Okla. Stat. tit. 68, § 68-2357.205
This is the official text of Okla. Stat. tit. 68, § 68-2357.205, part of Oklahoma’s Stat. tit. 68, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 68,." Browse the sections below, each linked to its official government source.
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Cost of sulfur regulation compliance – Election and
Official statutory text
allocation.
A. A refiner who is:
Oklahoma Statutes - Title 68. Revenue and Taxation Page 879
1. A small business refiner; or
2. One or more persons directly holding an ownership interest
in the refiner,
may elect to allocate all or a portion of the cost of complying with
sulfur regulations issued by the Environmental Protection Agency as
a deduction allowable to such persons. The allocation for each
person shall be equal to the ratable share of the total amount
allocated, determined on the basis of the ownership interest of the
person. The taxable income of the refiner shall not be reduced by
reason of any amount allowed pursuant to this section.
B. An election made pursuant to subsection A of this section
for any taxable year shall be made on a timely filed return for such
year. The election, once made, shall be irrevocable for the taxable
year.
C. If any portion of the deduction available under subsection A
of this section is allocated to an owner, the cooperative shall
provide the owner receiving the allocation written notice of the
amount of the allocation. Notice shall be provided before the date
on which the return described in subsection B of this section is
due.
D. The provisions of this section shall apply to refinery
properties placed in service after the effective date of this act.
A. A refiner who is:
Oklahoma Statutes - Title 68. Revenue and Taxation Page 879
1. A small business refiner; or
2. One or more persons directly holding an ownership interest
in the refiner,
may elect to allocate all or a portion of the cost of complying with
sulfur regulations issued by the Environmental Protection Agency as
a deduction allowable to such persons. The allocation for each
person shall be equal to the ratable share of the total amount
allocated, determined on the basis of the ownership interest of the
person. The taxable income of the refiner shall not be reduced by
reason of any amount allowed pursuant to this section.
B. An election made pursuant to subsection A of this section
for any taxable year shall be made on a timely filed return for such
year. The election, once made, shall be irrevocable for the taxable
year.
C. If any portion of the deduction available under subsection A
of this section is allocated to an owner, the cooperative shall
provide the owner receiving the allocation written notice of the
amount of the allocation. Notice shall be provided before the date
on which the return described in subsection B of this section is
due.
D. The provisions of this section shall apply to refinery
properties placed in service after the effective date of this act.
Status: in_force · Read it on the official government site
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