Agricultural News
Livestock Supporting a Family to be Tax Exempt
Wed, 25 May 2022 10:08:51 CDT
The governor this week signed into a law a bill that exempts from personal property taxes livestock used to support a family, beginning in January 2023.
House Bill 1682, by Rep. Dustin Roberts, R-Durant, exempts from ad valorem taxes horses, cattle, mules, asses, sheep, swine, goats, poultry, and any other livestock. Also included are animals owned by a general or limited partnership, a corporation, a limited liability company, an estate, a trust, or other lawfully recognized entity, as well as those owned wholly or in part by a resident or corporation of a state other than Oklahoma.
"This bill will save Oklahoma ranchers and families that raise livestock quite a bit in taxes," Roberts said. "It's part of a broader effort to make sure Oklahoma taxpayers get to keep more of their hard-earned income, which in turn boosts our overall economy."
Sen. David Bullard, R-Durant, authored the bill in the Senate.
"With cattle being the number one industry in Oklahoma, I am proud to be able to help our ranchers any way we can," Bullard said.
On final passage, this bill passed unanimously in both the House and Senate.
WebReadyTM Powered by WireReady® NSI
Top Agricultural News
More Headlines...
