§ 68-1402. Excise tax on storage, use or other consumption of intangible personal property.

There is hereby levied and there shall be paid by every person storing, using, or otherwise consuming within this state, tangible personal property purchased or brought into this state, an excise tax on the storage, use, or other consumption in this state of such property at the rate of four and one-half percent (4.5%) of the purchase price of such property.  Said tax shall not be levied on tangible personal property intended solely for use in other states, but which is stored in Oklahoma pending shipment to such other states or which is temporarily retained in Oklahoma for the purpose of fabrication, repair, testing, alteration, maintenance, or other service.  The tax in such instances shall be paid at the time of importation or storage of the property within the state and a subsequent credit shall be taken by the taxpayer for the amount so paid upon removal of the property from the state.  Such tax is hereby levied and shall be paid in an amount equal to four and one-half percent (4.5%) of the purchase price of such tangible personal property.

Amended by Laws 1984, c. 2, § 4, emerg. eff. Feb. 15, 1984; Laws 1985, c. 179, § 88, operative July 1, 1985; Laws 1987, c. 113, § 22, operative June 1, 1987; Laws 1989, 1st Ex.Sess., c. 2, § 104, operative Feb. 1, 1990.