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OK HB2552
Bill
Status
2/1/2016
Primary Sponsor
Earl Garrison
Click for details
AI Summary
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Oklahoma Tax Commission may add back expense deductions to taxable income of corporations when those deductions stem from lease or license agreements between a corporation and its subsidiaries
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Adjustments allowed when expense deductions are deemed unreasonable compared to similar arm's-length transactions between unrelated business entities
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Adjustments also permitted when the primary purpose of the expense deduction was avoidance of federal or state income taxes
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Targets related-party transactions including parent-subsidiary arrangements and subsidiaries with common parent companies
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Effective date: January 1, 2017
Legislative Description
Revenue and taxation; authorizing Tax Commission to make adjustments to income tax returns of certain corporations or business entities taxed as corporations; effective date.
Last Action
Authored by Senator Garrison (principal Senate author)
2/25/2016