Oklahoma – Franchise tax reinstated

State and Local Tax
UPDATE: S.B. 341, enacted on May 16, 2014, changes the date from which penalties can be imposed on delinquent franchise tax returns to September 15, from September 1.

Oklahoma reinstates the annual franchise tax, after a three year moratorium, for all corporations organized or doing business in the State. Entities are required to file by July 1, 2014 for the period ending June 30, 2015. All for-profit corporations, including S-corporations organized or doing business in Oklahoma, are subject to the tax. (Oklahoma Informational Notice,  April 21, 2014)


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