Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 50 - Income › Subchapter 15 - Oklahoma Taxable Income › Part 7 - CREDITS AGAINST TAX › Section 710:50-15-81 - Credit for qualified clean-burning motor vehicle fuel property

Current through Vol. 41, No. 20, July 1, 2024
(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 ied venture capital companies.
(b) To qualify as a venture capital company,
				  capitalization must be at a level of at least five million dollars.
				  Capitalization may consist of cash and/or property or debt obligations. Each
				  venture capital company claiming something other than cash to meet the
				  qualification will be closely examined for compliance with statute and with the
				  Rules of the Oklahoma Tax Commission. Effective for capitalization after
				  January 1, 1999, seventy-five percent (75%) of a Venture Capital Company's
				  funds must be invested in Oklahoma business ventures.
(c) The tax credit allowed shall be twenty
				  percent (20%) of the cash amount invested; for example: Investors contribute
				  three million in cash and use debt obligation of two million to qualify as a
				  venture capital company. The tax credit will be limited to twenty percent (20%)
				  of three million, or $600,000.00.
(d) 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 described in this Section in connection with the activity and
				  establishment for which incentive payments have been, or are being received.
[See:
68 O.S. §§
										3607,
				  3909
				  ]
Amended at 11 Ok Reg
					 555, eff 11-10-93 (emergency); Amended at 11 Ok Reg 3497, eff 6-26-94; Amended
					 at 15 Ok Reg 2811, eff 6-25-98; Amended at 16 Ok Reg 2646, eff
					 6-25-99