STATE OF OKLAHOMA

1st Session of the 53rd Legislature (2011)

HOUSE BILL 1192	By:	Lockhart

AS INTRODUCED

An Act relating to revenue and taxation; providing income tax credit for certain utility companies providing certain discounts; prohibiting refund; prohibiting carry over; providing for promulgation of rules; providing for codification; and providing an effective date.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1.     NEW LAW     A new section of law to be codified in the Oklahoma Statutes as Section 2357.105 of Title 68, unless there is created a duplication in numbering, reads as follows:
A.  For taxable years beginning after December 31, 2011, there shall be allowed against the tax imposed by Section 2355 of Title 68 of the Oklahoma Statutes a credit to a public service corporation equal to the amount of any discount given by the public service corporation to a public school or public prison in this state.  
B.  In no event shall the amount of the credit exceed the amount of any tax liability of the taxpayer.
C.  Any credits allowed but not used in any tax year may not be carried over.
D.  The Oklahoma Tax Commission may promulgate such rules as may be necessary to implement the provisions of this section.
SECTION 2.  This act shall become effective January 1, 2012.

53-1-5990	CJB	01/16/11