STATE OF OKLAHOMA

1st Session of the 54th Legislature (2013)

HOUSE BILL 1333	By:	Lockhart

AS INTRODUCED

An Act relating to revenue and taxation; providing tax credit for certain safety expenditures; establishing amount of credit; limiting eligibility for credit; prohibiting multiple claims; allowing carryover; directing 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 2357.85 of Title 68, unless there is created a duplication in numbering, reads as follows:
A.  For tax years beginning after December 31, 2013, there shall be allowed a credit against the tax imposed by Section 2355 of Title 68 of the Oklahoma Statutes to an employer who obtains a certificate from the Safety Pays OSHA Consultation Service provided by the Oklahoma Department of Labor equal to the total monies spent by the employer on safety and health improvements recommended by the Department of Labor.
B.  An employer shall only be eligible for the exemption one time and must complete the entire program without a lapse in participation.
C.  An employer that claims the credit allowed pursuant to this section shall not be eligible to claim the exemption provided for in paragraph 9 of subsection A of section 2358 of this title in connection with the same activity for which the credit was received.
D.  If the credit allowed pursuant to this section exceeds the amount of income taxes due or if there are no state income taxes due on the income of the taxpayer, the amount of credit allowed but not used in any taxable year may be carried forward as a credit against subsequent income tax liability for a period not exceeding five (5) years following the qualified expenditures.
E.  The Oklahoma Tax Commission shall promulgate rules necessary to implement this act.
SECTION 2.  This act shall become effective January 1, 2014.

54-1-5283	CJB	01/03/13