Oklahoma 2024 Regular Session

Oklahoma House Bill HB3504 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	ENGR. H. B. NO. 3504 Page 1 1
	3	+	HB3504 HFLR Page 1
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28		-	ENGROSSED HOUSE
29		-	BILL NO. 3504 By: Sneed and Archer of the
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
	30	+
	31	+	STATE OF OKLAHOMA
	32	+
	33	+	2nd Session of the 59th Legislature (2024 )
	34	+
	35	+	COMMITTEE SUBSTITUTE
	36	+	FOR
	37	+	HOUSE BILL NO. 3504 By: Sneed and Archer of the
30	38		House
31	39
32	40		and
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34	42		Rogers of the Senate
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	47	+	COMMITTEE SUBSTITUTE
39	48
40	49		[revenue and taxation - Oklahoma Feral Hog Trapp ing
41	50		Tax Credit Act – definitions - state income tax
42	51		credit - carryover of tax credit – noncodification
43	52		– codification - effective date]
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48	57		BE IT ENACTED BY THE PE OPLE OF THE STATE OF OKLAHOMA:
49	58		SECTION 1. NEW LAW A new section of law not to be
50	59		codified in the Oklahoma Statutes reads as follows :
51	60		This act shall be known and may be cited as the "Oklahoma Feral
52	61		Hog Trapping Tax Credit Act ".
53	62		SECTION 2. NEW LAW A new section of la w to be codified
54	63		in the Oklahoma Statutes as Section 2357.701 of Title 68, unless
55	64		there is created a duplication in numbering, reads as follows:
56		-	A. As used in this section:
57		-	1. "Agricultural damage" means the negative impact caused by
58		-	the presence and act ivities of feral hogs. For the purposes of this
59		-	paragraph, agricultural damage i ncludes, but is not limited to, crop
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61		-	ENGR. H. B. NO. 3504 Page 2 1
	66	+	HB3504 HFLR Page 2
	67	+	BOLD FACE denotes Committee Amendments. 1
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	92	+	A. As used in this section:
	93	+	1. "Agricultural damage" means the negative impact caused by
	94	+	the presence and act ivities of feral hogs. For the purposes of this
	95	+	paragraph, agricultural damage i ncludes, but is not limited to, crop
86	96		destruction, pasture damage, soil e rosion, damage to infrastructure,
87	97		and disease transmission;
88	98		2. "Ecological impacts" means the negative effects feral hogs
89	99		have on natural ecosystems. For the purposes of this paragraph,
90	100		ecological impacts includes, but is not limited to , crop damage,
91	101		habitat destruction, soil and water contamination, and disruption of
92	102		native wildlife;
93	103		3. "Feral hog" means a domestic pig that has escaped or been
94	104		released into the wild and has adapted to living and bre eding in
95	105		natural or semi-natural environments, or one that is descended from
96	106		such animals;
97	107		4. "Qualified expenses" means feral hog trapping equipment.
98	108		For the purposes of this paragraph, feral hog trapping equipment
99	109		includes drop-nets, rooter gates, pane l traps, remote-controlled or
100	110		camera operated traps , portable traps, or any tool or device
101	111		specifically designed to capture or trap feral hogs; and
102	112		5. "Taxpayer" means a natural person, ge neral partnership,
103	113		limited partnership, limited liability partnership, limited
104	114		liability limited partnership, limited liability company,
105	115		corporation, trust, estate or any other lawfully recognized entity.
106		-	B. For taxable years beginning on or after January 1, 2025,
107		-	there shall be allowed as a credit against the t ax imposed pursuant
108		-	to Section 2355 of Title 68 of the Oklahoma Statutes equal to
109		-	seventy percent (70%) for the cost of qualified expenses used to
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111		-	ENGR. H. B. NO. 3504 Page 3 1
	117	+	HB3504 HFLR Page 3
	118	+	BOLD FACE denotes Committee Amendments. 1
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	143	+	B. For taxable years beginning on or after January 1, 2025,
	144	+	there shall be allowed as a credit against the t ax imposed pursuant
	145	+	to Section 2355 of Title 68 of the Oklahoma Statutes equal to one
	146	+	hundred percent (100%) for the cost of qualified expenses used to
136	147		control and manage feral hog populations, minimize agricultural
137	148		damage caused by feral hogs , or mitigate ecological impacts caused
138	149		by feral hogs.
139	150		C. The credit authorized by this section may be claimed by a
140	151		natural person or persons. In order for the credit to be claimed by
141	152		a natural person or persons, the aggregate amount of land owned by
142	153		the natural person or per sons must be twenty (20) acres or more and
143	154		a copy of the Schedule F filed with the federal income t ax return
144	155		for either the same taxable ye ar for which the credit authorized by
145	156		this section is being claimed or a copy of the Schedule F for the
146	157		most recent federal income tax year for which a federal income tax
147	158		return was filed shall be submitted with the claim for the credit.
148	159		D. The credit authorized by this sec tion may be claimed by a
149	160		lawfully recognized business entity including, but not limited to, a
150	161		general partnership, limited partnership, limited liability limited
151	162		partnership, corporation or limited liability company if the claim
152	163		for the credit is based on expenditures incurred by the business
153	164		entity as otherwise provided by this section , the entity holds title
154	165		to real property used primarily for agr icultural purposes, and the
155	166		aggregate amount of lan d owned by the business entity must be twenty
156		-	(20) acres or more. The credit authorized by this section may not
157		-	be claimed by a business entity engaged in t he business of huntin g,
158		-	trapping, or eradicating feral hogs for a fee.
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160		-	ENGR. H. B. NO. 3504 Page 4 1
	168	+	HB3504 HFLR Page 4
	169	+	BOLD FACE denotes Committee Amendments. 1
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	194	+	(20) acres or more. The credit authorized by this section may not
	195	+	be claimed by a business entity engaged in t he business of huntin g,
	196	+	trapping or eradicating feral hogs for a fee.
185	197		E. The credit authorized by this section shall not be used to
186	198		reduce the income tax liability of the taxpayer to le ss than zero
187	199		(0).
188	200		F. No taxpayer shall claim this credit otherwise authorized by
189	201		this section for an amount in excess of Fifteen Thousand Dollars
190	202		($15,000.00) with respect to all taxable years.
191	203		G. To the extent not used, the c redit authorized by this
192	204		section shall be allowed to carry over, in order, to each of the
193	205		five (5) following taxable years.
194	206		SECTION 3. This act shall become effectiv e November 1, 2024.
195		-	Passed the House of Representatives the 7th 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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	208	+	COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS AND BUDGET, dated
	209	+	02/29/2024 - DO PASS, As Amended and Coauthored.