SB573

Oklahoma SB573 amends state income tax exemption rules for small business incubators, requiring annual reporting of employment and other metrics.

Oklahoma SB573 modifies state income tax exemption rules for small businesses in incubators. It exempts income earned by tenants in incubators from state income tax for up to ten years. To maintain this exemption, tenants must submit annual reports to the Oklahoma Department of Commerce starting in tax year 2026. These reports must include details on employment levels, interns, and payments to subcontractors. The Oklahoma Tax Commission will implement these changes. The act takes effect November 1, 2025.