OK SB388

Amends 68 O.S. 2011, Sections 1203 and 1204 to limit the franchise tax levy to taxable years occurring before January 1, 2016.

Eliminates the franchise or excise tax on corporations, associations, joint-stock companies, and business trusts organized under Oklahoma law after December 31, 2015.

Eliminates the franchise or excise tax on out-of-state corporations, associations, joint-stock companies, and business trusts doing business in Oklahoma after December 31, 2015.

The tax rate remains at $1.25 for each $1,000 of capital used, invested, or employed for taxable years before the effective date.

Becomes effective January 1, 2016.