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Bill > HB3418
OK HB3418
OK HB3418Revenue and taxation; income tax; full expensing; requiring conformity with Internal Revenue Code; emergency.
summary
Introduced
02/07/2022
02/07/2022
In Committee
04/13/2022
04/13/2022
Crossed Over
03/14/2022
03/14/2022
Passed
05/20/2022
05/20/2022
Dead
Signed/Enacted/Adopted
05/26/2022
05/26/2022
Introduced Session
2022 Regular Session
Bill Summary
revenue and taxation - permanent full expensing for certain properties - emergency ] AMENDMENT NO. 1. , line 12, strike the enacting clause Passed the Senate the 19th day of April, 2022. Presiding Officer of the Senate Passed the House of Representatives the ____ day of __________, 2022. Presiding Officer of the House of Representatives ENGROSSED HOUSE BILL NO. 3418 By: Fetgatter of the House and Montgomery of the Senate [ revenue and taxation - permanent full expensing for certain properties - emergency
AI Summary
This bill permanently allows Oklahoma taxpayers to fully expense (i.e., immediately deduct the full cost of) certain business investments, including qualified property and qualified improvement property, for state income tax purposes starting in 2022. The bill conforms to the federal Internal Revenue Code's treatment of these expenses, including Section 179 expensing. The Oklahoma Tax Commission is required to promulgate rules to implement the bill's provisions, which will supersede any inconsistent administrative rules. The bill also declares an emergency, allowing it to take effect immediately upon passage and approval.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Approved by Governor 05/26/2022 (on 05/26/2022)
Official Document
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