OK
Oklahoma Senate Bill SB815

Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB815

Introduced
2/6/23  

Caption

Income tax credit; requiring the Oklahoma Tax Commission to verify if certain credit has been claimed for motor vehicle. Effective date.

Impact

The bill is structured to impact state law by establishing parameters for tax credits incentivizing the use of alternative fuel sources. It sets a maximum credit amount based on the weight of the vehicle, with defined limits on the total credits available annually. These changes are intended to encourage the adoption of cleaner vehicle technologies, which aligns with broader state and national goals of reducing emissions and promoting environmentally friendly practices. The implementation of a verification process by the Tax Commission ensures regulatory oversight and transparency in the credit claiming process.

Summary

Senate Bill 815 aims to amend existing provisions concerning income tax credits for investments in qualified clean-burning motor vehicle fuel properties in Oklahoma. Specifically, it allows for a one-time credit against the income tax imposed for investments in properties that enable vehicles to be powered by cleaner fuels like compressed natural gas (CNG), liquefied natural gas (LNG), and hydrogen fuel cell systems. The amendments include specifics about the eligibility criteria for the credit and provide oversight responsibilities to the Oklahoma Tax Commission to verify if such credits have been claimed.

Contention

Notable points of contention surrounding SB815 may revolve around the adequacy of the tax credits in stimulating meaningful adoption of clean-burning fuel technologies. Critics may argue whether the financial incentives are sufficient to offset the initial investment costs for consumers and businesses. Additionally, there could be discussions about the long-term implications for state revenue as these tax credits are utilized, especially if the uptake of these technologies exceeds projected limits. The balance between fostering innovation in clean energy and ensuring fiscal responsibility will likely be a focal point of debate.

Companion Bills

OK SB815

Carry Over Income tax credit; requiring the Oklahoma Tax Commission to verify if certain credit has been claimed for motor vehicle. Effective date.

Previously Filed As

OK SB815

Income tax credit; requiring the Oklahoma Tax Commission to verify if certain credit has been claimed for motor vehicle. Effective date.

OK SB589

Income tax credit; modifying credit for clean-burning motor vehicle fuel property for certain tax years. Effective date.

OK SB586

Income tax credit; providing credit for investments in qualified clean-burning motor vehicle fuel property; requiring registration of vehicle in this state to qualify for credit. Effective date.

OK SB605

Income tax credit; modifying required calculation by Tax Commission. Effective date. Emergency.

OK HB2542

Revenue and taxation; income tax credit; qualified clean burning fuels; effective date; emergency.

OK SB983

Sales and use tax; modifying exemption for purchase of motor vehicle. Effective date. Emergency.

OK HB1934

Students; creating the Oklahoma Parental Choice Tax Credit Act; creating income tax credit for certain taxpayers.

OK SB643

Oklahoma New Motor Vehicle Commission; updating references. Effective date.

OK SB388

Oklahoma Tax Commission; requiring certain report for certain compliant taxpayer. Effective date.

OK SB984

Sales and use tax; modifying basis for calculation of gross receipts for sales tax and purchase price calculation for use tax on motor vehicles. Effective date.

Similar Bills

OK HB3051

Revenue and taxation; clean-burning motor vehicles; tax credits; fiscal year caps; effective date.

OK SB1857

Income tax credit; extending credit for qualified clean-burning vehicles; providing credit for hydrogen fuel cells. Effective date.

OK SB605

Income tax credit; modifying required calculation by Tax Commission. Effective date. Emergency.

OK SB605

Income tax credit; modifying required calculation by Tax Commission. Effective date. Emergency.

OK HB2542

Revenue and taxation; income tax credit; qualified clean burning fuels; effective date; emergency.

OK HB2542

Revenue and taxation; income tax credit; qualified clean burning fuels; effective date; emergency.

OK SB586

Income tax credit; providing credit for investments in qualified clean-burning motor vehicle fuel property; requiring registration of vehicle in this state to qualify for credit. Effective date.

OK SB586

Income tax credit; providing credit for investments in qualified clean-burning motor vehicle fuel property; requiring registration of vehicle in this state to qualify for credit. Effective date.