Bill Text For SB0590 - Conference Committee Substitute

 1|                          STATE OF OKLAHOMA                            |
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 2|             2nd Session of the 58th Legislature (2022)                |
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 3|CONFERENCE COMMITTEE SUBSTITUTE                                        |
  |FOR ENGROSSED                                                          |
 4|SENATE BILL 590                      By: Montgomery of the Senate      |
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 5|                                         and                           |
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 6|                                         Martinez of the House         |
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 7|                                                                       |
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 8|                                                                       |
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 9|                   CONFERENCE COMMITTEE SUBSTITUTE                     |
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10|       An Act relating to digital asset mining; creating the           |
  |       Commercial Digital Asset Mining Act of 2022; stating            |
11|       intent; defining terms; providing sales tax exemption           |
  |       for the sale of certain equipment and machinery;                |
12|       amending 68 O.S. 2021, Section 2357.4, which relates            |
  |       to income tax credit for certain investments;                   |
13|       providing credit for investment in certain                      |
  |       facilities; updating statutory language; limiting               |
14|       credit used to offset tax for certain entities;                 |
  |       providing for codification; and providing an                    |
15|       effective date.                                                 |
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16|                                                                       |
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17|BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:                  |
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18|    SECTION 1.     NEW LAW     A new section of law to be codified     |
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19|in the Oklahoma Statutes as Section 1359.3 of Title 68, unless there   |
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20|is created a duplication in numbering, reads as follows:               |
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21|    This act shall be known and may be cited as the "Commercial        |
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22|Digital Asset Mining Act of 2022".                                     |
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23|                                                                       |
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24|                                                                       |
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   Req. No. 3885                                                   Page 1
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 1|    SECTION 2.     NEW LAW     A new section of law to be codified     |
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 2|in the Oklahoma Statutes as Section 1359.4 of Title 68, unless there   |
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 3|is created a duplication in numbering, reads as follows:               |
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 4|    It is the intent of the Legislature that:                          |
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 5|    1.  This state provide appropriate incentives to attract           |
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 6|investments and jobs in innovative technological industries and        |
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 7|sectors to this state;                                                 |
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 8|    2.  Blockchain technology is innovative technology that may be     |
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 9|utilized in multiple industries to secure data and reduce fraud;       |
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10|    3.  Access to cost-effective energy is critical in the use of      |
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11|blockchain technology, particularly in the commercial mining of        |
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12|digital assets which requires large amounts of energy; and             |
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13|    4.  The original intent of the Legislature that the Oklahoma Tax   |
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14|Code recognize the continuing development of new and advanced          |
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15|manufacturing and industrial processing technologies has led to new    |
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16|manufacturing processes.  Blockchain technology used in the            |
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17|commercial mining of digital assets is a manufacturing process that    |
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18|should be taxed in a manner similar to historical forms of             |
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19|manufacturing or industrial processing in order to encourage the       |
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20|location and expansion of such operations in this state rather than    |
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21|in competing states.                                                   |
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22|    SECTION 3.     NEW LAW     A new section of law to be codified     |
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23|in the Oklahoma Statutes as Section 1359.5 of Title 68, unless there   |
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24|is created a duplication in numbering, reads as follows:               |
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   Req. No. 3885                                                   Page 2
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 1|    A.  1.  "Blockchain technology" means shared or distributed data   |
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 2|structures or digital ledgers governed by consensus protocols and      |
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 3|maintained by peer-to-peer networks that:                              |
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 4|         a.    store digital transactions, and                         |
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 5|         b.    verify and secure transactions cryptographically;       |
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 6|    2.  "Colocation facility" means a facility or facilities,          |
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 7|totaling not less than fifty thousand (50,000) square feet, located    |
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 8|in this state and utilized in the commercial mining of digital         |
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 9|assets or in hosting persons engaged in the commercial mining of       |
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10|digital assets through utilization of the facility's infrastructure    |
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11|including servers and network hardware powered by Internet             |
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12|bandwidth, electricity, and other services generally required for      |
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13|mining operations;                                                     |
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14|    3.  "Commercial mining of digital assets" means the process        |
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15|through which blockchain technology is used to mine digital assets     |
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16|at a colocation facility;                                              |
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17|    4.  "Digital assets" means a type of virtual currency that         |
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18|utilizes blockchain technology and that:                               |
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19|         a.    can be digitally traded between users, or               |
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20|         b.    can be converted or exchanged for legal tender;         |
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21|    5.  "Mine" means the process through which blockchain              |
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22|transactions are verified and accepted by adding the transactions to   |
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23|a blockchain ledger, which involves solving complex and mathematical   |
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24|                                                                       |
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   Req. No. 3885                                                   Page 3
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 1|cryptographic problems associated with a block containing              |
