{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-5401","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-5401","heading":"Tax on farm equipment in lieu of ad valorem tax - Items","body":"to be taxed - Minimum retail list price - Exceptions.\n\nA. A tax is hereby imposed, in lieu of the ad valorem tax on\n\ncertain items of the whole goods inventories, both new and used\n\nitems, owned and/or possessed for sale or lease by retailers of farm\n\ntractors and other equipment as defined by subsection C of this\n\nsection.\n\nB. Items to be taxed in lieu of ad valorem pursuant to the\n\nprovisions of this section are those items of inventory of whole\n\ngoods agricultural equipment and whole goods attachments thereto\n\nreceived from suppliers of agricultural equipment, if said items\n\nhave a retail list price of Five Hundred Dollars ($500.00) or higher\n\nbut not including repair or replacement parts. The tax shall be\n\npaid by the dealer on such items in lieu of the annual ad valorem\n\ntax assessment of dealer's average inventory but shall not relieve\n\nany other property of the dealer from ad valorem taxation. Each\n\ndealer shall maintain a sales log for applicable items pursuant to\n\nthis section with a serial number where applicable. The log shall\n\nbe subject to inspection by county assessors. Equipment sold by\n\nconsignment or by auctions where the selling agent does not take\n\ntitle to the equipment shall continue to be subject to ad valorem\n\ntaxation. Sales of covered whole goods items between dealers shall\n\nbe considered wholesale transactions and shall not be subject to the\n\ntax imposed by this section until sold at retail.\n\nC. For purposes of this act, a retailer of farm tractors and\n\nother equipment is any person having a franchise or dealer agreement\n\nfor selling and retailing farm tractors and farm implements. On and\n\nafter January 1, 1993, those business entities which do not have a\n\nfranchise or dealer agreement for retailing farm equipment, but\n\nwhich from time to time publicly buy and sell such farm equipment\n\nshall also be subject to the provisions of this section, and the tax\n\nimposed by this section shall apply to the same items and under the\n\nsame conditions as apply to franchised dealers.\n\nD. \"Whole goods agricultural equipment\" shall be defined as any\n\nmachine, including but not limited to a farm tractor, combine, plow\n\nor baler, capable of performing agricultural operations either with\n\npower from its own engine, or when drawn or otherwise moved by\n\nanother whole goods unit. \"Whole goods attachments\" shall be\n\ndefined as those complete attachments which, when fitted to, drawn\n\nor otherwise moved by other equipment, perform specialized\n\nagricultural operations. Such attachments include, but shall not be\n\nlimited to, combine headers, mowers, swathers, shredders and\n\ncultivation and haying equipment.","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":"935237865a67a1fdf4169c3538ed130dbfb9ce02adaa546c7ee4d1d623fd3fee","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-54005","next":"us-ok/okla.-stat.-tit.-68-68-5402"},"notice":"GroundRules: Original legal text. Not legal advice."}