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ENGROSSED HOUSE
BILL NO. 3504 By: Sneed and Archer of the
House
and
Rogers of the Senate
[revenue and taxation - Oklahoma Feral Hog Trapp ing
Tax Credit Act – definitions - state income tax
credit - carryover of tax credit – noncodification
– codification - effective date]
BE IT ENACTED BY THE PE OPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law not to be
codified in the Oklahoma Statutes reads as follows :
This act shall be known and may be cited as the "Oklahoma Feral
Hog Trapping Tax Credit Act ".
SECTION 2. NEW LAW A new section of la w to be codified
in the Oklahoma Statutes as Section 2357.701 of Title 68, unless
there is created a duplication in numbering, reads as follo ws:
A. As used in this section:
1. "Agricultural damage" means the negative impact caused by
the presence and act ivities of feral hogs. For the purposes of this
paragraph, agricultural damage i ncludes, but is not limited to, crop
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destruction, pasture da mage, soil erosion, damage to infrastructure,
and disease transmission;
2. "Ecological impacts" means the negative effects feral hogs
have on natural ecosystems. For the purposes of this paragraph,
ecological impacts includes, but is not limited to , crop damage,
habitat destruction, soil and water contamination, and disruption of
native wildlife;
3. "Feral hog" means a domestic pig that has escaped or been
released into the wild and has adapted to living and bre eding in
natural or semi-natural environments, or one that is descended from
such animals;
4. "Qualified expenses" means feral hog trapping equipment.
For the purposes of this paragraph, feral hog trapping equipment
includes drop-nets, rooter gates, pane l traps, remote-controlled or
camera operated traps, portable traps, or any tool or device
specifically designed to capture or trap feral hogs; and
5. "Taxpayer" means a natural person, ge neral partnership,
limited partnership, limited liability partnership, limited
liability limited partnership, limited liability company,
corporation, trust, estate or any other lawfully recognized entity.
B. For taxable years beginning on or after January 1, 2025,
there shall be allowed as a credit against the t ax imposed pursuant
to Section 2355 of Title 68 of the Oklahoma Statutes equal to
seventy percent (70%) for the cost of qualified expenses used to
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control and manage feral hog populations, minimize agricultural
damage caused by feral hogs , or mitigate ecological impacts caused
by feral hogs.
C. The credit authorized by this section may be claimed by a
natural person or persons. In order for the credit to be claimed by
a natural person or persons, the aggregate amount of land owned by
the natural person or per sons must be twenty (20) acres or more and
a copy of the Schedule F filed with the federal income t ax return
for either the same taxable ye ar for which the credit authorized by
this section is being claimed or a copy of the Schedule F for the
most recent federal income tax year for which a federal income tax
return was filed shall be submitted with the claim for the credit.
D. The credit authorized by this sec tion may be claimed by a
lawfully recognized business entity including, but not limited to, a
general partnership, limited partnership, limited liability limited
partnership, corporation or limited liability company if the claim
for the credit is based on expenditures incurred by the business
entity as otherwise provided by this section , the entity holds title
to real property used primarily for agr icultural purposes, and the
aggregate amount of lan d owned by the business entity must be twenty
(20) acres or more. The credit authorized by this section may not
be claimed by a business entity engaged in t he business of huntin g,
trapping, or eradicating feral hogs for a fee.
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E. The credit authorized by this section shall not be used to
reduce the income tax liability of the taxpayer to le ss than zero
(0).
F. No taxpayer shall claim this credit otherwise authorized by
this section for an amount in exces s of Fifteen Thousand Dollars
($15,000.00) with respect to all taxable years.
G. To the extent not used, the c redit authorized by this
section shall be allowed to carry over, in order, to each of the
five (5) following taxable years.
SECTION 3. This act shall become effectiv e November 1, 2024.
Passed the House of Representatives the 7th day of March, 2024.
Presiding Officer of the House
of Representatives
Passed the Senate the ___ day of __________, 2024.
Presiding Officer of the Senate