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68-2357.22.


68-2357.22.
   
   A. For tax years beginning before January 1, 2002, there shall be
   allowed a one-time credit against the income tax imposed by Section
   2355 of this title for investments in qualified clean-burning motor
   vehicle fuel property placed in service after December 31, 1990, and
   for investments in qualified electric motor vehicle property placed in
   service after December 31, 1995.
   
   B. As used in this section, "qualified clean-burning motor vehicle
   fuel property" means:
   
   1. Equipment installed to modify a motor vehicle which is propelled by
   gasoline or diesel fuel so that the vehicle may be propelled by
   methanol, "M-85" which is a mixture of methanol and gasoline
   containing at least eighty-five percent (85%) methanol, compressed
   natural gas, liquefied natural gas or liquefied petroleum gas or a
   combination of at least fifty percent (50%) natural gas;
   
   2. A motor vehicle originally equipped so that the vehicle may be
   propelled by compressed natural gas, liquefied natural gas or
   liquefied petroleum gas, or propelled by methanol or "M-85" but only
   to the extent of the portion of the basis of such motor vehicle which
   is attributable to the storage of such fuel, the delivery to the
   engine of such motor vehicle of such fuel, and the exhaust of gases
   from combustion of such fuel; or
   
   3. Property which is directly related to the delivery of methanol,
   "M-85", compressed natural gas, liquefied natural gas or liquefied
   petroleum gas into the fuel tank of a motor vehicle propelled by such
   fuel including compression equipment and storage tanks for such fuel
   at the point where such fuel is so delivered but only if such property
   is not used to deliver such fuel into any other type of storage tank
   or receptacle and such fuel is not used for any purpose other than to
   propel a motor vehicle. However, property which is directly related to
   the delivery of methanol or "M-85" into the fuel tank of a motor
   vehicle propelled by such fuel as provided in this paragraph shall be
   used solely for the purpose of delivering methanol or "M-85" and no
   other purpose in order to claim the tax credit pursuant to this
   section. If the property is used for any other purpose than the
   delivery of methanol or "M-85", the tax credit shall immediately be
   refunded to the Oklahoma Tax Commission. The Corporation Commission
   shall inspect the property to determine whether the property is being
   used for the delivery of methanol or "M-85".
   
   C. As used in this section, "qualified electric motor vehicle
   property" means a motor vehicle originally equipped to be propelled
   only by electricity but only to the extent of the portion of the basis
   of such motor vehicle which is attributable to the propulsion of the
   vehicle by electricity. The term "qualified electric motor vehicle
   property" shall not apply to vehicles known as "golf carts,"
   "go-carts" and other motor vehicles which are manufactured principally
   for use off the streets and highways.
   
   D. The credit provided for in subsection A of this section shall be
   fifty percent (50%) of the cost of the qualified clean-burning motor
   vehicle fuel property or qualified electric motor vehicle property.
   
   E. In cases where no credit has been claimed pursuant to subsection D
   of this section and in which a motor vehicle is purchased by a
   taxpayer with qualified clean-burning motor vehicle fuel property or
   qualified electric motor vehicle property installed by the
   manufacturer of such motor vehicle and the taxpayer is unable or
   elects not to determine the exact basis which is attributable to such
   property, the taxpayer may claim a credit in an amount not exceeding
   the lesser of ten percent (10%) of the cost of the motor vehicle or
   One Thousand Five Hundred Dollars ($1,500.00).
   
   F. If the tax credit allowed pursuant to subsection A of this section
   exceeds the amount of income taxes due or if there are no state income
   taxes due on the income of the taxpayer, the amount of the credit not
   used as an offset against the income taxes of a taxable year may be
   carried forward as a credit against subsequent income tax liability
   for a period not to exceed three (3) years.
   
   G. A husband and wife who file separate returns for a taxable year in
   which they could have filed a joint return may each claim only
   one-half (1/2) of the tax credit that would have been allowed for a
   joint return.
   

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