HB4318

Oklahoma HB4318 allows a vendor deduction for keeping sales and use tax records, filing reports, and remitting tax.

Oklahoma HB4318 introduces a new law allowing sellers or vendors a deduction for maintaining sales and use tax records, filing reports, and remitting tax. The deduction is limited to one percent of the tax due under applicable provisions of Title 68 of the Oklahoma Statutes. This deduction is not allowed for direct payment permits. The maximum deduction is capped at One Thousand Dollars ($1,000.00) per month per sales tax account number. The act will be codified in the Oklahoma Statutes as Section 1367.2 of Title 68 and becomes effective November 1, 2026.