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Oklahoma Legislature· HB 4424Second Reading referred to Appropriations and Budget

An act relating to revenue and taxation, the official text

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1                   STATE OF OKLAHOMA

2   2nd Session of the 60th Legislature (2026)

3 HOUSE BILL 4424                 By: Hilbert

4

5

6                   AS INTRODUCED

7   An Act relating to revenue and taxation; amending 68

    O.S. 2021, Section 2902, as last amended by Section

8   1, Chapter 411, O.S.L. 2025 (68 O.S. Supp. 2025,

    Section 2902), which relates to exemption from ad

9   valorem taxation for manufacturing facilities;

    modifying definition of manufacturing facilities to

10  exclude certain establishments engaged in computer

    services and data processing; defining term; and

11  providing an effective date.

12

13

14 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:

15  SECTION 1.      AMENDATORY  68 O.S. 2021, Section 2902, as

16 last amended by Section 1, Chapter 411, O.S.L. 2025 (68 O.S. Supp.

17 2025, Section 2902), is amended to read as follows:

18  Section 2902. A. Except as otherwise provided by subsection H

19 of Section 3658 of this title pursuant to which the exemption

20 authorized by this section may not be claimed, a qualifying

21 manufacturing concern, as defined by Section 6B of Article X of the

22 Oklahoma Constitution, and as further defined herein, shall be

23 exempt from the levy of any ad valorem taxes upon new, expanded or

24 acquired manufacturing facilities including facilities engaged in

    Req. No. 15485                                                 Page 1
1 research and development, for a period of five (5) years. The

2 provisions of Section 6B of Article X of the Oklahoma Constitution

3 requiring an existing facility to have been unoccupied for a period

4 of twelve (12) months prior to acquisition shall be construed as a

5 qualification for a facility to initially receive an exemption, and

6 shall not be deemed to be a qualification for that facility to

7 continue to receive an exemption in each of the four (4) years

8 following the initial year for which the exemption was granted.

9 Such facilities are hereby classified for the purposes of taxation

10 as provided in Section 22 of Article X of the Oklahoma Constitution.

11  B. For purposes of this section, the following definitions

12 shall apply:

13  1. "Manufacturing facilities" means facilities engaged in the

14 mechanical or chemical transformation of materials or substances

15 into new products and except as provided by paragraph 6 of

16 subsection C of this section shall include:

17  a. establishments which have received a manufacturer

18               exemption permit pursuant to the provisions of Section

19               1359.2 of this title,

20  b. facilities including repair and replacement parts,

21               primarily engaged in aircraft repair, building and

22               rebuilding whether or not on a factory basis,

23  c. establishments primarily engaged in computer services

24               and data processing as defined under Industrial Group

    Req. No. 15485                                                 Page 2
1   Numbers 5112 and 5415, and U.S. Industry Number 334611

2   and 519130 of the NAICS Manual, latest revision,

3   provided that the establishment was in operation on or

4   before January 1, 2027, and which derive at least

5   fifty percent (50%) of their annual gross revenues

6   from the sale of a product or service to an out-of-

7   state buyer or consumer, and as defined under

8   Industrial Group Number 5182 of the NAICS Manual,

9   latest revision, which derive at least eighty percent

10  (80%) of their annual gross revenues from the sale of

11  a product or service to an out-of-state buyer or

12  consumer. For purposes of this subparagraph, "in

13  operation" means that the data center:

14  (1) had installed an operational computing and

15                  networking equipment,

16  (2) was providing data processing, storage, cloud, or

17                  related computer services to one or more third-

18                  party customers pursuant to executed service

19                  agreements, and

20  (3) had generated verifiable gross revenue from such

21                  services prior to January 1, 2027.

22  "In operation" does not include construction, site

23  preparation, equipment installation, system testing,

24  commissioning, or standby capacity without active

    Req. No. 15485                                                Page 3
1   customer service. Eligibility as a manufacturing

2   facility pursuant to this subparagraph shall be

3   established, subject to review by the Oklahoma Tax

4   Commission, by annually filing an affidavit with the

5   Tax Commission stating that the facility so qualifies

6   and such other information as required by the Tax

7   Commission. For purposes of determining whether

8   annual gross revenues are derived from sales to out-

9   of-state buyers, all sales to the federal government

10  shall be considered to be an out-of-state buyer,

11  d. facilities that the investment cost of the

12  construction, acquisition or expansion is Five Hundred

13  Thousand Dollars ($500,000.00) or more with respect to

14  assets placed into service during calendar year 2022.

