Oklahoma SB2055 eliminates income tax for corporations and privilege tax for banking institutions owned by U.S. citizens.
Oklahoma SB2055 amends the state's income tax laws to eliminate income tax for corporations exclusively owned by U.S. citizens doing business within the state, effective for tax years beginning after December 31, 2021. The bill also modifies the banking privilege tax, setting it to zero percent for banking institutions owned by U.S. citizens, effective for taxable years beginning after December 31, 2021. The changes are set to take effect on November 1, 2026.
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