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Bill > HB2960
OK HB2960
OK HB2960Revenue and taxation; income tax; modifying income tax rate for corporations; effective date.
summary
Introduced
04/28/2021
04/28/2021
In Committee
05/17/2021
05/17/2021
Crossed Over
05/18/2021
05/18/2021
Passed
05/20/2021
05/20/2021
Dead
Signed/Enacted/Adopted
05/24/2021
05/24/2021
Introduced Session
2021 Regular Session
Bill Summary
An Act relating to revenue and taxation; amending 68 O.S. 2011, Section 2355, as last amended by Section 2, Chapter 195, O.S.L. 2014 (68 O.S. Supp. 2020, Section 2355), which relates to income taxation; modifying income tax rate for corporations; and providing an effective date. SUBJECT: Revenue and taxation
AI Summary
This bill modifies the income tax rate for corporations in Oklahoma. Specifically, it reduces the corporate income tax rate from 6% to 4% for all taxable years beginning after December 31, 2021. The bill also makes a corresponding change to the tax rate on certain foreign corporations. The bill will become effective on January 1, 2022.
Committee Categories
Budget and Finance
Sponsors (8)
Charles McCall (R)*,
Roger Thompson (R)*,
Greg Treat (R)*,
Kevin Wallace (R)*,
Chuck Hall (R),
Kyle Hilbert (R),
Mark Lepak (R),
Todd Russ (R),
Last Action
Approved by Governor 05/21/2021 (on 05/24/2021)
Official Document
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