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OK SB1390
Bill
Status
3/2/2016
Primary Sponsor
Michael Mazzei
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AI Summary
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Requires employers to furnish the Oklahoma Tax Commission with an annual reconciliation and related information by February 28 of the succeeding year, submitted through the Tax Commission's electronic data interchange program.
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Maintains existing withholding payment schedules based on employer tax liability: semiweekly for federal filers, monthly for those averaging $500+ per quarter, and quarterly for those averaging less than $500 per quarter.
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Requires employers to provide written wage statements to employees by January 31 showing total wages subject to taxation and total tax withheld, or within 30 days of employment termination.
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Preserves employer liability for penalties and interest when failing to withhold required taxes, even if the employee subsequently pays the tax owed.
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Becomes effective November 1, 2016.
Legislative Description
Income tax; modifying reporting required by employers relating to withholding. Effective date.
Last Action
Recommendation to the full committee; Do Pass Appropriations and Budget Revenue and Taxation Subcommittee
3/28/2016