Manufacturing sales tax absolution is apparatus for attracting, advancement investment
Q: What is Oklahoma’s accomplishment sales tax exemption?
A: Goods and accessories acclimated in a accomplishment operation can be purchased absolved from sales and use tax by manufacturers. This blazon of sales tax absolution is advised to allure and advance business. It’s a accurate apparatus that governments apply to accomplish their communities added attractive. The account is simple: draw out-of-state advance and accumulate in-state advance rather than accommodated that advance (and the associated jobs, taxes and infrastructure) to a aggressive location.
Q: What is the appliance of the sales tax absolution to the activity industry?
A: Under Oklahoma law, the appellation “manufacturing” includes the about-face of abstracts and accustomed assets into added abstracts that accept a altered anatomy or use. This analogue encompasses processes alignment from the accomplishment of oil acreage accessories to petroleum refining. Electric ability bearing is additionally advised manufacturing. As a result, ability generators such as accustomed gas-fired ability plants, coal-fired ability plants and wind activity accessories are accounted manufacturers and are acceptable to acquirement accessories to be acclimated in the ability bearing action absolved from sales and use tax. Ultimately, the absolution is advised to advice condoning activity companies break afloat — abnormally during capital-intensive phases — and accumulate advance in Oklahoma.
Q: This absolution has been a hot affair at the accompaniment Capitol during appropriate aldermanic session. What are some of the issues at hand?
A: Oklahoma is adverse a celebrated account shortfall, with risks of added cuts to accompaniment agencies acceptable a actual absolute possibility. Legislators are analytic for dollars to advice bung banking holes afore the address sinks, and abounding of our state’s tax incentives and exemptions may be on the chopping block. There has been altercation of removing wind activity companies from admission to the accomplishment sales tax exemption. While wind developers accept fabricated it about bright they’re already invested in Oklahoma to the tune of billions and plan to break for the continued haul, it’s important to revisit the acumen for such exemptions in the aboriginal abode and accede that the adverse is additionally true: if assertive companies or industries are punitively cut out of such exemptions while still advantageous millions in taxes, it may accomplish Oklahoma a difficult abode to do business, which will, in the continued run, abash advance and aggravate our state’s account problems.
PAULA BURKES, BUSINESS WRITER
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