Earlier this year, the Oklahoma Legislature created the Oklahoma Parental Choice Tax Credit Program. It provides a refundable income tax credit beginning with tax year 2024 for Oklahoma taxpayers who incur expenses for a...more
On May 3, 2021, Governor Kevin Stitt signed HB 1060, which amends the Oklahoma Sales Tax Code. Oklahoma levies a state sales tax of 4.5% on the gross proceeds received from all sales of tangible personal property unless...more
Oklahoma statutes provide that the sales tax is to be paid by the consumer to the seller. The seller is specifically prohibited from absorbing or paying the tax on behalf of the consumer and is required to collect the sales...more
Governor Kevin Stitt and State Auditor Cindy Byrd have requested that all county treasurers in the State of Oklahoma extend the ad valorem tax payment deadline until April 30, 2020. Governor Stitt and Auditor Byrd also...more
The Oklahoma Tax Commission has followed the guidance issued by the Internal Revenue Service to allow individual taxpayers to defer up to $1 million of income tax payments due on April 15, 2020, until July 15, 2020, without...more
Effective November 1, 2019, remote sellers no longer have the option to collect and remit Oklahoma tax or report sales information to the Oklahoma Tax Commission. However, SB 513, enacted in May of 2019, raises the annual...more
The Tax Cuts and Jobs Act of 2017 limited the state and local taxes paid deduction available to individual taxpayers to $10,000. The deduction is most notably taken by Oklahomans on their federal tax return to deduct state...more
10/17/2019
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