Multistate Tax Alert: Oklahoma Business Activity Tax Update |
Oklahoma recently adopted Senate Bill (“SB”) 1436. The new law would extend imposition of the Oklahoma Business Activity Tax (“BAT”) and the franchise tax moratorium by one year unless voters approve Legislative Referendum Number 363 (“LRN 363”), which will appear on the November 6, 2012 ballot. As originally enacted, the BAT was scheduled to expire automatically for tax years beginning after December 31, 2012, absent additional legislative action. If voters approve LRN 363, the BAT sunset date will remain unchanged. However, if voters do not approve LRN 363, the BAT sunset date will be extended one year to include tax year 2013. SB 1436 also addresses the originally enacted BAT provisions that require consolidated and combined filings for tax years beginning on or after January 1, 2013. The new law delays the application of these provisions until tax years beginning on or after January 1, 2014.
For more information regarding SB 1436, please see the attached Tax Alert.
Multistate Tax Alert: Oklahoma Business Activity Tax Update
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