15  For subsequent calendar years, the investment required

16  shall be increased annually by a percentage equal to

17  the previous year's increase in the Consumer Price

18  Index-All Urban Consumers ("CPI-U") and such adjusted

19  amount shall be the required investment cost in order

20  to qualify for the exemption authorized by this

21  section. The Oklahoma Department of Commerce shall

22  determine the amount of the increase, if any, on

23  January 1 of each year. The Oklahoma Tax Commission

24  shall publish on its website at least annually the

    Req. No. 15485                                     Page 4
1   adjusted dollar amount in order to qualify for the

2   exemption authorized by this section and shall include

3   the adjusted dollar amount in any of its relevant

4   forms or publications with respect to the exemption.

5   Provided, "investment cost" shall not include the cost

6   of direct replacement, refurbishment, repair or

7   maintenance of existing machinery or equipment, except

8   that investment cost shall include capital

9   expenditures for direct replacement, refurbishment,

10  repair or maintenance of existing machinery or

11  equipment that qualifies for depreciation and/or

12  amortization pursuant to the Internal Revenue Code of

13  1986, as amended, and such expenditures shall be

14  eligible as a part of an expansion that otherwise

15  qualifies under this section,

16  e. establishments primarily engaged in distribution as

17  defined under Industry Numbers 49311, 49312, 49313 and

18  49319 and Industry Sector Number 42 of the NAICS

19  Manual, latest revision, and which meet the following

20  qualifications:

21  (1) construction with an initial capital investment

22                  of at least Five Million Dollars ($5,000,000.00),

23

24

    Req. No. 15485                                     Page 5
1   (2) employment of at least one hundred (100) full-

2                   time-equivalent employees, as certified by the

3                   Oklahoma Employment Security Commission,

4   (3) payment of wages or salaries to its employees at

5                   a wage which equals or exceeds the average wage

6                   requirements in the Oklahoma Quality Jobs Program

7                   Act for the year in which the real property was

8                   placed into service, and

9   (4) commencement of construction on or after November

10                  1, 2007, with construction to be completed within

11                  three (3) years from the date of the commencement

12                  of construction,

13  f. facilities engaged in the manufacturing, compounding,

14  processing or fabrication of materials into articles

15  of tangible personal property according to the special

16  order of a customer (custom order manufacturing) by

17  manufacturers classified as operating in North

18  American Industry Classification System (NAICS)

19  Sectors 32 and 33, but does not include such custom

20  order manufacturing by manufacturers classified in

21  other NAICS code sectors, and

22  g. with respect to any entity making an application for

23  the exemption authorized by this section on or after

24  January 1, 2023, the establishment making application

    Req. No. 15485                                            Page 6
1   for exempt treatment of real or personal property

2   acquired or improved beginning January 1, 2022, and

3   for any calendar year thereafter, the entity shall be

4   required to pay new direct jobs, as defined by Section

5   3603 of this title for purposes of the Oklahoma

6   Quality Jobs Program Act, an average annualized wage

7   which equals or exceeds the average wage requirement

8   in the Oklahoma Quality Jobs Program Act for the year

9   in which the real or personal property was placed into

10  service. The Oklahoma Tax Commission may request

11  verification from the Oklahoma Department of Commerce

12  that an establishment seeking an exemption for real or

13  personal property pays an average annualized wage that

14  equals or exceeds the average wage requirement in

15  effect for the year in which the real or personal

16  property was placed into service. For purposes of

17  this subparagraph, it shall not be necessary for the

18  establishment to qualify for incentive payments

19  pursuant to the Oklahoma Quality Jobs Program Act, but

20  the establishment shall be subject to the wage

21  requirements of the Oklahoma Quality Jobs Program Act

22  with respect to new direct jobs in order to qualify

23  for the exempt treatment authorized by this section.

24

    Req. No. 15485                                     Page 7
1   Eligibility as a manufacturing facility pursuant to this

2 subparagraph shall be established, subject to review by the Tax

3 Commission, by annually filing an affidavit with the Tax Commission

4 stating that the facility so qualifies and containing such other

5 information as required by the Tax Commission.

