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Bill > HB3103
OK HB3103
OK HB3103Revenue and taxation; sales tax exemption; nonprofit entities; limitation on gross revenues; exception for alcohol and tobacco; effective date; emergency.
summary
Introduced
02/05/2024
02/05/2024
In Committee
02/06/2024
02/06/2024
Crossed Over
Passed
Dead
05/31/2024
05/31/2024
Introduced Session
2024 Regular Session
Bill Summary
An Act relating to revenue and taxation; amending 68 O.S. 2021, Section 1356, as last amended by Section 1, Chapter 394, O.S.L. 2022 (68 O.S. Supp. 2023, Section 1356), which relates to sales tax exemptions; providing sales tax exemption to certain nonprofit entities; prescribing limitations on gross revenues for purposes of exempt treatment; providing exception for purchases of alcohol and tobacco; providing an effective date; and declaring an emergency.
AI Summary
This bill provides a sales tax exemption to certain nonprofit entities in Oklahoma, with some limitations. Specifically, the bill:
- Provides a sales tax exemption to nonprofit organizations that have gross revenue not exceeding $3 million during the preceding tax year, except for purchases of alcohol and tobacco.
- Prescribes limitations on the gross revenues of the nonprofit entities eligible for the exemption.
- Sets an effective date of July 1, 2024 for the new exemption.
- Declares an emergency exists, allowing the bill to take effect immediately upon passage and approval.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to Appropriations and Budget Finance - Revenue and Taxation Subcommittee (on 02/06/2024)
Bill Topics
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
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=hb3103&Session=2400 | 01/16/2024 |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20INT/hB/HB3103%20INT.PDF | 01/16/2024 |
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