Senate Finance Committee to study agricultural sales tax exemptions

Senate Finance Committee to study agricultural sales tax exemptions The agricultural industry has a significant impact on Oklahoma’s economy, and Senate Agriculture and Wildlife Committee vice chairman Roland Pederson said it’s time to review who qualifies for agricultural sales tax exemptions in the state. An interim study – “Finding a pathway for equitable farm tax exemptions” – will take a deep dive into this issue in the Senate Finance Committee on Monday, Sept. 13 at 10:30 a.m. Pederson said the Oklahoma Tax Commission recently changed the process to getting an agricultural sales tax exemption card, and he’s heard from many farmers and ranchers from across the state who’ve had difficulties getting or renewing their exemption. Cards must be renewed every three years.   “We need to conduct a fair assessment to verify legitimate farmers and ranchers when approving agricultural sales tax exemptions,” Pederson, R-Burlington, said. “While we don’t want to grant exemptions to individuals who don’t qualify and aren’t actually producers, we also don’t want to prohibit exemptions to those who are trying to make a living in ag.” Read more » by Jamison Faught - September 11, 2021 at 06:00PM

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