Bill > SB475

This bill amends Oklahoma tax law by making two key changes related to confidentiality and tax credits for clean-burning motor vehicles. First, the bill modifies the Oklahoma Tax Commission's confidentiality rules to allow disclosure of information specifically related to verifying tax credits for clean-burning motor vehicles. Second, the bill adds a new provision requiring the Tax Commission to verify, upon an individual's request, whether a tax credit for a clean-burning motor vehicle has already been claimed for a specific vehicle identified by its vehicle identification number (VIN). The credit in question is a one-time tax credit available for investments in qualified clean-burning motor vehicle fuel property, such as equipment to modify vehicles to run on compressed natural gas, hydrogen fuel cells, or other alternative fuels. The bill sets specific credit amounts based on the vehicle's gross weight, with maximum credits ranging from $5,500 for smaller vehicles to $100,000 for larger vehicles. The provisions of this bill will become effective on November 1, 2025, and are designed to provide more transparency and prevent potential duplicate claims for the alternative fuel vehicle tax credit.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb475&Session=2600