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OK SB60

Bill

Official Source

Status

Introduced

2/3/2025

Primary Sponsor

Dave Rader

Click for details

Origin

Senate

2026 Regular Session

AI Summary

  • Transitions corporate income tax apportionment from a three-factor formula (property, payroll, and sales) to a single sales factor for tax year 2026 and subsequent years
  • For tax year 2025 and prior years, retains the three-factor apportionment formula with property, payroll, and sales weighted equally (or 25%/25%/50% for corporations with investments of $200 million or more made after July 1, 1997)
  • Amends 68 O.S. 2021, Section 2358 to implement the change in how multistate corporations calculate the portion of their income taxable in Oklahoma
  • Effective date is November 1, 2025
  • Committee on Appropriations reported the bill "Do Pass as Amended" on March 5, 2025

Legislative Description

Income tax; modifying certain apportionment factors for determining Oklahoma taxable income for certain tax years. Effective date.

Last Action

Placed on General Order

3/10/2025

Committee Referrals

Appropriations3/3/2025
Revenue and Taxation2/4/2025

Full Bill Text

No bill text available