- Associated Press - Wednesday, March 26, 2014

OKLAHOMA CITY (AP) - A bill that would have eliminated the franchise tax on Oklahoma businesses has been gutted and replaced with new language dealing with reporting dates for corporate tax returns.

The new version of the bill was approved on Wednesday by the House Appropriations and Budget Committee.

House author Rep. Earl Sears told members he had no plans to resurrect the plan to abolish the state’s franchise tax, a $1.25 levy on every $1,000 a corporation invests in Oklahoma.

The tax, which has existed since 1963, generates about $40 million annually, but was recently suspended and is scheduled to go back into effect in July.

The State Chamber has pushed for the elimination of the franchise tax, which it describes as a “nuisance” for Oklahoma businesses.

___

Online:

Senate Bill 341: https://bit.ly/NVLXt0

Copyright © 2019 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide