HB3292 Bill Summary

• Amends 68 O.S. 2011, Sections 1210 and 1212 relating to franchise tax reporting requirements and procedures for corporations, associations, and organizations.

• Simplifies franchise tax report requirements by removing mandatory balance sheet inclusions and reducing the number of specific information items corporations must provide to the Oklahoma Tax Commission.

• Removes the 10% delinquency penalty provision for late franchise tax payments and reports, modifying enforcement procedures.

• Repeals nine sections of franchise tax law (Sections 1201, 1202, 1203, 1204, 1205, 1206, 1207, 1208, 1209, 1211, and 1212.1), consolidating franchise tax provisions.

• Becomes effective July 1, 2015.