Bill
Bill > HB2693
summary
Introduced
02/06/2023
02/06/2023
In Committee
02/07/2023
02/07/2023
Crossed Over
Passed
Dead
05/31/2024
05/31/2024
Introduced Session
2023 Regular Session
Bill Summary
An Act relating to revenue and taxation; amending 68 O.S. 2021, Sections 1203 and 1204, which relate to computation of franchise tax liabilities; modifying rate of tax; providing for reduction of rate to zero for specified tax years; providing an effective date; and declaring an emergency.
AI Summary
This bill amends the Oklahoma Statutes to gradually reduce the franchise tax rate on corporations, associations, joint-stock companies, and business trusts organized in Oklahoma or doing business in the state. The rate will be reduced from $1.25 per $1,000 of capital used, invested, or employed in the state to zero over a 5-year period, ending in the 2027-2028 fiscal year. The bill also declares an emergency, allowing it to take effect immediately upon passage and approval.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to Appropriations and Budget Finance - Revenue and Taxation Subcommittee (on 02/07/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2693&Session=2400 |
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2693&Session=2300 |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20INT/hB/HB2693%20INT.PDF |
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