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§ 6510. Electric vehicle tax credit

Oklahoma Statutes AnnotatedTitle 68. Revenue and TaxationEffective: November 1, 2021

Oklahoma Statutes Annotated
Title 68. Revenue and Taxation (Refs & Annos)
Chapter 1. Tax Codes (Refs & Annos)
Article 65. Drive Act of 2021
Effective: November 1, 2021
68 Okl.St.Ann. § 6510
§ 6510. Electric vehicle tax credit
Currentness
A. As used in this section, “qualified electric vehicle” means a 100%-electric or plug-in hybrid electric motor vehicle with the following characteristics:
1. A 100%-electric motor vehicle originally equipped so that the vehicle:
a. draws propulsion energy solely from a battery with at least twenty (20) kilowatt hours of capacity, which can be recharged from any external source of electricity,
b. is manufactured primarily for use on public streets, roads and highways, but does not include a vehicle operated exclusively on a rail or rails, and
c. which has at least four wheels;
2. A plug-in hybrid electric motor vehicle which is originally equipped so that the vehicle:
a. draws propulsion energy from:
(1) an internal combustion engine, and
(2) a battery with at least five (5) kilowatt hours of capacity, which can be recharged from an external source of electricity,
b. is manufactured primarily for use on public streets, roads and highways, but does not include a vehicle operated exclusively on a rail or rails, and
c. which has at least four wheels;
3. For purposes of this paragraph, the term “qualified 100%-electric and plug-in hybrid electric motor vehicle” does not include a vehicle that is manufactured primarily for off-road use, such as primarily for use on a golf course, and that has a maximum speed of thirty (30) miles per hour or less.
B. For taxable years beginning after December 31, 2023, there shall be allowed as a credit against the tax imposed pursuant to Section 2355 of Title 68 of the Oklahoma Statutes in the amount of electric vehicle charging taxes paid by an individual or lawfully recognized entity pursuant to Section 4 of this act.1
C. With respect to a natural person filing either a single status income tax return or persons filing a married status joint return, the amount of the credit otherwise authorized by this section shall not exceed the total amount of registration fees for electric vehicles paid by the person or persons during the taxable year for which the tax credit is claimed.
D. With respect to a taxpayer that is not a natural person, the amount of the credit otherwise authorized by this section shall not exceed the total amount of registration fees for electric vehicles paid by the taxpayer during the taxable year for which the tax credit is claimed.
E. The credit authorized by the provisions of this section shall not be used to reduce the tax liability to less than zero (0).
F. To the extent not used, the credit authorized by the provisions of this section may be carried over, in order, to each of the five (5) succeeding taxable years.

Credits

Laws 2021, c. 157, § 10, eff. Nov. 1, 2021.

Footnotes

1
Title 68, § 6504.
68 Okl. St. Ann. § 6510, OK ST T. 68 § 6510
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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