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 2|transaction data; and                                                  |
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 3|    6.  "Small colocation facility" means a facility or facilities,    |
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 4|totaling not less than five thousand (5,000) square feet but less      |
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 5|than fifty thousand (50,000) square feet, located in this state and    |
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 6|utilized in the commercial mining of digital assets or in hosting      |
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 7|persons engaged in the commercial mining of digital assets through     |
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 8|utilization of the facility's infrastructure including servers and     |
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 9|network hardware powered by Internet bandwidth, electricity, and       |
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10|other services generally required for mining operations.               |
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11|    B.  Beginning on the effective date of this act and ending on      |
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12|December 31, 2037, the sale of machinery and equipment including but   |
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13|not limited to servers and computers, racks, power distribution        |
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14|units, cabling, switchgear, transformers, substations, software,       |
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15|network equipment, and electricity used for commercial mining of       |
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16|digital assets in a colocation facility shall be exempt from the tax   |
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17|imposed by Section 1350 et seq. of Title 68 of the Oklahoma            |
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18|Statutes.                                                              |
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19|    SECTION 4.     AMENDATORY     68 O.S. 2021, Section 2357.4, is     |
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20|amended to read as follows:                                            |
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21|    Section 2357.4.  A.  Except as otherwise provided in subsection    |
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22|F of Section 3658 of this title and in subsections J and K of this     |
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23|section, for taxable years beginning after December 31, 1987, there    |
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24|                                                                       |
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   Req. No. 3885                                                   Page 4
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 1|shall be allowed a credit against the tax imposed by Section 2355 of   |
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 2|this title for:                                                        |
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 3|    1.  Investment in qualified depreciable property placed in         |
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 4|service during those years for use in a manufacturing operation, as    |
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 5|defined in Section 1352 of this title, which has received a            |
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 6|manufacturer exemption permit pursuant to the provisions of Section    |
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 7|1359.2 of this title or, a qualified aircraft maintenance or           |
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 8|manufacturing facility in this state as defined in Section 1357 of     |
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 9|this title in this state or, a qualified web search portal as          |
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10|defined in Section 1357 of this title, or, for tax year 2022 and       |
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11|subsequent tax years, for use in a colocation facility and small       |
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12|colocation facility as defined in Section 3 of this act; or            |
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13|    2.  A net increase in the number of full-time-equivalent           |
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14|employees in a manufacturing operation, as defined in Section 1352     |
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15|of this title, which has received a manufacturer exemption permit      |
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16|pursuant to the provisions of Section 1359.2 of this title or, a       |
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17|qualified aircraft maintenance or manufacturing facility defined in    |
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18|Section 1357 of this title in this state or, in a qualified web        |
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19|search portal as defined in Section 1357 of this title, or, for tax    |
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20|year 2022 and subsequent tax years, in a colocation facility and       |
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21|small colocation facility as defined in Section 3 of this act          |
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22|including employees engaged in support services.                       |
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23|    B.  Except as otherwise provided in subsection F of Section 3658   |
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24|of this title and in subsections J and K of this section, for          |
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   Req. No. 3885                                                   Page 5
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 1|taxable years beginning after December 31, 1998, there shall be        |
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 2|allowed a credit against the tax imposed by Section 2355 of this       |
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 3|title for:                                                             |
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 4|    1.  Investment in qualified depreciable property with a total      |
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 5|cost equal to or greater than Forty Million Dollars ($40,000,000.00)   |
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 6|within three (3) years from the date of initial qualifying             |
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 7|expenditure and placed in service in this state during those years     |
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 8|for use in the manufacture of products described by any Industry       |
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 9|Number contained in Division D of Part I of the Standard Industrial    |
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10|Classification (SIC) Manual, latest revision; or                       |
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11|    2.  A net increase in the number of full-time-equivalent           |
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12|employees in this state engaged in the manufacture of any goods        |
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13|identified by any Industry Number contained in Division D of Part I    |
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14|of the Standard Industrial Classification (SIC) Manual, latest         |
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15|revision, if the total cost of qualified depreciable property placed   |
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16|in service by the business entity within the state equals or exceeds   |
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17|Forty Million Dollars ($40,000,000.00) within three (3) years from     |
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18|the date of initial qualifying expenditure.                            |
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19|    C.  The business entity may claim the credit authorized by         |
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20|subsection B of this section for expenditures incurred or for a net    |
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21|increase in the number of full-time-equivalent employees after the     |
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22|business entity provides proof satisfactory to the Oklahoma Tax        |
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23|Commission that the conditions imposed pursuant to paragraph 1 or      |
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24|paragraph 2 of subsection B of this section have been satisfied.       |
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   Req. No. 3885                                                   Page 6
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 1|    D.  If a business entity fails to expend the amount required by    |
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 2|paragraph 1 or paragraph 2 of subsection B of this section within      |
