Livestock supporting a family to be tax exempt

OKLAHOMA CITY — Oklahoma Gov. Kevin Stitt signed into a law Wednesday 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 hardearned 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.