Okla. Admin. Code § 710:50-15-81

Current through Vol. 42, No. 7, December 16, 2024

Section 710:50-15-81 - Credit for qualified clean-burning motor vehicle fuel property

(a)Definitions. For purposes of the clean-burning motor vehicle fuel property credit, "motor vehicle"means a motor vehicle originally designed by the manufacturer to operate lawfully and principally on streets and highways. [See: 68 O.S. § 2357.22(C)] "Vehicle" shall not mean conveyor belts, forklifts, riding mowers, tractors, or other similar items. An entity that converts property to qualified clean-burning motor vehicle fuel property may lease such property and retain the right to claim the credit. Property on which the credit has previously been claimed is ineligible for the credit.

(b)Limitations of eligibility. No qualified establishment, nor its contractors or subcontractors, that has received or is receiving an incentive payment pursuant to Section 3601 et seq. of the Oklahoma Statutes, (Oklahoma Quality Jobs Program Act), or Section 3901 et seq. of the Oklahoma Statutes, (Small Employer Quality Jobs Incentive Act), shall be eligible to receive the credit for qualified clean-burning motor vehicle fuel property provided by 68 O.S.§2357.22, in connection with the activity and establishment for which incentive payments have been, or are being received. [See: 68 O.S. §§3607, 3909]

(c)Sunset date. This credit will only be available through tax years beginning before December 31, 2027.

(d)Tax credit limitation. For tax years beginning on or after January 1, 2020, the total amount of credits used to offset tax shall be adjusted annually to limit the annual amount of credits to Twenty Million Dollars ($20,000,000.00). The Tax Commission shall annually calculate and publish by the first day of the affected taxable year a percentage by which the credits shall be reduced so the total amount of credits used to offset tax does not exceed Twenty Million Dollars ($20,000,000.00) per year.

Okla. Admin. Code § 710:50-15-81

Added at 11 Ok Reg 555, eff 11-10-93 (emergency); Added at 11 Ok Reg 3497, eff 6-26-94; Amended at 13 Ok Reg 3105, eff 7-11-96; Amended at 15 Ok Reg 2699, eff 6-26-97; Amended at 15 Ok Reg 2811, eff 6-25-98; Amended at 21 Ok Reg 2571, eff 6-25-04; Amended at 26 Ok Reg 2330, eff 6-25-09; Amended at 27 Ok Reg 2281, eff 7-11-10; Amended at 28 Ok Reg 18, eff 8-9-10 (emergency); Amended at 28 Ok Reg 935, eff 6-1-11

Amended by Oklahoma Register, Volume 31, Issue 24, September 2, 2014, eff. 9/12/2014

Amended by Oklahoma Register, Volume 35, Issue 24, September 4, 2018, eff. 9/14/2018

Amended by Oklahoma Register, Volume 37, Issue 24, September 1, 2020, eff. 9/11/2020