Title 68, Title 68 — Revenue and Taxation

apportioned to teachers' retirement revolving fund - Annual review. In addition to any other duties prescribed by law, at the meeting required by paragraph 3 of Section 23 of Article X of the Oklahoma Constitution to be held in February of the first calendar year after an income …

A. As used in this section: 1. “Revenue collections” means the amount of revenue estimated to have been collected and expected to be collected by the state beginning on July 1, 2010, and ending before January 1, 2015, from sales tax, motor vehicle taxes and fees, vehicle excise t…

A. The provisions of this section shall be applicable with respect to the implementation of the five percent (5%) top marginal rate of individual income tax otherwise authorized pursuant to the provisions of subparagraph (f) of paragraphs 1 and 2 of subsection C of Section 2355 o…

2019. Sections 1 through 9 of this act shall be known and may be cited as the "Pass-Through Entity Tax Equity Act of 2019". Added by Laws 2019, c. 201, § 1, emerg. eff. April 29, 2019.

As used in this act: 1. "Distributive share" means a member's percentage share of Oklahoma net entity income or net entity loss; 2. "Electing pass-through entity" means any pass-through entity as defined in paragraph 6 of this section that has made an election pursuant to subsect…

A. It is hereby declared to be the purpose of the Pass-Through Entity Tax Equity Act of 2019 to establish a revenue-neutral mechanism to provide a more fair and simplified taxation of pass- through entities and their members in this state while maintaining revenue levels for supp…

A. For tax years beginning on or after January 1, 2022, there is hereby levied on each electing pass-through entity the pass- through entity tax which shall be calculated as follows: 1. With regard to each member of an electing pass-through entity, the electing pass-through entit…

A. There is hereby created in the State Treasury a revolving fund for the State Treasurer to be designated the "Oklahoma Taxpayer Relief Revolving Fund". The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of the monies transferred to su…

A. The withheld taxes and estimated taxes paid shall be allowed as credits as provided by law. B. 1. There shall be allowed as a credit against the tax imposed by Section 2355 of this title the amount of tax paid another state by a resident individual, as defined in paragraph 4 o…

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 s…

This act shall be known and may be cited as the "Oklahoma Coal Production Incentive Act". Added by Laws 1988, c. 316, § 1, eff. Jan. 1, 1989.

litter – Calculation – Qualification – Carry-forward period. A. For taxable years beginning after December 31, 2004, and ending on or before December 31, 2009, there shall be allowed a credit against the tax imposed by Section 2355 of this title for the purchase and transportatio…

A. Except as otherwise provided in subsection E of this section, for taxable years beginning after December 31, 2004, and ending before January 1, 2015, there shall be allowed against the tax imposed by Section 2355 of this title, a credit equal to twenty- five percent (25%) of t…

A. Sections 7 and 8 of this act shall be known and may be cited as the “Railroad Modernization Act of 2005”. B. The exercise of the powers granted to the Department of Transportation and the Oklahoma Tax Commission by the Railroad Modernization Act of 2005 shall be in all respect…

expenditures. A. Except as otherwise provided by this section, for taxable years beginning after December 31, 2005, and ending before January 1, 2030, there shall be allowed a credit against the tax imposed by Section 2355 of this title equal to fifty percent (50%) of an eligible…

expenditures. A. As used in this section: 1. “Eligible entity” means an entity incorporated and located in the state with a qualifying project in a qualifying project location; 2. “Qualifying project” means the new construction or expansion of an eligible entity or the developmen…

A. For purposes of this section, the term "person" means any legal business entity including limited and general partnerships, corporations, sole proprietorships, and limited liability companies, but does not include individuals. B. 1. Except as otherwise provided by this section…

A. There is hereby created the Task Force for the Study of Transferable Tax Credits. B. The Task Force shall consist of nine (9) members to be appointed or selected as follows: 1. Three members to be appointed by the Governor at least one of whom shall be a principal member of th…

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 Ok…

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 prov…

A. As used in this act: 1. “Qualified business enterprise” means an entity or affiliated group of entities electing to file a consolidated Oklahoma income tax return: a. organized as a corporation, partnership, limited liability company or other entity having limited liability pu…

A. As used in this act: 1. “Qualified business enterprise” means an entity: a. organized as a corporation, partnership, limited partnership, limited liability company, business trust or other entity, if such entity is registered to do business within the state, or is otherwise la…

Election and allocation against capital account – Definitions. A. A taxpayer may elect to treat one hundred percent (100%) of the cost of a qualified refinery property as an expense that is not chargeable to a capital account. Any cost so treated shall be allowed as a deduction f…

allocation. A. A refiner who is: 1. A small business refiner; or 2. One or more persons directly holding an ownership interest in the refiner, may elect to allocate all or a portion of the cost of complying with sulfur regulations issued by the Environmental Protection Agency as …

- Tax credit - Definitions. A. This act shall be known and may be cited as the "Oklahoma Equal Opportunity Education Scholarship Act". B. 1. Except as provided in subsection G of this section, after August 26, 2011, there shall be allowed a credit for any taxpayer who makes a con…

OS 68-2357.22v1 (HB 3051, Laws 2024, c. 143, § 1). OS 68-2357.22v2 (SB 2038, Laws 2024, c. 452, § 153).

