1| STATE OF OKLAHOMA | | | 2| 1st Session of the 59th Legislature (2023) | | | 3|SENATE BILL 987 By: Garvin | | | 4| | | | 5| | | | 6| AS INTRODUCED | | | 7| An Act relating to income tax credit; providing | | credit for certain expenses incurred; providing space | 8| for certain pre-K programs; providing amount of | | credit; providing for carry over of credit; defining | 9| term; authorizing the Oklahoma Tax Commission to | | verify certain claims; providing for codification; | 10| and providing an effective date. | | | 11| | | | 12| | | | 13|BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA: | | | 14| SECTION 1. NEW LAW A new section of law to be codified | | | 15|in the Oklahoma Statutes as Section 2357.27B of Title 68, unless | | | 16|there is created a duplication in numbering, reads as follows: | | | 17| A. For tax year 2024 and subsequent tax years, there shall be | | | 18|allowed a credit against the tax imposed by Section 2355 of Title 68 | | | 19|of the Oklahoma Statutes for eligible expenses incurred by entities | | | 20|providing building space, free of charge, for public schools to | | | 21|house pre-K programs. | | | 22| B. The credit authorized by this section shall be forty percent | | | 23|(40%) of the amount of eligible expenses. | | | 24| | | | Req. No. 465 Page 1 ___________________________________________________________________________
1| C. Any credits allowed but not used in any tax year may be | | | 2|carried over in order to each of the four (4) tax years following | | | 3|the year of qualification. | | | 4| D. As used in this section, "eligible expenses" mean: | | | 5| 1. Rent paid for the building where the pre-K programs are | | | 6|provided, or a portion of rent that is based upon the proportion of | | | 7|the square feet dedicated to providing pre-K programs in relation to | | | 8|the entity's buildings' total square feet for each location where | | | 9|space is provided. Rent paid in months where no space was provided | | | 10|for Pre-K programs shall not be considered an eligible expense; and | | | 11| 2. For a building where space is provided that is owned by the | | | 12|entity, or buildings owned by the entity, an eligible expense for | | | 13|the square feet dedicated to providing space for pre-K programs | | | 14|shall be Thirteen Dollars ($13.00) per square foot multiplied by a | | | 15|fraction, the numerator of which is the amount of weeks when pre-K | | | 16|programs were conducted and the denominator of which is fifty-two | | | 17|(52). | | | 18| E. To verify claims for credit pursuant to this section, the | | | 19|Oklahoma Tax Commission may require the school district to provide | | | 20|information regarding the pre-K program. | | | 21| SECTION 2. This act shall become effective November 1, 2023. | | | 22| | | | 23| 59-1-465 QD 1/19/2023 4:34:48 PM | | | 24| | | | Req. No. 465 Page 2