STATE OF OKLAHOMA

2nd Session of the 53rd Legislature (2012)

HOUSE BILL 2824	By:	Roberts (Sean)

AS INTRODUCED

An Act relating to revenue and taxation; providing exemption from payment of Business Activity Tax; prescribing maximum gross revenue amount for purposes of exemption; providing for exempt treatment of intangible personal property; providing for codification; providing an effective date; and declaring an emergency.

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 1223.1 of Title 68, unless there is created a duplication in numbering, reads as follows:
A.  No entity shall be required to pay the Business Activity Tax if the gross revenue of the entity was One Million Dollars ($1,000,000.00) or less for the twelve (12) months preceding the date upon which the Business Activity Tax would otherwise be payable.
B.  No entity exempt from payment of the Business Activity Tax pursuant to subsection A of this section shall be subject to ad valorem tax on intangible personal property as a result of such exemption.
SECTION 2.  This act shall become effective July 1, 2012.
SECTION 3.  It being immediately necessary for the preservation of the public peace, health and safety, an emergency is hereby declared to exist, by reason whereof this act shall take effect and be in full force from and after its passage and approval.

53-2-8944	MAH	01/13/12