Oklahoma Governor Signs Law Extending, Amending Income Tax Credit for Clean-Burning Motor Vehicle Fuel Property

The Oklahoma Governor April 28 signed an emergency law amending provisions related to an income tax credit for investments in qualified clean-burning motor vehicle fuel property, for individual income and corporate income tax purposes. The law includes measures: 1) extending the one-time credit until tax year 2028 for investments in qualified clean-burning motor vehicle fuel property placed in service on or after Jan. 1, 1991, or with respect to a hydrogen fuel cell, on or after July 1; 2) expanding the definition of “qualified clean-burning motor vehicle fuel property;" and 3) removing a provision for property that is directly related ...