STATE OF OKLAHOMA

2nd Session of the 54th Legislature (2014)

HOUSE BILL 3364	By:	Echols

AS INTRODUCED

An Act relating to revenue and taxation; authorizing income tax credit; specifying amount of tax credit; providing credit equal to amount of fines imposed upon certain natural persons pursuant to provisions of the Patient Protection and Affordable Care Act; prohibiting use of credit to reduce income tax liability to less than specified amount; prohibiting carryover; 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 2357.501 of Title 68, unless there is created a duplication in numbering, reads as follows:
A.  For the taxable year beginning January 1, 2014, and ending December 31, 2014, there shall be allowed a credit against the tax imposed pursuant to Section 2355 of Title 68 of the Oklahoma Statutes for one hundred percent (100%) of the amount of any and all fines imposed upon a natural person pursuant to the provisions of the Patient Protection and Affordable Care Act, 111 P.L. 148.
B.  The credit authorized pursuant to the provisions of this section may not be used to reduce the liability of the taxpayer to less than zero (0).
C.  The credit authorized pursuant to the provisions of this section may not be carried over to any other taxable year.
SECTION 2.  This act shall become effective January 1, 2014.

54-2-9534	MAH	01/09/14