Newspaper article THE JOURNAL RECORD

House Committee Approves Several Sales Tax Holiday Bills

Newspaper article THE JOURNAL RECORD

House Committee Approves Several Sales Tax Holiday Bills

Article excerpt

One of several sales tax holiday bills passed out of the House Revenue and Taxation Committee on Wednesday was a measure backed by the House Democratic Caucus that would reimburse cities and towns for any revenue they lose from the exemption.

House Bill 1002 was filed by House Majority Floor Leader Danny Hilliard, D-Sulphur, but Rep. Bill Nations, D-Norman, is assuming the bill's authorship.

Patterned after a Texas law, it would establish a sales tax exemption for clothing and footwear costing less than $100 per article. The bill would cover clothing purchased during a three-day period from the first Friday in August through midnight the following Sunday, just before school starts in many districts.

The exemption would also apply to county and municipal sales taxes, with lost revenue to be reimbursed by the Oklahoma Tax Commission.

Nations said that the bill has a fiscal impact of about $4.96 million, including the reimbursement feature, which he said is needed to protect Oklahoma communities.

"We have a lot of municipalities in Oklahoma that are revenue- starved already," he told the committee.

Also approved was House Joint Resolution 1012, by Rep. Susan Winchester, R-Chickasha, a proposed constitutional amendment that would delete a requirement that a five-year ad valorem tax exemption for manufacturing facilities apply only to facilities unoccupied for a period of 12 months prior to acquisition.

Winchester said that the abandoned-building requirement was enacted during the oil-bust of the 1980s, when such facilities were fairly common. That is no longer the case, she told members.

House Bill 1439, also by Nations, would decrease from $5 million to $2.5 million the selling price for an aircraft to qualify for the aircraft excise tax credit.

Nations said that the bill would require those who receive the tax credit to utilize the funds to upgrade one of the state's 123 airports.

House Bill 1646, by Rep. Abe Deutschendorf, D-Lawton, would provide an income tax deduction for individuals who become new residents of the state as a direct result of a job or becoming employed in the state.

The tax break would amount to $30,000 for the first year the individual files a return, $20,000 for the second year. …

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