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Bill > SB32
OK SB32
OK SB32Revenue and taxation; authorizing certain agreements for state purchase of outstanding tax credits. Effective date.
summary
Introduced
02/04/2019
02/04/2019
In Committee
02/05/2019
02/05/2019
Crossed Over
Passed
Dead
05/29/2020
05/29/2020
Introduced Session
2020 Regular Session
Bill Summary
An Act relating to revenue and taxation; authorizing Department of Commerce to enter into certain negotiations with respect to purchase of tax credits; authorizing agreements; prescribing requirement for final approval; prescribing standards for contract; providing for effect of inability to reach agreement; requiring certain economic benefits; requiring final agreement to contain certain requirements; defining terms; requiring notification to the Oklahoma Tax Commission; prescribing required information regarding purchased tax credits; requiring annual disclosure; authorizing return of funds; providing for computation of amount based on terms of agreement; providing for codification; and providing an effective date.
AI Summary
This bill authorizes the Oklahoma Department of Commerce to enter into agreements to purchase outstanding tax credits from taxpayers in order to reduce the state's debt burden. The bill requires that any such agreement be in the best interest of the state and result in increased investment, job creation, and economic benefits that exceed the cost of purchasing the credits. The former owner of the credits must notify the Oklahoma Tax Commission of the repurchase, and must annually report on the economic benefits realized from the agreement. If the former owner does not fulfill the terms of the agreement, the state may require the return of the funds.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Coauthored by Representative Echols (principal House author) (on 02/14/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=sb32&Session=2000 | 11/20/2019 |
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