Okla. Stat. tit. 68, § 68-2357.205: Cost of sulfur regulation compliance – Election and

allocation.

A. A refiner who is:

1. A small business refiner; or

2. One or more persons directly holding an ownership interest

in the refiner,

may elect to allocate all or a portion of the cost of complying with

sulfur regulations issued by the Environmental Protection Agency as

a deduction allowable to such persons. The allocation for each

person shall be equal to the ratable share of the total amount

allocated, determined on the basis of the ownership interest of the

person. The taxable income of the refiner shall not be reduced by

reason of any amount allowed pursuant to this section.

B. An election made pursuant to subsection A of this section

for any taxable year shall be made on a timely filed return for such

year. The election, once made, shall be irrevocable for the taxable

year.

C. If any portion of the deduction available under subsection A

of this section is allocated to an owner, the cooperative shall

provide the owner receiving the allocation written notice of the

amount of the allocation. Notice shall be provided before the date

on which the return described in subsection B of this section is

due.

D. The provisions of this section shall apply to refinery

properties placed in service after the effective date of this act.