6   Provided, eating and drinking places, as well as other retail

7 establishments, shall not qualify as manufacturing facilities for

8 purposes of this section, nor shall centrally assessed properties.

9   Eligibility as a manufacturing facility pursuant to this

10 subparagraph shall be established, subject to review by the Tax

11 Commission, by annually filing an application with the Tax

12 Commission stating that the facility so qualifies and containing

13 such other information as required by the Tax Commission;

14  2. "Facility" and "facilities", except as otherwise provided by

15 this section, means and includes the land, buildings, structures and

16 improvements used directly and exclusively in the manufacturing

17 process. Effective January 1, 2022, and for each calendar year

18 thereafter, for establishments which have received a manufacturer

19 exemption permit pursuant to the provisions of Section 1359.2 of

20 this title, or facilities engaged in manufacturing activities

21 defined or classified in the NAICS Manual under Industry Nos. 311111

22 through 339999, inclusive, but for no other establishments, facility

23 and facilities means and includes the land, buildings, structures,

24 improvements, machinery, fixtures, equipment and other personal

    Req. No. 15485                                                  Page 8
1 property used directly and exclusively in the manufacturing process;

2 and

3      3. "Research and development" means activities directly related

4 to and conducted for the purpose of discovering, enhancing,

5 increasing or improving future or existing products or processes or

6 productivity.

7      C. The following provisions shall apply:

8      1. A manufacturing concern shall be entitled to the exemption

9 herein provided for each new manufacturing facility constructed,

10 each existing manufacturing facility acquired and the expansion of

11 existing manufacturing facilities on the same site, as such terms

12 are defined by Section 6B of Article X of the Oklahoma Constitution

13 and by this section;

14     2. No manufacturing concern shall receive more than one five-

15 year exemption for any one manufacturing facility unless the

16 expansion which qualifies the manufacturing facility for an

17 additional five-year exemption meets the requirements of paragraph 4

18 of this subsection and the employment level established for any

19 previous exemption is maintained;

20     3. Any exemption as to the expansion of an existing

21 manufacturing facility shall be limited to the increase in ad

22 valorem taxes directly attributable to the expansion;

23

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    Req. No. 15485                                                  Page 9
1      4. All initial applications for any exemption for a new,

2 acquired or expanded manufacturing facility shall be granted only

3 if:

4      a. there is a net increase in annualized base payroll

5      over the initial payroll of at least Two Hundred Fifty

6      Thousand Dollars ($250,000.00) if the facility is

7      located in a county with a population of fewer than

8      seventy-five thousand (75,000), according to the most

9      recent Federal Decennial Census, while maintaining or

10     increasing base payroll in subsequent years, or at

11     least One Million Dollars ($1,000,000.00) if the

12     facility is located in a county with a population of

13     seventy-five thousand (75,000) or more, according to

14     the most recent Federal Decennial Census, while

15     maintaining or increasing base payroll in subsequent

16     years; provided, the payroll requirement of this

17     subparagraph shall be waived for claims for exemptions

18     including claims previously denied or on appeal on

19     March 3, 2010, for all initial applications for

20     exemption filed on or after January 1, 2004, and on or

21     before March 31, 2009, and all subsequent annual

22     exemption applications filed related to the initial

23     application for exemption, for an applicant, if the

24     facility has been located in Oklahoma for at least

    Req. No. 15485                                               Page 10
1   fifteen (15) years engaged in marine engine

2   manufacturing as defined under U.S. Industry Number

3   333618 of the NAICS Manual, latest revision, and has

4   maintained an average employment of five hundred (500)

5   or more full-time-equivalent employees over a ten-year

6   period. Any applicant that qualifies for the payroll

7   requirement waiver as outlined in the previous

8   sentence and subsequently closes its Oklahoma

9   manufacturing plant prior to January 1, 2012, may be

10  disqualified for exemption and subject to recapture.

11  For an applicant engaged in paperboard manufacturing

12  as defined under U.S. Industry Number 322130 of the

13  NAICS Manual, latest revision, union master payouts

14  paid by the buyer of the facility to specified

15  individuals employed by the facility at the time of

16  purchase, as specified under the purchase agreement,

17  shall be excluded from payroll for purposes of this

18  section.

