STATE OF OKLAHOMA

1st Session of the 52nd Legislature (2009)

SENATE BILL 1112	By:	Ivester

AS INTRODUCED

An Act relating to revenue and taxation; creating income tax credit for eligible expenses incurred by certain taxpayers who create handicapped parking spaces; specifying type of spaces for which credit may be claimed; defining term; providing for amount and limitation of credit; specifying limit to use of credit; authorizing carry forward of credit; 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 tax years beginning after December 31, 2009 there shall be allowed a credit against the tax imposed by Section 2355 of this title for eligible expenses incurred by owners of commercial property who create handicapped parking spaces in excess of that required by any federal, state or local ordinance, law or regulation.
B.  As used in this section, “eligible expenses” means amounts paid by an owner of commercial property which is accessible to the public for commercial purposes for expenses incurred to create new handicapped parking spaces in excess of that required by law.
C.  The credit allowed by subsection A of this section shall be twenty percent (20%) of the amount of eligible expenses, not to exceed one thousand dollars ($1,000.00) annually per taxpayer.
D.  In no event shall the amount of the credit authorized by this section be used to reduce the tax liability of the taxpayer to less than zero.
E.  Any credits allowed but not used in any tax year may be carried over in order to each of the four (4) tax years following the year of qualification.
SECTION 2.  This act shall become effective January 1, 2010.

52-1-1536	JCR	1/15/2009 6:42:43 PM