Bill > HB3433

This bill establishes a new "in lieu" tax system for farm tractors and other heavy equipment used in agricultural production, meaning this specific tax replaces the standard property tax (ad valorem tax) that would otherwise be applied to this equipment. Specifically, it creates a new law that levies a $15 annual tax on this farm equipment, which will be paid to the county treasurer at the same time and in the same way as regular personal property taxes, with the collected revenue distributed according to the same formula that would have applied to ad valorem taxes. The bill also amends an existing law (68 O.S. 2021, Section 2805) to include this new in lieu tax for farm equipment among other existing in lieu taxes for items like aircraft, vehicles, and vessels, and it repeals a previous law (68 O.S. 2021, Section 2809) that specifically dealt with farm tractor taxation, with the entire act set to take effect on November 1, 2026.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb3433&Session=2600