OK HB3014

Reduces the monthly interest rate on delinquent state taxes from 1 1/4% to 5/8% per month under 68 O.S. Section 217.

Applies the reduced 5/8% monthly interest rate to both delinquent tax payments and tax deficiencies assessed by the Oklahoma Tax Commission.

Maintains all existing penalties for delinquent taxes, including 10% penalties on sales, use, tourism, mixed beverage, and motor fuel taxes if unpaid within 15 days of delinquency.

Preserves taxpayer relief provisions allowing the Tax Commission to waive penalties if tax and interest are remitted within 60 days of a proposed assessment or voluntarily paid upon filing an amended return.

Becomes effective November 1, 2016.