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 3|the time required, the business entity may not claim the credit        |
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 4|authorized by subsection B of this section but shall be allowed to     |
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 5|claim a credit pursuant to subsection A of this section if the         |
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 6|requirements of subsection A of this section are met with respect to   |
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 7|the investment in qualified depreciable property or net increase in    |
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 8|the number of full-time-equivalent employees.                          |
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 9|    E.  The credit provided for in subsection A of this section, if    |
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10|based upon investment in qualified depreciable property, shall not     |
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11|be allowed unless the investment in qualified depreciable property     |
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12|is at least Fifty Thousand Dollars ($50,000.00).  The credit           |
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13|provided for in subsection A or B of this section shall not be         |
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14|allowed if the applicable investment is the direct cause of a          |
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15|decrease in the number of full-time-equivalent employees.  Qualified   |
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16|property shall be limited to machinery, fixtures, equipment,           |
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17|buildings, or substantial improvements thereto, placed in service in   |
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18|this state during the taxable year.  The taxable years for which the   |
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19|credit may be allowed if based upon investment in qualified            |
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20|depreciable property shall be measured from the year in which the      |
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21|qualified property is placed in service.  If the credit provided for   |
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22|in subsection A or B of this section is calculated on the basis of     |
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23|the cost of the qualified property, the credit shall be allowed in     |
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24|each of the four (4) subsequent years.  If the qualified property on   |
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   Req. No. 3885                                                   Page 7
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 1|which a credit has previously been allowed is acquired from a          |
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 2|related party, the date such the property is placed in service by      |
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 3|the transferor shall be considered to be the date such the property    |
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 4|is placed in service by the transferee, for purposes of determining    |
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 5|the aggregate number of years for which credit may be allowed.         |
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 6|    F.  The credit provided for in subsection A or B of this           |
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 7|section, if based upon an increase in the number of                    |
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 8|full-time-equivalent employees, shall be allowed in each of the four   |
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 9|(4) subsequent years only if the level of new employees is             |
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10|maintained in the subsequent year.  In calculating the credit by the   |
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11|number of new employees, only those employees whose paid wages or      |
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12|salary were at least Seven Thousand Dollars ($7,000.00) during each    |
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13|year the credit is claimed shall be included in the calculation.       |
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14|Provided, that the first year a credit is claimed for a new            |
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15|employee, such the employee may be included in the calculation         |
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16|notwithstanding paid wages of less than Seven Thousand Dollars         |
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17|($7,000.00) if the employee was hired in the last three quarters of    |
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18|the tax year, has wages or salary which will result in annual paid     |
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19|wages in excess of Seven Thousand Dollars ($7,000.00) and the          |
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20|taxpayer submits an affidavit stating that the employee's position     |
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21|will be retained in the following tax year and will result in the      |
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22|payment of wages in excess of Seven Thousand Dollars ($7,000.00).      |
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23|The number of new employees shall be determined by comparing the       |
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24|monthly average number of full-time employees subject to Oklahoma      |
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   Req. No. 3885                                                   Page 8
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 1|income tax withholding for the final quarter of the taxable year       |
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 2|with the corresponding period of the prior taxable year, as            |
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 3|substantiated by such reports as may be required by the Tax            |
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 4|Commission.                                                            |
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 5|    G.  The credit allowed by subsection A of this section shall be    |
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 6|the greater amount of either:                                          |
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 7|    1.  One percent (1%) of the cost of the qualified property in      |
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 8|the year the property is placed in service; or                         |
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 9|    2.  Five Hundred Dollars ($500.00) for each new employee.  No      |
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10|credit shall be allowed in any taxable year for a net increase in      |
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11|the number of full-time-equivalent employees if such the increase is   |
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12|a result of an investment in qualified depreciable property for        |
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13|which an income tax credit has been allowed as authorized by this      |
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14|section.                                                               |
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15|    H.  The credit allowed by subsection B of this section shall be    |
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16|the greater amount of either:                                          |
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17|    1.  Two percent (2%) of the cost of the qualified property in      |
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18|the year the property is placed in service; or                         |
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19|    2.  One Thousand Dollars ($1,000.00) for each new employee.        |
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20|    No credit shall be allowed in any taxable year for a net           |
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21|increase in the number of full-time-equivalent employees if such       |
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22|increase is a result of an investment in qualified depreciable         |
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23|property for which an income tax credit has been allowed as            |
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24|authorized by this section.                                            |
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   Req. No. 3885                                                   Page 9
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 1|    I.  Except as provided by subsection G of Section 3658 of this     |
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 2|title, any credits allowed but not used in any taxable year may be     |
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 3|carried over in order as follows:                                      |
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 4|    1.  To each of the four (4) years following the year of            |
