Modifies provisions relating to the apportionment of income for financial institutions
Providing for the apportionment of business income by the single sales factor and requiring the use of single sales factor pursuant to the multistate tax compact.
Providing for the apportionment of business income by the single sales factor and requiring the use of single sales factor pursuant to the multistate tax compact.
Providing for the apportionment of business income by the single sales factor and the apportionment of financial institution income by the receipts factor, deductions from income when using the single sales factor and receipts factor, the decrease in corporate income tax rates determining when sales other than tangible personal property are made in the state and excluding sales of a unitary business group of electric and natural gas public utilities.
To Amend And Modernize The Law Concerning The Apportionment Of Income Derived From Multistate Operations; And To Change The Method For Sourcing Of Receipts For Services And Intangibles.
Providing an additional personal exemption for head of household tax filers and increasing the personal exemption for certain disabled veterans for purposes of income tax, modifying the definition of household income related to increased property tax homestead refund claims, providing for the apportionment of business income by the single sales factor and the apportionment of financial institution income by the receipts factor, providing for the apportionment pursuant to the three-factor test of a manufacturer who sells alcoholic liquor, requiring the use of single sales factor pursuant to the multistate tax compact, establishing deductions from income when using the single sales factor and receipts factor, providing for the decrease in corporate income tax rates, determining when sales other than tangible personal property are made in the state, excluding sales of a unitary business group of electric and natural gas public utilities, providing property tax exemptions for certain personal property including watercraft, marine equipment, off-road vehicles, motorized bicycles and certain trailers.
Revenue and taxation; Oklahoma Youth Entrepreneurs Promotion and Development Act of 2023; income tax; exemption; sole proprietor; minors; sales tax exemption; business license exemption; effective date.
Revenue and taxation; Oklahoma Youth Entrepreneurs Promotion and Development Act of 2023; income tax; exemption; sole proprietor; minors; sales tax exemption; business license exemption; effective date.