19  In order to provide certainty with respect to

20  investments in manufacturing facilities pertaining to

21  all initial applications for exemption filed on or

22  after January 1, 2016, the following definitions shall

23  apply:

24

    Req. No. 15485                                  Page 11
1   (1) "base payroll" shall mean total payroll adjusted

2                   for any nonrecurring bonuses, exercise of stock

3                   option or stock rights and other nonrecurring,

4                   extraordinary items included in total payroll,

5                   and

6   (2) "initial payroll" shall mean base payroll for the

7                   year immediately preceding the initial

8                   construction, acquisition or expansion.

9                   The Tax Commission shall verify payroll

10                  information through the Oklahoma Employment

11                  Security Commission by using reports from the

12                  Oklahoma Employment Security Commission for the

13                  calendar year immediately preceding the year for

14                  which initial application is made for base-line

15                  payroll, which must be maintained or increased

16                  for each subsequent year; provided, a

17                  manufacturing facility shall have the option of

18                  excluding from its payroll, for purposes of this

19                  section:

20                       i. payments to sole proprietors, members

21                            of a partnership, members of a limited

22                            liability company who own at least ten

23                            percent (10%) of the capital of the

24                            limited liability company or

    Req. No. 15485                                               Page 12
1                   stockholder-employees of a corporation

2                   who own at least ten percent (10%) of

3                   the stock in the corporation, and

4                   ii. any nonrecurring bonuses, exercise of

5                   stock option or stock rights or other

6                   nonrecurring, extraordinary items

7                   included in total payroll numbers as

8                   reported by the Oklahoma Employment

9                   Security Commission. A manufacturing

10                  facility electing either option shall

11                  indicate such election upon its

12                  application for an exemption under this

13                  section. Any manufacturing facility

14                  electing either option shall submit

15                  such information as the Tax Commission

16                  may require in order to verify payroll

17                  information. Payroll information

18                  submitted pursuant to the provisions of

19                  this paragraph shall be submitted to

20                  the Tax Commission and shall be subject

21                  to the provisions of Section 205 of

22                  this title, and

23  b. the facility offers, or will offer within one hundred

24  eighty (180) days of the date of employment, a basic

    Req. No. 15485                                     Page 13
1  health benefits plan to the full-time-equivalent

2  employees of the facility, which is determined by the

3  Oklahoma Department of Commerce to consist of the

4  elements specified in subparagraph b of paragraph 1 of

5  subsection A of Section 3603 of this title or elements

6  substantially equivalent thereto.

7  For purposes of this section, calculation of the amount of

8 increased base payroll shall be measured from the start of initial

9 construction or expansion to the completion of such construction or

10 expansion or for three (3) years from the start of initial

11 construction or expansion, whichever occurs first. The amount of

12 increased base payroll shall include payroll for full-time-

13 equivalent employees in this state who are employed by an entity

14 other than the facility which has previously or is currently

15 qualified to receive an exemption pursuant to the provisions of this

16 section and who are leased or otherwise provided to the facility, if

17 such employment did not exist in this state prior to the start of

18 initial construction or expansion of the facility. The

19 manufacturing concern shall submit an affidavit to the Tax

20 Commission, signed by an officer, stating that the construction,

21 acquisition or expansion of the facility will result in a net

22 increase in the annualized base payroll as required by this

23 paragraph and that full-time-equivalent employees of the facility

24 are or will be offered a basic health benefits plan as required by

   Req. No. 15485                                                 Page 14
1 this paragraph. If, after the completion of such construction or

2 expansion or after three (3) years from the start of initial

3 construction or expansion, whichever occurs first, the construction,

4 acquisition or expansion has not resulted in a net increase in the

5 amount of annualized base payroll, if required, or any other

6 qualification specified in this paragraph has not been met, the

7 manufacturing concern shall pay an amount equal to the amount of any

8 exemption granted including penalties and interest thereon, to the

9 Tax Commission for deposit to the Ad Valorem Reimbursement Fund;

10  5. Except as otherwise provided by this paragraph, any new,

11 acquired or expanded computer data processing, data preparation or

12 information processing services provider classified in U.S. Industry

13 Number 518210 of the North American Industrial Classification System

14 (NAICS) Manual, 2017 revision, may apply for exemptions under this

15 section for each year in which new, acquired, or expanded capital

16 improvements to the facility are made for assets placed in service

17 not later than December 31, 2021, if:

