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OK SB1478

Bill

Official Source

Status

Introduced

2/6/2012

Primary Sponsor

Michael Mazzei

Click for details

Origin

Senate

2012 Regular Session

AI Summary

  • Amends Oklahoma income tax law (68 O.S. 2011, Section 2355) to reduce the corporate income tax rate from 6% to 5% for taxable years beginning on or after January 1, 2013.

  • The new 5% corporate tax rate applies to all corporations doing business within Oklahoma or deriving income from sources within the state.

  • Maintains existing individual income tax rates and withholding requirements for nonresident aliens and foreign corporations.

  • Effective date is January 1, 2013.

Legislative Description

Income tax; modifying tax rate on corporations after specified date. Effective date.

Revenue and Taxation

Last Action

Pending authorship Representative(s) Dank

2/9/2012

Committee Referrals

Finance2/7/2012

Full Bill Text

No bill text available