Sales tax exemption; providing exemption for OSU Medical Authority and Trust and OSU Veterinary Authority and Trust to extend to entities entered into public contracts. Effective date. Emergency.

This bill expands a sales tax exemption to cover entities that have signed public contracts with the Oklahoma State University Medical Authority, the OSU Medical Authority Trust, the OSU Veterinary Medicine Authority, and the OSU Veterinary Medicine Trust. Previously, these university authorities were exempt from sales tax, but their vendors were not; now, any person or business that has formally entered into a public contract with these specific OSU entities will also be exempt from paying sales tax on purchases. The legislation amends existing state tax laws to include this new category of exempt buyers and includes an emergency clause to allow the changes to take effect immediately.