Effective November 1, 2003, provisions concerning the credit against Oklahoma personal income, corporate income, and insurance premiums taxes for investments in certain qualified venture capitalcompanies are extended, and a provision prohibiting the sale of certain residential property to satisfy delinquent Oklahoma property taxes is amended.

Venture capital investment credit extended: The credit available against Oklahoma personal income, corporate income, and insurance premiums taxes for investments in qualified venture capital companies whose purpose is to establish or expand the development of business and industry in Oklahoma is available for tax years beginning after 1986 and ending before 2009. Previously, the credit was only available for tax years ending before 2004.

Tax sale prohibition extended to disabled taxpayers: Effective November 1, 2003, residential property located in counties with populations exceeding 100,000 may not be sold by a county treasurer to pay delinquent Oklahoma property taxes if the taxpayer lives on the property, meets the definition of “totally disabled,” and complies with other statutory requirements. Prior to amendment, this provision applied only to taxpayers aged 65 and older who met the statutory requirements. For purposes of this exemption, “totally disabled” means a person who, due to a physical or mental impairment, expected to last at least 12 continuous months, is not able to engage in gainful activity. The county treasurer may require proof of disability in the form of certification by a state agency, insurance company, proof of eligibility to receive disability payments under the federal Social Security Act, or any other manner. The taxpayer must apply for the exemption no later than 60 days prior to when the property is to be sold and meet other statutory requirements. (S.B. 231, Laws 2003, effective as noted above.)

Copyright CCH Incorporated: Federal and State Tax May 27, 2003