SB310: New OK Law Helps Underfunded Museums Keep More of Their Money

Extended sales tax exemption to support budget-friendly museums

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What does SB310 want to accomplish?

SB310 changes the rules for some museums, letting them skip paying sales tax for a longer time.

It’s for museums that aren’t officially recognized by the American Alliance of Museums and have a budget of less than $1 million. Instead of the sales tax exemption ending on December 31, 2024, it will now last until December 31, 2027.

Who benefits from this law?

Oklahoma has over 500 museums. Only 14 are accredited by the AAM.

The museums that would benefit from this law are those that:

✔️Aren’t accredited by the American Alliance of Museums.

✔️Have a budget of less than $1 million.

These museums will save money by not having to pay sales tax for a longer period, which can help them use their funds for other needs, like exhibits or educational programs.

What are some concerns people might have about this law?

⚠️Loss of Tax Revenue: The government might lose money because these museums won’t be paying sales tax.

⚠️Uneven Benefit: Only certain museums will get this benefit, which might seem unfair to others that don’t meet the criteria.

⚠️Limited Impact: The exemption might not be enough to significantly help smaller museums if they have other financial issues.

⚠️Potential for Misuse: Museums that aren’t accredited or have a low budget might not use the savings as intended, which could lead to questions about how effective the law is.

This bill is still making its way through the legislative process. When introduced, it was set to go into effect at the end of 2023. It remains in committee.

➡️Is this something that you think Oklahomans need? How will it benefit the county you live in?

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