18  a. there is a net increase in annualized payroll of the

19  applicant at any facility or facilities of the

20  applicant in this state of at least Two Hundred Fifty

21  Thousand Dollars ($250,000.00), which is attributable

22  to the capital improvements, or a net increase of

23  Seven Million Dollars ($7,000,000.00) or more in

24  capital improvements, while maintaining or increasing

    Req. No. 15485                                              Page 15
1   payroll at the facility or facilities in this state

2   which are included in the application, and

3   b. the facility offers, or will offer within one hundred

4   eighty (180) days of the date of employment of new

5   employees attributable to the capital improvements, a

6   basic health benefits plan to the full-time-equivalent

7   employees of the facility, which is determined by the

8   Oklahoma Department of Commerce to consist of the

9   elements specified in subparagraph b of paragraph 1 of

10  subsection A of Section 3603 of this title or elements

11  substantially equivalent thereto.

12  An establishment described by this paragraph, the primary

13 business activity of which is described by Industry No. 518210 of

14 the North American Industry Classification System (NAICS) Manual,

15 2017 revision, that has applied for and been granted an exemption

16 for personal property at any time within five (5) years prior to

17 November 1, 2021, may apply for exemptions for items of eligible

18 personal property to be located within improvements to real property

19 and such real property and improvements having been exempt from ad

20 valorem taxation prior to November 1, 2021, pursuant to the

21 provisions of this section if such personal property is placed in

22 service not later than December 31, 2036. No additional personal

23 property of such establishment placed in service after such date

24

    Req. No. 15485                                              Page 16
1 shall qualify for the exempt treatment otherwise authorized pursuant

2 to this paragraph;

3   6. Effective January 1, 2017, an entity engaged in electric

4 power generation by means of wind, as described by the North

5 American Industry Classification System, No. 221119, shall not be

6 defined as a qualifying manufacturing concern for purposes of the

7 exemption otherwise authorized pursuant to Section 6B of Article X

8 of the Oklahoma Constitution or qualify as a manufacturing facility

9 as defined in this section. No initial application for exemption

10 shall be filed by or accepted from an entity engaged in electric

11 power generation by means of wind on or after January 1, 2018;

12  7. An entity or applicant engaged in an industry as defined

13 under U.S. Industry Number 324110 of the NAICS Manual, latest

14 revision, which has applied for or been granted an exemption for a

15 time period which began on or after calendar year 2012 and before

16 calendar year 2016 but which did not meet the payroll requirements

17 of subparagraph a of paragraph 4 of this subsection because of

18 nonrecurring bonuses, exercise of stock option or stock rights or

19 other nonrecurring, extraordinary items included in total payroll in

20 the previous year, shall be allowed an exemption, beginning with

21 calendar year 2016, for the number of years including the calendar

22 year for which the exemption was denied, remaining in the entity's

23 five-year exemption period, provided such entity attains or

24

    Req. No. 15485                                                 Page 17
1 increases payroll at or above the initial or base payroll

2 established for the exemption;

3   8. A facility engaged in manufacturing defined under U.S.

4 Industry Number 327310 of the NAICS Manual shall have the payroll

5 requirements of paragraph 4 of this subsection waived for tax year

6 2021, which is based in part on the 2020 calendar year payroll

7 reported to the Oklahoma Employment Security Commission, and may

8 continue to receive the exemption for the five-year period provided

9 in this section only if all other requirements of this section are

10 met; and

11  9. A facility engaged in manufacturing which otherwise

12 qualifies for the exemption or exemptions pursuant to the provisions

13 of this section shall have the payroll requirements of paragraph 4

14 of this subsection waived for tax year 2021, which is based in part

15 on the 2020 calendar year payroll reported to the Oklahoma

16 Employment Security Commission, and for tax year 2022, which is

17 based in part on the 2021 calendar year payroll reported to the

18 Oklahoma Employment Security Commission, and may continue to receive

19 the exemption for the five-year period provided in this section only

20 if all other requirements of this section are met. Provided, a

21 facility engaged in manufacturing as defined under Industrial Group

22 Number 3364 of the NAICS Manual, latest revision, which otherwise

23 qualifies or qualified to receive the exemption for the five-year

24 period provided in this section, including claims previously denied,

    Req. No. 15485                                                Page 18
1 shall have the payroll requirements of paragraph 4 of this

2 subsection waived for the five-year exemption period of those

3 initial exemption applications filed after January 1, 2020, and

4 before March 16, 2021.

