H.B.4046: Revenue and taxation; manufacturing facilities; cryptocurrency mining; effective date.

An Act relating to revenue and taxation; amending 68 O.S. 2021, Section 2902, which relates to manufacturing facilities; adding commercial mining of cryptocurrency to definition; defining terms; requiring annual filing; and providing an effective date. 10 11 12 13 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA: 14 SECTION 1. AMENDATORY 68 O.S. 2021, Section 2902, is 15 amended to read as follows: 16 Section 2902. A. Except as otherwise provided by subsection H 17 of Section 3658 of this title pursuant to which the exemption 18 authorized by this section may not be claimed, a qualifying 19 manufacturing concern, as defined by Section 6B of Article X of the 20 Oklahoma Constitution, and as further defined herein, shall be 21 exempt from the levy of any ad valorem taxes upon new, expanded or 22 acquired manufacturing facilities including facilities engaged in 23 research and development, for a period of five (5) years. The 24 provisions of Section 6B of Article X of the Oklahoma Constitution Req. No. 9290 Page 1 requiring an existing facility to have been unoccupied for a period 2 of twelve (12) months prior to acquisition shall be construed as a 3 qualification for a facility to initially receive an exemption, and 4 shall not be deemed to be a qualification for that facility to 5 continue to receive an exemption in each of the four (4) years 6 following the initial year for which the exemption was granted.