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Bill > SB2055
OK SB2055
OK SB2055Income tax; eliminating income tax for corporations owned by US citizens: eliminating privilege tax for banking institutions owned by US citizens. Effective date.
summary
Introduced
02/02/2026
02/02/2026
In Committee
02/03/2026
02/03/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
An Act relating to tax; amending 68 O.S. 2021, Section 2355, as last amended by Section 2, Chapter 307, O.S.L. 2025 (68 O.S. Supp. 2025, Section 2355), which relates to income tax; modifying certain income tax rate for certain corporations for certain tax years; amending 68 O.S. 2021, Section 2370, which relates to the banking privilege tax; modifying tax for certain entities for certain years; updating statutory language; updating statutory reference; and providing an effective date.
AI Summary
This bill aims to eliminate the state income tax for corporations exclusively owned by U.S. citizens, starting in the 2026 tax year, and also eliminates the privilege tax for banking institutions exclusively owned by U.S. citizens, also beginning in 2026. The privilege tax is a tax levied on certain businesses for the right to operate within the state, and in this context, it applies to banking institutions. The bill amends existing Oklahoma statutes related to income tax for corporations and the privilege tax for banking institutions to reflect these changes, effectively setting the tax rate to zero percent for these specific entities and tax years.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Second Reading referred to Revenue and Taxation Committee then to Appropriations Committee (on 02/03/2026)
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=sb2055&Session=2600 |
| Fiscal Note/Analysis - Senate: SB2055 INT FI | https://www.oklegislature.gov/cf_pdf/2025-26%20SUPPORT%20DOCUMENTS/impact%20statements/fiscal/Senate/SB2055%20INT%20FI.PDF |
| Fiscal Note/Analysis - Senate: Introduced | https://www.oklegislature.gov/cf_pdf/2025-26%20SUPPORT%20DOCUMENTS/BILLSUM/Senate/SB2055%20INT%20BILLSUM.PDF |
| BillText | https://www.oklegislature.gov/cf_pdf/2025-26%20INT/SB/SB2055%20INT.PDF |
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