Oklahoma § 68-2357.1 - Solar energy system defined

§ 68-2357.1. Solar energy system defined

As used in this section and Section 2357.2 of this title, "solar

energy system" means a system primarily designed to provide heating

or cooling, electrical or mechanical power, or any combination

thereof by means of collecting, transferring or storing solar

generated energy for such purposes. Such term shall include passive

structural and nonstructural features which are designed to provide

a calculated net energy gain to a structure from renewable energy

sources, commonly referred to as "passive solar energy systems", but

shall not include those parts of a structural system which would be

required regardless of the energy source being utilized. Solar

energy may be derived from either direct processes or indirect

processes using wind energy systems.

Amended by Laws 1982, c. 322, § 1, operative July 1, 1982.

§68-2357.1A-1. Task Force for the Study of State Tax Credits and

Economic Incentives.

A. There is hereby created the Task Force for the Study of

State Tax Credits and Economic Incentives.

B. The Task Force shall consist of ten (10) members to be

appointed or selected as follows:

1. The Chair of the Appropriations and Budget Committee of the

Oklahoma House of Representatives;

Oklahoma Statutes - Title 68. Revenue and Taxation

2. The Chair of the Appropriations Committee of the Oklahoma

State Senate;

3. The Chair of the Revenue and Taxation Subcommittee of the

Appropriations and Budget Committee of the Oklahoma House of

Representatives;

4. The Chair of the Senate Finance Committee;

5. The Director of the Office of Management and Enterprise

Services or a designee;

6. The State Treasurer or a designee;

7. The Oklahoma Secretary of State or a designee;

8. Minority Leader of the Oklahoma House of Representatives;

9. Minority Leader of the Oklahoma State Senate; and

10. The State Auditor and Inspector.

C. The Task Force shall conduct an organizational meeting not

later than September 30, 2011. A majority of the members present at

the organizational meeting or any subsequent meeting shall

constitute a quorum for the purpose of any action taken including

the preparation and approval of the final report required by

subsection I of this section.

D. The cochairs of the Task Force shall be the member who is

the Chair of the Revenue and Taxation Subcommittee of the

Appropriations and Budget Committee and the member who is the Chair

of the Finance Committee of the State Senate.

E. The Task Force shall be authorized to meet as necessary in

order to perform the duties imposed upon it. Legislative members of

the Task Force shall be reimbursed for travel expenses pursuant to

the provisions of Section 456 of Title 74 of the Oklahoma Statutes.

Other members of the Task Force shall be reimbursed as provided by

the appointing authority.

F. The Task Force shall conduct a study regarding all state tax

credits regardless of the tax type against which such credit may be

claimed and any other economic incentives that affect state or local

tax liabilities. The study shall include, but shall not be limited

to:

1. The justification for the enactment of any state tax credits

based upon the relevant economics of the applicable industry or

economic sector affected;

2. The economic impact related to the utilization of state tax

credits;

3. Analysis of the utilization of the credits by tax credit

purchasers;

4. The impact of tax credits on any and all economic sectors of

the state economy;

5. The adequacy or inadequacy of state tax credits or other

economic incentives; and

6. Such other matters related to state tax credits or economic

incentives as the Task Force deems relevant.

Oklahoma Statutes - Title 68. Revenue and Taxation

G. The Task Force shall be subject to the provisions of:

1. The Oklahoma Open Meeting Act; and

2. The Oklahoma Open Records Act.

H. Staff assistance for the Task Force shall be provided by the

staff of the Oklahoma House of Representatives and the State Senate.

I. The Task Force shall produce a final written report of its

findings and any recommendations regarding transferable tax credits.

The report shall be submitted to the Governor, the Speaker of the

Oklahoma House of Representatives and the President Pro Tempore of

the State Senate not later than December 31, 2011.

J. The provisions of this section shall cease to have the force

and effect of law and the Task Force shall terminate effective

January 1, 2012.

Added by Laws 2011, c. 295, § 1, eff. July 1, 2011. Amended by Laws

2012, c. 304, § 545.

§68-2357.1A-2. Transfer or allocation of tax credits - Reporting.

A. Notwithstanding any other provision of law, the transfer or

allocation of any tax credit authorized pursuant to the provisions

of this title, except as provided in this section, shall be reported

to the Oklahoma Tax Commission and any tax credit authorized

pursuant to the provisions of Title 36 of the Oklahoma Statutes

shall be reported to the Oklahoma Insurance Department as provided

in subsection B of this section.

B. The transfer or allocation of any tax credit shall be

reported to the Tax Commission or Insurance Department by the entity

transferring or allocating the credit on or before the twentieth day

of the second month after the tax year in which an act occurs which

allows the tax credit to eventually be claimed. If the credit is

transferable, the report shall state whether the credit will or may

be transferred to another taxpayer and the names of the taxpayers to

whom the credit is transferred. The report shall also provide

whether the credit will or may be allocated by a pass-through entity

to one or more of the shareholders, partners or members of the passthrough entity and the identity of the shareholders, partners or

members of the pass-through entity to whom the credit was allocated.

Further, the report shall include the tax type, the amount of the

credit, the statutory or other legal authority which forms the basis

for the credit, and other information that may be required by the

Tax Commission or the Insurance Department. The report to the Tax

Commission or to the Insurance Department shall be on such form as

the Commission or Department may prescribe. The Tax Commission and

the Insurance Department shall be authorized to require the report

to be filed electronically.

C. Notwithstanding the provisions of Section 205 of Title 68 of

the Oklahoma Statutes the Tax Commission and the Insurance

Department shall compile a list of all tax credits reported as

Oklahoma Statutes - Title 68. Revenue and Taxation

required by this section and shall provide the list to the Governor,

the Speaker of the Oklahoma House of Representatives, the President

Pro Tempore of the State Senate and the Director of the Office of

Management and Enterprise Services not later than June 1 of each

year. Not later than five (5) working days after the report has

been provided to the Governor, the Speaker of the Oklahoma House of

Representatives and the President Pro Tempore of the State Senate,

the Oklahoma Tax Commission shall publish the report on its website.

D. The compiled list shall identify the tax credits reported

pursuant to subsection A of this section and shall separately

identify the amount of tax credits that may be claimed against each

separate state tax under the jurisdiction of the administering

agency and the name of the entity that will be claiming the credit.

E. To the extent possible, the Tax Commission and the Insurance

Department shall make an estimate of the revenue impact to the State

of Oklahoma resulting from the credits reported on a separate fiscal

year by fiscal year basis. Each agency shall make its estimate only

for tax credits under the jurisdiction of each administering agency.

F. If a taxpayer claims a credit on any state tax return that

was not previously reported to the Tax Commission or Insurance

Department pursuant to this section, the Tax Commission or Insurance

Department shall disallow the credit and recompute the applicable

tax liability including any penalty or interest; provided, upon the

filing of the report required by this section, the credit shall be

allowed.

G. This section shall not be applicable to the following tax

credits:

1. The sales tax relief credit authorized by Section 5011 of

this title;

2. The low income property tax relief credit authorized by

Section 2907 of this title;

3. The earned income tax credit authorized by Section 2357.43

of this title;

4. The child care/child tax credit authorized by Section 2357

of this title;

5. The credit for taxes paid to another state authorized by

Section 2357 of this title; and

6. The credit for property taxes paid on tornado damaged

residential property authorized by Section 2357.29 of this title.

Added by Laws 2011, c. 349, § 1, eff. July 1, 2011. Amended by Laws

2012, c. 304, § 546.

NOTE: Editorially renumbered from § 2357.1A-1 of this title to

avoid duplication in numbering.