Bill > SB255

This bill establishes a state income tax credit in Oklahoma for individuals and businesses that purchase equipment to remove feral swine, a significant agricultural and ecological problem. Specifically, the bill allows taxpayers who own at least 20 acres of land to claim a 70% tax credit for expenses related to feral swine removal equipment, such as traps, thermal imaging devices, and other specialized tools designed to capture or eliminate feral swine. The credit is limited to $15,000 per taxpayer and cannot reduce their income tax liability below zero. Qualified taxpayers include natural persons who file a Schedule F tax form and business entities primarily engaged in agricultural activities, though hunting or trapping businesses cannot claim the credit. Unused credits can be carried forward and applied to the taxpayer's income taxes for up to five subsequent years. The bill defines key terms like "agricultural damage" and "ecological impacts" to provide context for the types of problems caused by feral swine, such as crop destruction, habitat disruption, and soil erosion. The tax credit will become effective for tax year 2025 and subsequent years, with the law taking effect on November 1, 2025.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb255&Session=2600