motor vehicle fuel property. A. For tax years 2028 and before, there shall be allowed a one- time credit against the income tax imposed by Section 2355 of this title for investments in qualified clean-burning motor vehicle fuel property placed in service on or after January 1, 19…

motor vehicle fuel property. A. For tax years 2028 and before, there shall be allowed a one- time credit against the income tax imposed by Section 2355 of this title for investments in qualified clean-burning motor vehicle fuel property placed in service on or after January 1, 19…

cooperatives, ventures and marketing associations. A. Except as provided in subsection K of this section, there shall be allowed a credit against the tax imposed by Section 2355 of this title for direct investments by Oklahoma agricultural producers in Oklahoma producer-owned agr…

Oklahoma producer-owned agricultural processing marketing associations. No recreational activities group as described in Section 1 of this act can receive more than fifteen percent (15%) of the tax credits allowed pursuant to Section 1 of this act. Added by Laws 2005, c. 299, § 2…

A. Except as otherwise provided by subsection E or F of this section, for tax years beginning after December 31, 1998, and ending before January 1, 2016, there shall be allowed a credit against the tax imposed by Section 2355 of this title for eligible expenses incurred by entiti…

A. For tax years beginning after December 31, 1999, and ending before January 1, 2006, there shall be allowed to an investor making an eligible investment a credit against the tax imposed by Section 2355 of this title or Section 624 or 628 of Title 36 of the Oklahoma Statutes. Th…

natural disasters in 2012 and 2013. A. For tax years beginning after December 31, 2011, there shall be allowed a credit against the tax imposed by Section 2355 of this title for owners of residential real property whose primary residence was damaged or destroyed in a natural disa…

As used in Sections 2357.301 through 2357.304 of this title: 1. "Aerospace sector" means a private or public organization located in this state and engaged in the manufacture of aerospace or defense hardware or software, aerospace maintenance, aerospace repair and overhaul, suppl…

A. Except as provided in subsection F of this section, for tax years 2009 through 2031, a qualified employer shall be allowed a credit against the tax imposed pursuant to Section 2355 of this title for tuition reimbursed to a qualified employee. B. The credit authorized by subsec…

A. Except as provided in subsection F of this section, for tax years 2009 through 2031, a qualified employer shall be allowed a credit against the tax imposed pursuant to Section 2355 of this title for compensation paid to a qualified employee. B. The credit authorized by subsect…

A. Except as provided in subsection D of this section, for tax years 2009 through 2031, a qualified employee shall be allowed a credit against the tax imposed pursuant to Section 2355 of this title of up to Five Thousand Dollars ($5,000.00) per tax year for a period of time not t…

A. As used in this section: 1. "Eligible employer" means a corporation, partnership or proprietorship which: a. has done business in this state for at least one (1) year, b. has not provided group health insurance within the fifteen (15) months preceding the offer to purchase gro…

As used in Sections 1 through 4 of this act: 1. "Compensation" means payments in the form of contract labor for which the payor is required to provide a Form 1099 to the person paid wages subject to withholding tax paid to a part-time employee, full-time employee, salary, or othe…

A. For taxable years beginning after December 31, 2025, and ending before January 1, 2031, a qualified employer shall be allowed a credit against the tax imposed pursuant to Section 2355 of Title 68 of the Oklahoma Statutes for tuition reimbursed to a qualified employee. B. The c…

A. For taxable years beginning on or after January 1, 2026, and ending before January 1, 2031, a qualified employer shall be allowed a credit against the tax imposed pursuant to Section 2355 of Title 68 of the Oklahoma Statutes for compensation paid to a qualified employee. B. Th…

A. For taxable years beginning on or after January 1, 2026, and ending before January 1, 2031, a qualified employee shall be allowed a credit against the tax imposed pursuant to Section 2355 of Title 68 of the Oklahoma Statutes up to Five Thousand Dollars ($5,000.00) per year for…

Tax credit. A. Except as otherwise provided in subsection H of this section, for tax years beginning on or after January 1, 2003, but with respect to tax credits for eligible renewable resources described by subparagraphs b, c and d of paragraph 2 of this subsection, for tax year…

Employees A. Except as otherwise provided in subsection F of Section 3658 of this title and in subsections J and K of this section, for taxable years beginning after December 31, 1987, there shall be allowed a credit against the tax imposed by Section 2355 of this title for: 1. I…

A. Except as otherwise provided by subsections B and C of this section, for taxable years beginning January 1, 2009, and ending before January 1, 2017, there shall be allowed a credit against the tax imposed pursuant to Section 2355 of this title in the amount of all electronic f…

A. This act shall be known and may be cited as the "Oklahoma Affordable Housing Act". B. As used in this section: 1. "Allocation year" means the year for which the Oklahoma Housing Finance Agency allocates credits pursuant to this section; 2. "Eligibility statement" means a state…

employees of vehicle and automotive parts manufacturing companies. A. As used in this section: 1. "Vehicle manufacturing" and "automotive parts manufacturing" mean a private or public company first placed in operation in this state after November 1, 2019, which is engaged in the …

employees. A. As used in this section: 1. "Degree-producing institution" means any public or private college or university that has accredited programs, as defined in this section, from the Accreditation Board for Engineering and Technology (ABET); 2. "Technology center" means an…

A. As used in this section: 1. "Blood donation" means the voluntary and uncompensated donation of whole blood, or specific components of blood, by an employee, drawn for use by a nonprofit blood bank organization as part of a blood drive; 2. "Blood drive" means a function held at…

preceptorship rotation. A. As used in this section: 1. “Advanced practice registered nursing student” means an individual participating in a state-supported training program in this state that is approved by the Oklahoma Board of Nursing for the training of individuals to become …