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Bill > HB3131
OK HB3131
OK HB3131Franchise Tax Code; levy of tax after certain year; annual statement requirement; effective date.
summary
Introduced
02/07/2022
02/07/2022
In Committee
04/13/2022
04/13/2022
Crossed Over
03/09/2022
03/09/2022
Passed
Dead
05/27/2022
05/27/2022
Introduced Session
2022 Regular Session
Bill Summary
An Act relating to revenue and taxation; repealing 68 O.S. 2021, Sections 1201, 1202, 1203, 1204, 1205, 1206, 1207, 1208, 1209, 1210, 1211, 1212, 1212.1, 1213 and 1214, which relate to franchise tax; providing an effective date; and declaring an emergency.
AI Summary
This bill repeals the state's franchise tax law, which previously required corporations and other business entities organized under Oklahoma law or doing business in the state to pay an annual franchise tax. The repeal applies to tax year 2022 and all previous tax years. The bill also removes the requirement for these entities to file an annual statement with the Oklahoma Tax Commission providing details about their business and finances. The repeal takes effect on November 1, 2022.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Enacting clause stricken (on 04/13/2022)
Official Document
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bill summary
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