HB 1372 Summary

• Amends Section 1210 of the Oklahoma Franchise Tax Code to allow corporations, associations, and organizations to file franchise tax reports either July 1-August 31 or by the income tax return filing deadline at the taxpayer's election.

• Modifies reporting requirements to remove the requirement for balance sheets and consolidates the list of required information, including officers' names, addresses, property values, and business activity within and outside Oklahoma.

• Requires corporations with capital employed in the state exceeding $16,000,000 to file a maximum franchise tax return form prescribed by the Oklahoma Tax Commission.

• Amends Section 1212 to establish a 10% penalty on delinquent franchise tax payments and allows the Tax Commission to suspend corporate charters; provides $15.00 reinstatement fee to revive suspended charters upon payment of accrued fees and penalties.

• Repeals the entire Oklahoma Franchise Tax Code (Sections 1201-1209, 1211, and 1212.1), consolidating franchise tax provisions into the amended Sections 1210 and 1212; effective July 1, 2016.