Oklahoma 2025 Regular Session

Oklahoma House Bill HB2881 Compare Versions

Only one version of the bill is available at this time.

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28	28	STATE OF OKLAHOMA
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30	30	1st Session of the 60th Legislature (2025)
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32	32	HOUSE BILL 2881 By: Chapman
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38	38	AS INTRODUCED
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40	40	An Act relating to revenue and taxation; authorizing
41	41	deduction from Oklahoma taxable income for certain
42	42	amounts distributed by the Oklah oma Broadband Office
43	43	pursuant to the provisions of the American Rescue
44	44	Plan Act of 2021, P.L. 117 -2, and the Broadband
45	45	Equity, Access, and Deployment (BEAD) Program as
46	46	authorized through the Infrastructure Investment and
47	47	Jobs Act (IIJA), P.L. 117 -58; providing for
48	48	allocability of deduction; providing conditions with
49	49	respect to expenditure of funds; providing for
50	50	codification; and providing an effective date.
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56	56	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
57	57	SECTION 1. NEW LAW A new section of law to be codified
58	58	in the Oklahoma Statutes as Section 2358.121 of Title 68, unless
59	59	there is created a duplication in numbering, reads as follows:
60	60	A. For taxable years beginning on or after January 1, 202 5,
61	61	there shall be allowed as a deduction from Oklahoma taxable income
62	62	for any amount distributed to any lawfully recognized business
63	63	entity by the Office of Management and Enterprise Services as
64	64	approved by the Oklahoma Broadband Office pursuant to the provisions
65	65	of the American Rescue Plan Act of 2021, P.L. 117 -2, including but
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92	92	not limited to funds distributed under the State and Local Fiscal
93	93	Recovery Funds Program and the Capital Projects Fund Program
94	94	incident to and authorized pursuant to the American Re scue Plan Act
95	95	of 2021, P.L. 117-2, and any funds distributed from the Broadband
96	96	Equity, Access, and Dep loyment (BEAD) Program as authorized through
97	97	the Infrastructure Investment and Jobs Act (IIJA), P.L. 117 -58.
98	98	B. The deduction authorized by this section shall be allocable
99	99	to the equity owners of any lawfully recognized business entity
100	100	having pass through income tax treatment pursuant to the provisions
101	101	of the Internal Revenue Code of 1986, as amended, and pursuant to
102	102	the provisions of Section 2358 of Title 68 of the Oklahoma Stat utes
103	103	and other provisions of the Oklahoma Income Tax Code.
104	104	C. An entity receiving any funds as described by this section
105	105	shall be required to spend such funds on broadband equipment or for
106	106	such other purpose related to broadband services as required or
107	107	authorized pursuant to the American Rescue Plan Act of 2021, P.L.
108	108	117-2.
109	109	SECTION 2. This act shall become effective January 1, 2025.
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111	111	60-1-12231 MAH 01/16/25