HB 1550 Summary

• Amends Oklahoma franchise tax reporting requirements by simplifying Section 1210 to require corporations file statements with the Tax Commission either during July 1-August 31 or by the income tax return deadline, at the taxpayer's election.

• Reduces required reporting information from 10 items to 2 items: officer names and contact information, and eliminates requirements for detailed financial disclosures including capital stock, property values, and business transaction amounts.

• Modifies Section 1212 to impose a 10% penalty on unpaid franchise taxes and grants the Tax Commission authority to suspend corporate charters for non-compliance, with exceptions for entities chartered by the State Banking Board.

• Repeals Sections 1201-1209, 1211, and 1212.1 of the Oklahoma Franchise Tax Code, effectively eliminating the comprehensive franchise tax structure.

• Effective date: July 1, 2016.