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ENGROSSED SENATE
BILL NO. 601 By: Rader of the Senate
and
Pfeiffer of the House
An Act relating to income tax; amending 68 O.S. 2011,
Section 2385.13, which relates to withholding;
modifying period of underpayment for corporations;
and providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 68 O.S . 2011, Section 2385.13, is
amended to read as follows:
Section 2385.13. A. In the case of any underpayme nt of the
estimated tax payment required in Section 2385.9 of this title,
there shall be added to the amount of the underpayment interest
thereon at an annual rate of twenty percent (20%) for the period of
the underpayment.
B. As used in subsection A of t his section, the amount of the
underpayment shall be the excess of the required installment over
the amount paid on or before the due date of the ins tallment. The
period of underpayment shall run from the due date of the required
installment to the earlie r of the fifteenth day of the fourth month,
or for corporations, the fifteenth day of the third month thirty
(30) days after the due date for returns established under the
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Internal Revenue Code, following the close of the taxable year or
the date on which the required installment is paid.
C. No addition to tax shall be imposed under subsection A of
this section if the tax shown on the return for the t axable year is
less than One Thousand Dollars ($1,000.00) or if the taxpayer was an
Oklahoma resident throughout the preceding taxable year of twelve
(12) months and did not have any liability for tax for the preceding
taxable year.
SECTION 2. This act shall become effective N ovember 1, 2021.
Passed the Senate the 11th day of February, 2021.
Presiding Officer of the Senate
Passed the House of Representatives the ____ day of __________,
2021.
Presiding Officer of the House
of Representatives