Bill > SB2057

This bill amends Oklahoma law to create a new classification for "business assets" for ad valorem tax purposes, which are defined as nonresidential personal property owned by a taxpayer, excluding property related to agricultural operations. This new classification is added to the existing categories of property subject to ad valorem taxation, which include real property, personal property (with some exceptions), household goods and livestock in certain counties, public service corporation property, and railroad and air carrier property. The bill also makes minor adjustments to statutory language and references to Oklahoma's Constitution regarding property classification and taxation, and it specifies an effective date of January 1, 2027.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb2057&Session=2600