As used in this section and Section 2357.2 of this title, "solar energy system" means a system primarily designed to provide heating or cooling, electrical or mechanical power, or any combination thereof by means of collecting, transferring or storing solar generated energy for such purposes. Such term shall include passive structural and nonstructural features which are designed to provide a calculated net energy gain to a structure from renewable energy sources, commonly referred to as "passive solar energy systems", but shall not include those parts of a structural system which would be required regardless of the energy source being utilized. Solar energy may be derived from either direct processes or indirect processes using wind energy systems. Amended by Laws 1982, c. 322, § 1, operative July 1, 1982.
§68-2357.1A-1. Task Force for the Study of State Tax Credits and Economic Incentives. A. There is hereby created the Task Force for the Study of State Tax Credits and Economic Incentives. B. The Task Force shall consist of ten (10) members to be appointed or selected as follows: 1. The Chair of the Appropriations and Budget Committee of the Oklahoma House of Representatives;
2. The Chair of the Appropriations Committee of the Oklahoma State Senate; 3. The Chair of the Revenue and Taxation Subcommittee of the Appropriations and Budget Committee of the Oklahoma House of Representatives; 4. The Chair of the Senate Finance Committee; 5. The Director of the Office of Management and Enterprise Services or a designee; 6. The State Treasurer or a designee; 7. The Oklahoma Secretary of State or a designee; 8. Minority Leader of the Oklahoma House of Representatives; 9. Minority Leader of the Oklahoma State Senate; and 10. The State Auditor and Inspector. C. The Task Force shall conduct an organizational meeting not later than September 30, 2011. A majority of the members present at the organizational meeting or any subsequent meeting shall constitute a quorum for the purpose of any action taken including the preparation and approval of the final report required by subsection I of this section. D. The cochairs of the Task Force shall be the member who is the Chair of the Revenue and Taxation Subcommittee of the Appropriations and Budget Committee and the member who is the Chair of the Finance Committee of the State Senate. E. The Task Force shall be authorized to meet as necessary in order to perform the duties imposed upon it. Legislative members of the Task Force shall be reimbursed for travel expenses pursuant to the provisions of Section 456 of Title 74 of the Oklahoma Statutes. Other members of the Task Force shall be reimbursed as provided by the appointing authority. F. The Task Force shall conduct a study regarding all state tax credits regardless of the tax type against which such credit may be claimed and any other economic incentives that affect state or local tax liabilities. The study shall include, but shall not be limited to: 1. The justification for the enactment of any state tax credits based upon the relevant economics of the applicable industry or economic sector affected; 2. The economic impact related to the utilization of state tax credits; 3. Analysis of the utilization of the credits by tax credit purchasers; 4. The impact of tax credits on any and all economic sectors of the state economy; 5. The adequacy or inadequacy of state tax credits or other economic incentives; and 6. Such other matters related to state tax credits or economic incentives as the Task Force deems relevant.
G. The Task Force shall be subject to the provisions of: 1. The Oklahoma Open Meeting Act; and 2. The Oklahoma Open Records Act. H. Staff assistance for the Task Force shall be provided by the staff of the Oklahoma House of Representatives and the State Senate. I. The Task Force shall produce a final written report of its findings and any recommendations regarding transferable tax credits. The report shall be submitted to the Governor, the Speaker of the Oklahoma House of Representatives and the President Pro Tempore of the State Senate not later than December 31, 2011. J. The provisions of this section shall cease to have the force and effect of law and the Task Force shall terminate effective January 1, 2012. Added by Laws 2011, c. 295, § 1, eff. July 1, 2011. Amended by Laws 2012, c. 304, § 545.
§68-2357.1A-2. Transfer or allocation of tax credits - Reporting. A. Notwithstanding any other provision of law, the transfer or allocation of any tax credit authorized pursuant to the provisions of this title, except as provided in this section, shall be reported to the Oklahoma Tax Commission and any tax credit authorized pursuant to the provisions of Title 36 of the Oklahoma Statutes shall be reported to the Oklahoma Insurance Department as provided in subsection B of this section. B. The transfer or allocation of any tax credit shall be reported to the Tax Commission or Insurance Department by the entity transferring or allocating the credit on or before the twentieth day of the second month after the tax year in which an act occurs which allows the tax credit to eventually be claimed. If the credit is transferable, the report shall state whether the credit will or may be transferred to another taxpayer and the names of the taxpayers to whom the credit is transferred. The report shall also provide whether the credit will or may be allocated by a pass-through entity to one or more of the shareholders, partners or members of the pass- through entity and the identity of the shareholders, partners or members of the pass-through entity to whom the credit was allocated. Further, the report shall include the tax type, the amount of the credit, the statutory or other legal authority which forms the basis for the credit, and other information that may be required by the Tax Commission or the Insurance Department. The report to the Tax Commission or to the Insurance Department shall be on such form as the Commission or Department may prescribe. The Tax Commission and the Insurance Department shall be authorized to require the report to be filed electronically. C. Notwithstanding the provisions of Section 205 of Title 68 of the Oklahoma Statutes the Tax Commission and the Insurance Department shall compile a list of all tax credits reported as
required by this section and shall provide the list to the Governor, the Speaker of the Oklahoma House of Representatives, the President Pro Tempore of the State Senate and the Director of the Office of Management and Enterprise Services not later than June 1 of each year. Not later than five (5) working days after the report has been provided to the Governor, the Speaker of the Oklahoma House of Representatives and the President Pro Tempore of the State Senate, the Oklahoma Tax Commission shall publish the report on its website. D. The compiled list shall identify the tax credits reported pursuant to subsection A of this section and shall separately identify the amount of tax credits that may be claimed against each separate state tax under the jurisdiction of the administering agency and the name of the entity that will be claiming the credit. E. To the extent possible, the Tax Commission and the Insurance Department shall make an estimate of the revenue impact to the State of Oklahoma resulting from the credits reported on a separate fiscal year by fiscal year basis. Each agency shall make its estimate only for tax credits under the jurisdiction of each administering agency. F. If a taxpayer claims a credit on any state tax return that was not previously reported to the Tax Commission or Insurance Department pursuant to this section, the Tax Commission or Insurance Department shall disallow the credit and recompute the applicable tax liability including any penalty or interest; provided, upon the filing of the report required by this section, the credit shall be allowed. G. This section shall not be applicable to the following tax credits: 1. The sales tax relief credit authorized by Section 5011 of this title; 2. The low income property tax relief credit authorized by Section 2907 of this title; 3. The earned income tax credit authorized by Section 2357.43 of this title; 4. The child care/child tax credit authorized by Section 2357 of this title; 5. The credit for taxes paid to another state authorized by Section 2357 of this title; and 6. The credit for property taxes paid on tornado damaged residential property authorized by Section 2357.29 of this title. Added by Laws 2011, c. 349, § 1, eff. July 1, 2011. Amended by Laws 2012, c. 304, § 546. NOTE: Editorially renumbered from § 2357.1A-1 of this title to avoid duplication in numbering.