{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-2357.205","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-2357.205","heading":"Cost of sulfur regulation compliance – Election and","body":"allocation.\n\nA. A refiner who is:\n\n1. A small business refiner; or\n\n2. One or more persons directly holding an ownership interest\n\nin the refiner,\n\nmay elect to allocate all or a portion of the cost of complying with\n\nsulfur regulations issued by the Environmental Protection Agency as\n\na deduction allowable to such persons. The allocation for each\n\nperson shall be equal to the ratable share of the total amount\n\nallocated, determined on the basis of the ownership interest of the\n\nperson. The taxable income of the refiner shall not be reduced by\n\nreason of any amount allowed pursuant to this section.\n\nB. An election made pursuant to subsection A of this section\n\nfor any taxable year shall be made on a timely filed return for such\n\nyear. The election, once made, shall be irrevocable for the taxable\n\nyear.\n\nC. If any portion of the deduction available under subsection A\n\nof this section is allocated to an owner, the cooperative shall\n\nprovide the owner receiving the allocation written notice of the\n\namount of the allocation. Notice shall be provided before the date\n\non which the return described in subsection B of this section is\n\ndue.\n\nD. The provisions of this section shall apply to refinery\n\nproperties placed in service after the effective date of this act.","path":["OK Code","Title 68"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os68.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"c1bb6f3581faae7074a06ea83c026b055093bd1b8b54297614a7197aeca40c2d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-2357.204","next":"us-ok/okla.-stat.-tit.-68-68-2357.206"},"notice":"GroundRules: Original legal text. Not legal advice."}