SB950 Summary

• Removes requirement for tax preparers to advise taxpayers about their use tax obligations when preparing individual income tax returns.

• Eliminates compensation provisions for certain vendors under specified circumstances and removes eligibility for the Oklahoma Tax Commission to assume costs of contracting with certified service providers for remote sellers.

• Increases vendor deduction limits for sales tax from $2,500 to $3,300 per month and establishes a $1,000,000 exemption for Oklahoma vendors limited to retail Internet websites operating only in the state.

• Modifies use tax deductions to match sales tax provisions, capping them at $3,300 per reporting period, and deposits amounts exceeding this limit to the General Revenue Fund.

• Repeals provisions from Chapter 412 O.S.L. 2010 relating to the Retailer Compliance Initiative, Internet retailer outreach programs, and Consumer Compliance Initiative, with an effective date of July 1, 2011.