Bill Text For HB2083 - Engrossed

 1|ENGROSSED HOUSE                                                        |
  |BILL NO. 2083                        By: McCall, O'Donnell, Wallace,   |
 2|                                         Davis, Lowe (Dick), Osburn,   |
  |                                         Marti, McDugle, Sneed,        |
 3|                                         Dempsey, Sims, Bashore,       |
  |                                         Williams, Russ, Hill and      |
 4|                                         Dills of the House            |
  |                                                                       |
 5|                                         and                           |
  |                                                                       |
 6|                                         Daniels of the Senate         |
  |                                                                       |
 7|                                                                       |
  |                                                                       |
 8|                                                                       |
  |                                                                       |
 9|       An Act relating to revenue and taxation; providing              |
  |       for deduction from taxable income computed pursuant             |
10|       to Oklahoma Income Tax Code; specifying amount of               |
  |       deduction; specifying taxable years for which                   |
11|       deduction is authorized; stating legislative intent             |
  |       with respect to corporate income tax revenue;                   |
12|       providing for noncodification; providing for                    |
  |       codification; and providing an effective date.                  |
13|                                                                       |
  |                                                                       |
14|                                                                       |
  |                                                                       |
15|BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:                  |
  |                                                                       |
16|    SECTION 1.     NEW LAW     A new section of law to be codified     |
  |                                                                       |
17|in the Oklahoma Statutes as Section 2358.101 of Title 68, unless       |
  |                                                                       |
18|there is created a duplication in numbering, reads as follows:         |
  |                                                                       |
19|    For taxable years beginning on or after January 1, 2022, there     |
  |                                                                       |
20|shall be allowed as a deduction from the Oklahoma taxable income       |
  |                                                                       |
21|amount computed pursuant to Section 2358 of Title 68 of the Oklahoma   |
  |                                                                       |
22|Statutes or from the amount of income subject to the levy of tax       |
  |                                                                       |
23|imposed pursuant to Section 2370 of Title 68 of the Oklahoma           |
  |                                                                       |
24|Statutes for any corporation subject to the levy of income tax         |
  |                                                                       |
arsid1787657 ENGR. H. B. NO. 2083                                  Page 1
___________________________________________________________________________

 1|imposed pursuant to subsection E or F of Section 2355 of Title 68 of   |
  |                                                                       |
 2|the Oklahoma Statutes in the following amounts:                        |
  |                                                                       |
 3|    1.  Twenty percent (20%) of the total Oklahoma taxable income      |
  |                                                                       |
 4|amount for a taxable year beginning after December 31, 2021, and       |
  |                                                                       |
 5|before January 1, 2023;                                                |
  |                                                                       |
 6|    2.  Forty percent (40%) of the total Oklahoma taxable income       |
  |                                                                       |
 7|amount for a taxable year beginning after December 31, 2022, and       |
  |                                                                       |
 8|before January 1, 2024;                                                |
  |                                                                       |
 9|    3.  Sixty percent (60%) of the total Oklahoma taxable income       |
  |                                                                       |
10|amount for a taxable year beginning after December 31, 2023, and       |
  |                                                                       |
11|before January 1, 2025;                                                |
  |                                                                       |
12|    4.  Eighty percent (80%) of the total Oklahoma taxable income      |
  |                                                                       |
13|amount for a taxable year beginning after December 31, 2024, and       |
  |                                                                       |
14|before January 1, 2026; and                                            |
  |                                                                       |
15|    5.  One hundred percent (100%) of the total Oklahoma taxable       |
  |                                                                       |
16|income amount for any taxable year beginning on or after January 1,    |
  |                                                                       |
17|2026.                                                                  |
  |                                                                       |
18|    SECTION 2.     NEW LAW     A new section of law not to be          |
  |                                                                       |
19|codified in the Oklahoma Statutes reads as follows:                    |
  |                                                                       |
20|    It is the intent of the Legislature to make modifications to       |
  |                                                                       |
21|offset potential revenue losses, should they occur, reasonably         |
  |                                                                       |
22|attributable to the reduction of Oklahoma taxable income amounts for   |
  |                                                                       |
23|corporations provided by Section 1 of this act and to provide a        |
  |                                                                       |
24|system to ensure that revenues apportioned to the Education Reform     |
  |                                                                       |
arsid1787657 ENGR. H. B. NO. 2083                                  Page 2
___________________________________________________________________________

 1|Revolving Fund, the Teachers' Retirement System, and the Ad Valorem    |
  |                                                                       |
 2|Reimbursement Fund are not adversely affected.                         |
  |                                                                       |
 3|    SECTION 3.  This act shall become effective January 1, 2022.       |
  |                                                                       |
 4|    Passed the House of Representatives the 11th day of March, 2021.   |
  |                                                                       |
 5|                                                                       |
  |                                                                       |
 6|                                                                       |
  |                                     Presiding Officer of the House    |
 7|                                                 of Representatives    |
  |                                                                       |
 8|                                                                       |
  |    Passed the Senate the ___ day of __________, 2021.                 |
 9|                                                                       |
  |                                                                       |
10|                                                                       |
  |                                                                       |
11|                                    Presiding Officer of the Senate    |
  |                                                                       |
12|                                                                       |
  |                                                                       |
13|                                                                       |
  |                                                                       |
14|                                                                       |
  |                                                                       |
15|                                                                       |
  |                                                                       |
16|                                                                       |
  |                                                                       |
17|                                                                       |
  |                                                                       |
18|                                                                       |
  |                                                                       |
19|                                                                       |
  |                                                                       |
20|                                                                       |
  |                                                                       |
21|                                                                       |
  |                                                                       |
22|                                                                       |
  |                                                                       |
23|                                                                       |
  |                                                                       |
24|                                                                       |
  |                                                                       |
arsid1787657 ENGR. H. B. NO. 2083                                  Page 3
© 2010-21 eCapitol, LLC. ALL RIGHTS RESERVED.

As provided by this agreement access to bill tracking / capitol news services is restricted to the registered User. The User shall have no right to divulge, publish, loan, give or sell any of the information provided under this agreement. Information retrieved from system may not be reproduced, transmitted, transcribed, stored in a retrieval system or translated into any language in any form by any means without the written permission of eCapitol, LLC. All other rights reserved. If a person uses a copyrighted work without permission of the rights holder, he or she is open to a charge of copyright infringement. Additional terms and conditions governing the access to and use of eCapitol website and the services and materials provided by eCapitol are set forth in the eCapitol Subscriber Agreement posted on the eCapitol website.