Bill > HB1427

This bill modifies Oklahoma's tax credits for clean-burning motor vehicle fuel property, expanding the scope of eligible investments and clarifying tax credit provisions. The bill allows tax credits for investments in equipment that converts vehicles to run on alternative fuels like compressed natural gas, hydrogen fuel cells, liquefied natural gas, or liquefied petroleum gas, as well as for infrastructure supporting these fuel types. The credits vary based on vehicle weight, with maximum credits ranging from $5,500 for smaller vehicles to $100,000 for larger vehicles, and include credits for fueling infrastructure at 45% of property costs. The bill maintains annual credit limits of $10 million for different categories of clean fuel investments (compressed natural gas, hydrogen fuel cells, and electric vehicle charging systems) for tax years 2023-2028, with the Oklahoma Tax Commission responsible for adjusting credit percentages if total claims approach these limits. Additionally, unused credits can be carried forward for up to five years, and the bill requires the Tax Commission to notify state energy officials when credit claims reach 80% of the annual limit, ensuring transparency and monitoring of these environmental and energy-focused tax incentives.

Agriculture and Natural Resources, Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1427&Session=2500