5   D. 1. Except as provided in paragraph 2 of this subsection,

6 the five-year period of exemption from ad valorem taxes for any

7 qualifying manufacturing facility property shall begin on January 1

8 following the initial qualifying use of the property in the

9 manufacturing process.

10  2. The five-year period of exemption from ad valorem taxes for

11 any qualifying manufacturing facility, as specified in subparagraphs

12 a and b of this paragraph, which is located within a tax incentive

13 district created pursuant to the Local Development Act by a county

14 having a population of at least five hundred thousand (500,000),

15 according to the most recent Federal Decennial Census, shall begin

16 on January 1 following the expiration or termination of the ad

17 valorem exemption, abatement, or other incentive provided through

18 the tax incentive district. Facilities qualifying pursuant to this

19 subsection shall include:

20  a. a manufacturing facility as defined in subparagraph c

21  of paragraph 1 of subsection B of this section, and

22  b. an establishment primarily engaged in distribution as

23  defined under Industry Number 49311 of the North

24  American Industry Classification System for which the

    Req. No. 15485                                                 Page 19
1   initial capital investment was at least One Hundred

2   Eighty Million Dollars ($180,000,000.00); provided,

3   that the qualifying job creation and depreciable

4   property investment occurred prior to calendar year

5   2017 but not earlier than calendar year 2013.

6   E. Any person, firm or corporation claiming the exemption

7 herein provided for shall file each year for which exemption is

8 claimed, an application therefor with the county assessor of the

9 county in which the new, expanded or acquired facility is located.

10 The application shall be on a form or forms prescribed by the Tax

11 Commission, and shall be filed on or before March 15, except as

12 provided in Section 2902.1 of this title, of each year in which the

13 facility desires to take the exemption or within thirty (30) days

14 from and after receipt by such person, firm or corporation of notice

15 of valuation increase, whichever is later. In a case where

16 completion of the facility or facilities will occur after January 1

17 of a given year, a facility may apply to claim the ad valorem tax

18 exemption for that year. If such facility is found to be qualified

19 for exemption, the ad valorem tax exemption provided for herein

20 shall be granted for that entire year and shall apply to the ad

21 valorem valuation as of January 1 of that given year. For

22 applicants who qualify under the provisions of subparagraph b of

23 paragraph 1 of subsection B of this section, the application shall

24

    Req. No. 15485                                             Page 20
1 include a copy of the affidavit and any other information required

2 to be filed with the Tax Commission.

3   F. The application shall be examined by the county assessor and

4 approved or rejected in the same manner as provided by law for

5 approval or rejection of claims for homestead exemptions. The

6 taxpayer shall have the same right of review by and appeal from the

7 county board of equalization, in the same manner and subject to the

8 same requirements as provided by law for review and appeals

9 concerning homestead exemption claims. Approved applications shall

10 be filed by the county assessor with the Tax Commission no later

11 than June 15, except as provided in Section 2902.1 of this title, of

12 the year in which the facility desires to take the exemption.

13 Incomplete applications and applications filed after June 15 will be

14 declared null and void by the Tax Commission. In the event that a

15 taxpayer qualified to receive an exemption pursuant to the

16 provisions of this section shall make payment of ad valorem taxes in

17 excess of the amount due, the county treasurer shall have the

18 authority to credit the taxpayer's real or personal property tax

19 overpayment against current taxes due. The county treasurer may

20 establish a schedule of up to five (5) years of credit to resolve

21 the overpayment.

22  G. Nothing herein shall in any manner affect, alter or impair

23 any law relating to the assessment of property, and all property,

24 real or personal, which may be entitled to exemption hereunder shall

    Req. No. 15485                                                Page 21
1 be valued and assessed as is other like property and as provided by

2 law. The valuation and assessment of property for which an

3 exemption is granted hereunder shall be performed by the Tax

4 Commission using one or more of the cost, income and expense and

5 sales comparison approaches to estimate fair cash value in

6 accordance with the Uniform Standards of Professional Appraisal

7 Practice.

8   H. The Tax Commission shall have the authority and duty to

9 prescribe forms and to promulgate rules as may be necessary to carry

10 out and administer the terms and provisions of this section.

11  SECTION 2. This act shall become effective January 1, 2027.

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13  60-2-15485      AO  01/12/26

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    Req. No. 15485                                               Page 22
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