Bill Number: OK51RHB 1304                           Date: 02-22-2007

        HOUSE FLOOR VERSION

        

                               THE HOUSE OF REPRESENTATIVES

  1                              Monday, February 26, 2007
 
  2                              Committee Substitute for
 
  3                                 House Bill No. 1304
 
  4           COMMITTEE SUBSTITUTE FOR HOUSE BILL NO.1304 - By: ENNS of the
 
  5     House and JUSTICE of the Senate.
 
  6            ( Revenue and taxation - railroad, air carrier, and public
 
  7     service corporation properties - buffer strip property - effective
 
  8     date
 
  9           emergency )
 
 10     BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
 
 11     SECTION 1.     AMENDATORY     68 O.S. 2001, Section 2847, is amended
 
 12     to read as follows:
 
 13           Section 2847.  A.  The property of all railroads, air carriers
 
 14     and public service corporations shall be assessed annually by the
 
 15     State Board of Equalization at its fair cash value estimated at the
 
 16     price it would bring at a fair voluntary sale.
 
 17           B.  [Taxable] Except as otherwise provided for in this
 
 18     subsection, taxable values of real and personal property of all
 
 19     railroads, air carriers and public service corporations shall be
 
 20     established in accordance with the requirements of Section 8 of
 
 21     Article X of the Oklahoma Constitution.  The State Board of
 
 22     Equalization shall determine the taxable value of all taxable
 
 23     property that the Board is required by law to assess and value, and
 
 24     shall determine such taxable value in accordance with the
 


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  1     requirements of Section 8 of Article X of the Oklahoma Constitution.
 
  2     Any parcel of property placed into a program which qualifies it as
 
  3     a buffer strip, as provided for in Section 2817.2 of this title and
 
  4     not used by the public service corporation to produce income shall
 
  5     be locally assessed and, for purposes of valuation and assessment,
 
  6     shall be valued as a separate parcel of property from the income-
 
  7     producing property of the public service corporation.
 
  8           C.  The percentage of fair cash value for real and personal
 
  9     property of railroads, air carriers and public service corporations
 
 10     required by the Oklahoma Constitution to be taxable shall be the
 
 11     percentage at which it was assessed on January 1, 1996, in
 
 12     accordance with the provisions of paragraph 3 of subsection A of
 
 13     Section 8 of Article X of the Oklahoma Constitution, and, subject to
 
 14     the requirements of federal law, shall be uniformly applied to
 
 15     calculate the taxable values of public service corporation property
 
 16     within the state for the applicable assessment year.
 
 17           SECTION 2.  This act shall become effective July 1, 2007.
 
 18           SECTION 3.  It being immediately necessary for the
 
 19     preservation of the public peace, health and safety, an emergency is
 
 20     hereby declared to exist, by reason whereof this act shall take
 
 21     effect and be in full force from and after its passage and approval.
 
 22           COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS AND BUDGET,
 
 23     dated 2-22-07  - DO PASS, As Amended and Coauthored.
 
 24     HB1304 HFLR- 2 -House of Representatives
 
 25     UNDERLINED language denotes Amendments to present Statutes.
 
 26     BOLD FACE CAPITALIZED language denotes Committee Amendments.
 
 27     Strike thru language denotes deletion from present Statutes.
 


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