SB 647 Summary

• Amends 68 O.S. 2011, Section 1205 regarding Oklahoma franchise tax requirements

• Increases the minimum threshold for franchise tax liability exemption from $250 to $900 for tax years beginning January 1, 2014 and later

• Corporations and other entities with franchise tax liability below $900 (for tax years starting after 2013) are exempt from paying franchise taxes under Sections 1203 and 1204

• Maximum franchise tax amount remains capped at $20,000

• Effective date: January 1, 2014