OK SB463

Oklahoma Tax Commission shall establish forms and procedures for an aggregate business filing and remittance for taxable years beginning on or after January 1, 2016, allowing eligible persons or entities to elect a single filing in lieu of separate returns required under the Oklahoma Income Tax Act, Franchise Tax Code, and Oklahoma General Corporation Act.

Tax liability and fees computed through aggregate business filing must be identical to separate filings, but remittance procedures shall provide for single payment or schedule per requirements of Section 2368 of Title 68.

Persons or entities must meet at least one of seven criteria to be eligible, including: domiciliation in Oklahoma, ownership of at least $50,000 in property, $50,000 annual payroll, $500,000 annual sales, or 25% of total property/payroll/sales in Oklahoma, or sufficient nexus to justify tax obligation.

Election to use aggregate filing procedures is voluntary and authorized by form prescribed by Oklahoma Tax Commission, but does not exempt or limit taxpayer liability for amounts due under applicable tax laws.

Act becomes effective November 1, 2015.