Senate Bill 2011 Summary

• Amends 68 O.S. 2011, Sections 1203 and 1204 to limit the franchise tax to apply only for tax years occurring before tax year 2015.

• The franchise tax of $1.25 per $1,000 of capital used, invested, or employed in Oklahoma will no longer be levied starting in tax year 2015 for both domestic and foreign corporations.

• Modifies franchise tax requirements for all corporations, associations, joint-stock companies, and business trusts organized under Oklahoma law or doing business in Oklahoma.

• Effective date is November 1, 2014.