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 5|qualification;                                                         |
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 6|    2.  To the extent not used in those years in order to each of      |
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 7|the fifteen (15) years following the initial five-year period;         |
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 8|    3.  If a C corporation that otherwise qualified for the credits    |
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 9|under subsection A of this section subsequently changes its            |
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10|operating status to that of a pass-through entity which is being       |
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11|treated as the same entity for federal tax purposes, the credits       |
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12|will continue to be available as if the pass-through entity had        |
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13|originally qualified for the credits subject to the limitations of     |
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14|this section;                                                          |
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15|    4.  To the extent not used in paragraphs 1 and 2 of this           |
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16|subsection, such credits from qualified depreciable property placed    |
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17|in service on or after January 1, 2000, may be utilized in any         |
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18|subsequent tax years after the initial twenty-year period; and         |
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19|    5.  Provided, for tax years beginning on or after January 1,       |
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20|2016, and ending on or before December 31, 2018, the amount of         |
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21|credits available as an offset in a taxable year shall be limited to   |
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22|the percentage calculated by the Tax Commission pursuant to the        |
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23|provisions of subsection L of this section.                            |
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24|                                                                       |
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   Req. No. 3885                                                   Page 10
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 1|    J.  No credit otherwise authorized by the provisions of this       |
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 2|section may be claimed for any event, transaction, investment,         |
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 3|expenditure, or other act occurring on or after July 1, 2010, for      |
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 4|which the credit would otherwise be allowable until the provisions     |
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 5|of this subsection shall cease to be operative on July 1, 2012.        |
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 6|Beginning July 1, 2012, the credit authorized by this section may be   |
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 7|claimed for any event, transaction, investment, expenditure, or        |
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 8|other act occurring on or after July 1, 2010, according to the         |
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 9|provisions of this section; provided, credits accrued during the       |
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10|period from July 1, 2010, through June 30, 2012, shall be limited to   |
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11|a period of two (2) taxable years.  The credit shall be limited in     |
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12|each taxable year to fifty percent (50%) of the total amount of the    |
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13|accrued credit.  Any tax credits which accrue during the period of     |
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14|July 1, 2010, through June 30, 2012, may not be claimed for any        |
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15|period prior to the taxable year beginning January 1, 2012.  No        |
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16|credits which accrue during the period of July 1, 2010, through June   |
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17|30, 2012, may be used to file an amended tax return for any taxable    |
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18|year prior to the taxable year beginning January 1, 2012.              |
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19|    K.  Beginning January 1, 2017, except with respect to tax          |
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20|credits allowed from investment or job creation occurring prior to     |
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21|January 1, 2017, the credits authorized by this section shall not be   |
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22|allowed for investment or job creation in electric power generation    |
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23|by means of wind as described by the North American Industry           |
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24|Classification System, No. 221119.                                     |
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   Req. No. 3885                                                   Page 11
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 1|    L.  For tax years beginning on or after January 1, 2016, and       |
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 2|ending on or before December 31, 2018, the total amount of credits     |
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 3|authorized by this section used to offset tax shall be adjusted        |
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 4|annually to limit the annual amount of credits to Twenty-five          |
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 5|Million Dollars ($25,000,000.00).  The Tax Commission shall annually   |
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 6|calculate and publish a percentage by which the credits authorized     |
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 7|by this section shall be reduced so the total amount of credits used   |
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 8|to offset tax does not exceed Twenty-five Million Dollars              |
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 9|($25,000,000.00) per year.  The formula to be used for the             |
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10|percentage adjustment shall be Twenty-five Million Dollars             |
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11|($25,000,000.00) divided by the credits used to offset tax in the      |
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12|second preceding year.                                                 |
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13|    M.  Pursuant to subsection L of this section, in the event the     |
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14|total tax credits authorized by this section exceed Twenty-five        |
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15|Million Dollars ($25,000,000.00) in any calendar year, the Tax         |
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16|Commission shall permit any excess over Twenty-five Million Dollars    |
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17|($25,000,000.00) but shall factor such excess into the percentage      |
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18|adjustment formula for subsequent years.                               |
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19|    N.  For tax year 2022 and subsequent tax years, the total amount   |
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20|of credits authorized pursuant to this section used to offset tax      |
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21|shall be limited annually not to exceed Five Million Dollars           |
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22|($5,000,000.00) for a small colocation facility and Ten Million        |
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23|Dollars ($10,000,000.00) for a colocation facility.  Any credits       |
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24|authorized but not used in a tax year as provided by the limitations   |
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   Req. No. 3885                                                   Page 12
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 1|in this subsection may be carried over as provided in subsection I     |
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 2|of this section.                                                       |
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 3|    SECTION 5.  This act shall become effective November 1, 2022.      |
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 5|    58-2-3885      QD        5/19/2022 6:31:47 AM                      |
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   Req. No. 3885                                                   Page 13
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