SB 1629 Summary

• Modifies the interest rate on delinquent state taxes from variable rates to a uniform rate of 1.25% per month under 68 O.S. 2011, Section 217.

• Applies the 1.25% monthly interest rate to both delinquent tax payments and interest assessed on tax deficiencies determined by the Oklahoma Tax Commission.

• Removes obsolete language regarding different refund timelines for tax returns filed between 2004-2010, consolidating provisions for returns filed after January 1, 2010 with accelerated refund payment deadlines (20 days for electronic filings, 90 days for other returns).

• Maintains existing penalties for delinquent taxes including 10% penalties for sales/use taxes (15 days delinquent) and other taxes (30 days delinquent), plus 25% negligence penalties and 50% fraud penalties.

• Effective date: November 1, 2014.