginning
460	444		January 1, 2001, and ending December 31, 2003 2029. The qualified
461	445		space transportation vehicle provider shall notify the Tax
462		-	Commission not later than January 31, 2004, one month after the end
463		-	of the year in which the investment is made of the total investment
	446	+	Commission not later than January 31, 2004, of the total investment
464	447		amount for such period. Any such qualified space transportation
465	448		vehicle provider which re funds or returns any amount of an eligible
466	449		investment to the investor shall notify the Tax Commission in
467	450		writing of the amount and recipient of such refunds or returns. The
468	451		Tax Commission shall compute the maximum amount of credits available
469	452		pursuant to this section based upon notification of the investment
470	453		amount transmitted to the Tax Commission by the qualified space
471	454		transportation vehicle provider.
	455	+	K. A qualified space tr ansportation vehicle provider in which
	456	+	eligible investments qualify for the tax c redit authorized by this
	457	+	section shall not receive incentive payments pursuant to the
	458	+	Oklahoma Quality Jobs Program Act or the Former Military Facility
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499		-	K. A qualified space transportation vehicle provider in which
500		-	eligible investments qualify for the tax credit authorized by this
501		-	section shall not receive incentive payments pursuant to the
502		-	Oklahoma Quality Jobs Program Act or the Former Military Facility
503	485		Development Act until t he total of such incentive payments the
504	486		qualified space transportation vehicle pr ovider would otherwise
505	487		receive exceeds the total amount of the credit authorized by this
506	488		section as computed by the Tax Commission pursuant to subsection J
507	489		of this section. The amount of incentive payments for any year
508	490		which would otherwise be paid to the qualified space transportation
509	491		vehicle provider shall be distributed as follows:
510	492		1. If the amount of su ch incentive payments equals or exceeds
511	493		the amount of the tax credit f or the year, the amount of such
512	494		payments which is equal to the amount of the tax credit shall be
513	495		apportioned as if collected from the tax imposed by Section 2355 or
514	496		2370 of this title or Section 624 or 628 of Title 36 of the Oklahoma
515	497		Statutes according to the tax against which the credit was claimed.
516	498		The amount of such payments which is in excess of the amount of the
517	499		tax credit shall be retained by the Tax Commission to be paid as
518	500		provided for in this paragraph for subsequent years for which the
519	501		tax credit is allowed to the qualified space transportation vehicle
520	502		provider;
521	503		2. If the amount of such incentive payments and any amount
522	504		retained by the Tax Commission pursuant to the prov isions of
	505	+	paragraph 1 of this subsection is less than the amount of the tax
	506	+	credit for the year, notwithstanding the provisions of Section 1727
	507	+	of Title 69 of the Oklahoma Statutes, the Tax C ommission shall
	508	+	withhold a portion of the taxes levied and collected pur suant to the
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550		-	paragraph 1 of this subsection is less than the amount of the tax
551		-	credit for the year, notwithstanding the provisions of Section 1727
552		-	of Title 69 of the Oklahoma Statutes, the Tax Commission shall
553		-	withhold a portion of the taxes levied and collected pu rsuant to the
554	535		provisions of paragraph 1 of subsection A of Section 500. 4 of this
555	536		title which would otherwise be paid to the Department of
556	537		Transportation by the Oklahoma Transportation Authority pursuant to
557	538		the provisions of paragraph (2) of subsectio n (d) of Section 1730 of
558	539		Title 69 of the Oklahoma Statutes equal to the amoun t of the
559	540		deficit.
560	541		The Tax Commission shall apportion all funds collected pursuant
561	542		to the provisions of this paragr aph as if collected from the tax
562	543		imposed by Section 2355 or 2370 of this title or Section 624 or 628
563	544		of Title 36 of the Oklahoma Statutes acco rding to the tax against
564	545		which the credit was claimed; and
565	546		3. If any amount is w ithheld by or paid to the Tax Commission
566	547		pursuant to the provisions of paragraph 2 of this subsect ion, the
567	548		amount of incentive payments to be subsequently paid to the
568	549		qualified space transportation vehicle provider shall be apportioned
569	550		by the Tax Commissio n to the Department of Transporta tion until such
570	551		time as all amounts paid pursuant to the provisions of p aragraph 2
571	552		of this subsection are repaid.
572	553		L. A qualified space transp ortation vehicle provider in which
573	554		investments qualify for the credit allowed by this section shall not
	555	+	be entitled to payment of any incentive payments accrued prior to
	556	+	January 1, 2001, under the Oklahoma Quality Jobs Program Act or the
	557	+	Former Military Facility Development Act.
574	558
575		-	SENATE FLOOR VERSION - HB3426 SFLR Page 12
576		-	(Bold face denotes Committee Amendments) 1
	559	+	ENGR. H. B. NO. 3426 Page 12 1
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600	583
601		-	be entitled to payment of any incentive payments accrued prior to
602		-	January 1, 2001, under the Oklahoma Quality Jobs Program Act or the
603		-	Former Military Facility Development Act.
604	584		M. Notwithstanding the provisions of this section, a qua lified
605	585		space transportation vehic le provider may, prior to the issuance of
606	586		a tax credit with respect to t he qualified space transportation
607	587		vehicle provider pursuant to the pro visions of this section, elect
608	588		to receive incentive payments pursuant to the prov isions of the
609	589		Oklahoma Quality Jobs Program Act or the Former Military Facility
610	590		Development Act in lieu of allowing the tax credit provided for
611	591		herein, in which case it shall so notify the Tax Commission in
612	592		writing and the provisions of this section shall not be applicable.
613	593		N. Except as provided by subsection M of this section, no
614	594		qualified space transportat ion vehicle provider which would
615	595		otherwise qualify for incentive payme nts pursuant to the provisions
616	596		of the Oklahoma Quality Jobs Program Act or the Fo rmer Military
617	597		Facility Development Act may receive such incentive payments prior
618	598		to January 1, 2003.
619	599		O. No qualified space transportation vehicle provider which has
620	600		made application to the Oklahoma Department of Commerce or which has
621	601		executed any agreemen t with the Oklahoma Department of Commerce with
622	602		respect to the receipt of incentive payments pursuant to the
623	603		provisions of the Oklahoma Quality Jobs Program Act or the Former
624	604		Military Facility Development Act or which has received any
	605	+	incentive payment pur suant to the Oklahoma Quality Jobs Program Act
	606	+	or the Former Military Facility Development Act pri or to May 24,
625	607
626		-	SENATE FLOOR VERSION - HB3426 SFLR Page 13
627		-	(Bold face denotes Committee Amendments) 1
	608	+	ENGR. H. B. NO. 3426 Page 13 1
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651	632
652		-	incentive payment pursuant to the Oklahoma Quality Jobs Program Act
653		-	or the Former Military Facility Development Act prior to May 24,
654	633		2001, may be certified for purposes of determining eligibility for
655	634		the credit authorized by this section.
656	635		SECTION 2. This act shall become effective November 1, 2024.
657		-	COMMITTEE REPORT BY: COMMITTEE ON FINANCE
658		-	April 8, 2024 - DO PASS AS AMENDED
	636	+	Passed the House of Representatives the 6th day of March, 2024.
	637	+
	638	+
	639	+
	640	+
	641	+	Presiding Officer of the House
	642	+
	643	+	of Representatives
	644	+
	645	+
	646	+	Passed the Senate the ___ day of __________, 2024.
	647	+
	648	+
	649	+
	650	+
	651	+	Presiding Officer of the Senate
	652	+
	653	+