Bill > HB2881

This bill creates a tax deduction for businesses receiving broadband-related funds from two specific federal programs: the American Rescue Plan Act of 2021 (ARPA) and the Broadband Equity, Access, and Deployment (BEAD) Program authorized by the Infrastructure Investment and Jobs Act (IIJA). Starting January 1, 2025, businesses that receive distributions from the Oklahoma Broadband Office through these programs can deduct those amounts from their Oklahoma taxable income. The deduction can be allocated to equity owners of pass-through business entities (like partnerships and S-corporations) according to existing tax code provisions. To qualify for the deduction, businesses must spend the received funds specifically on broadband equipment or for broadband service-related purposes as outlined in the ARPA guidelines. This legislation aims to incentivize businesses to participate in expanding broadband infrastructure and access in Oklahoma by providing a tax benefit for companies that receive and use federal broadband funding.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2881&Session=2600