OK SB157

Reduces franchise tax rates for Oklahoma-organized corporations, associations, joint-stock companies, and business trusts from $1.25 per $1,000 of capital in 2015 down to $0.13 per $1,000 in 2024, with no tax levied after January 1, 2025.

Applies identical tax rate schedule to foreign corporations and entities doing business in Oklahoma, reducing from $1.25 per $1,000 in 2015 to elimination of tax in 2025.

Reduces maximum tax cap from $20,000 in 2015 by $2,000 annually until 2025, decreasing the ceiling for total franchise tax liability.

Reduces minimum tax exemption threshold from $250 in 2015 by $25 annually through 2025, lowering the point at which entities become exempt from franchise tax obligations.

Effective date: November 1, 2015.