HB 1157 Summary

• Amends Oklahoma income tax law to change the effective date for corporate tax provisions from December 31, 1989 to December 31, 2015.

• Creates a new reduced corporate income tax rate of 1% for taxable years 2016-2017 on income from sale of assets relocated to Oklahoma if the asset was located outside the United States for at least one year prior to relocation.

• Excludes the reduced rate from applying to company acquisitions of its own equity securities, debt obligations, or income paid to governing board members, officers, or senior staff.

• Effective date is January 1, 2016.