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STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
HOUSE BILL 2881 By: Chapman
AS INTRODUCED
An Act relating to revenue and taxation; authorizing
deduction from Oklahoma taxable income for certain
amounts distributed by the Oklah oma Broadband Office
pursuant to the provisions of the American Rescue
Plan Act of 2021, P.L. 117 -2, and the Broadband
Equity, Access, and Deployment (BEAD) Program as
authorized through the Infrastructure Investment and
Jobs Act (IIJA), P.L. 117 -58; providing for
allocability of deduction; providing conditions with
respect to expenditure of funds; providing for
codification; and providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 2358.121 of Title 68, unless
there is created a duplication in numbering, reads as follows:
A. For taxable years beginning on or after January 1, 202 5,
there shall be allowed as a deduction from Oklahoma taxable income
for any amount distributed to any lawfully recognized business
entity by the Office of Management and Enterprise Services as
approved by the Oklahoma Broadband Office pursuant to the provisions
of the American Rescue Plan Act of 2021, P.L. 117 -2, including but
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not limited to funds distributed under the State and Local Fiscal
Recovery Funds Program and the Capital Projects Fund Program
incident to and authorized pursuant to the American Re scue Plan Act
of 2021, P.L. 117-2, and any funds distributed from the Broadband
Equity, Access, and Dep loyment (BEAD) Program as authorized through
the Infrastructure Investment and Jobs Act (IIJA), P.L. 117 -58.
B. The deduction authorized by this section shall be allocable
to the equity owners of any lawfully recognized business entity
having pass through income tax treatment pursuant to the provisions
of the Internal Revenue Code of 1986, as amended, and pursuant to
the provisions of Section 2358 of Title 68 of the Oklahoma Stat utes
and other provisions of the Oklahoma Income Tax Code.
C. An entity receiving any funds as described by this section
shall be required to spend such funds on broadband equipment or for
such other purpose related to broadband services as required or
authorized pursuant to the American Rescue Plan Act of 2021, P.L.
117-2.
SECTION 2. This act shall become effective January 1, 2025.
60-1-12231 MAH 01/16/25