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OK SB339

Bill

Official Source

Status

Introduced

2/4/2013

Primary Sponsor

Michael Mazzei

Click for details

Origin

Senate

2013 Regular Session

AI Summary

  • Amends Oklahoma's corporate income tax structure for taxable years beginning on or after January 1, 2014
  • Establishes graduated corporate tax brackets: no tax on first $10,000; 1% on next $40,000; 2.25% on next $50,000; 4% on next $100,000; and 6% on amounts over $200,000
  • Maintains the existing 6% flat corporate income tax rate for taxable years from December 31, 1989 through December 31, 2013
  • Individual income tax rates and brackets remain unchanged from current law (ranging from 0.5% to 5.5%, with potential reduction to 5.25% contingent on State Board of Equalization determination)
  • Effective date: January 1, 2014

Legislative Description

Income tax; modifying rates; providing brackets for corporate income tax after specified date. Effective date.

Revenue and Taxation

Last Action

Title stricken

2/19/2013

Committee Referrals

Finance2/5/2013

Full Bill Text

No bill text available