OK
Oklahoma Senate Bill SB601

Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB601 Compare Versions

OldNewDifferences
11
22
3+ENGR. H. A. to ENGR. S. B. NO. 601 Page 1 1
4+2
5+3
6+4
7+5
8+6
9+7
10+8
11+9
12+10
13+11
14+12
15+13
16+14
17+15
18+16
19+17
20+18
21+19
22+20
23+21
24+22
25+23
26+24
327
4-
5-An Act
6-ENROLLED SENATE
7-BILL NO. 601 By: Rader of the Senate
28+ENGROSSED HOUSE AMENDME NT
29+ TO
30+ENGROSSED SENATE BILL NO . 601 By: Rader of the Senate
831
932 and
1033
1134 Pfeiffer of the House
1235
1336
1437
1538
1639
40+An Act relating to income tax; amending 68 O.S. 2011,
41+Section 2385.13, which relates to withholding;
42+modifying period of underpayment for corporations;
43+and providing an effective date.
1744
1845
19-An Act relating to income tax; amending 68 O.S.
46+
47+
48+AMENDMENT NO. 1. Delete the title, enacting clause and entire bill
49+and replace with:
50+
51+
52+"An Act relating to income tax; amending 68 O.S.
2053 2011, Section 217, as last amended by Section 1,
2154 Chapter 28, O.S.L. 2016 and 2368, as last amended by
2255 Section 7, Chapter 201, O.S.L. 2019 (68 O.S. Supp.
2356 2020, Sections 217 and 2368), which relate to
2457 interest accrual and due dates of certain reports or
2558 returns; modifying provision related to accrual of
2659 interest; modifying provisions related to due date
2760 of tax returns; providing for emergency declaration
2861 by the Governor or by the Internal Revenue Service;
2962 amending 68 O.S. 2011, Section 2385.13, which
3063 relates to withholding; modifying period of
3164 underpayment for corporati ons; providing an
3265 effective date; and declaring an emergency.
3366
3467
3568
3669
70+BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
3771
38-SUBJECT: Income tax
39-
40-BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
72+ENGR. H. A. to ENGR. S. B. NO. 601 Page 2 1
73+2
74+3
75+4
76+5
77+6
78+7
79+8
80+9
81+10
82+11
83+12
84+13
85+14
86+15
87+16
88+17
89+18
90+19
91+20
92+21
93+22
94+23
95+24
4196
4297 SECTION 1. AMENDATORY 68 O.S. 2011, Section 217, as last
4398 amended by Section 1, Chapter 28, O.S.L. 2016 (68 O.S . Supp. 2020,
4499 Section 217), is amended to read as follows:
45-
46100 Section 217. A. If any amount of tax imposed or levied by any
47101 state tax law, or any part of such amount, is not paid before such
48-
49-ENR. S. B. NO. 601 Page 2
50102 tax becomes delinquent, there shall be collected on the total
51103 delinquent tax interest at the rate of one and one -quarter percent
52104 (1 1/4%) per month from the date of the delinquency until paid.
53-
54105 B. Interest upon any amount of state tax determined as a
55106 deficiency, under the provisions of Section 221 of this title, shall
56107 be assessed at the same time as the deficiency and shall be paid
57108 upon notice and demand of the Oklahoma Tax Commission at the rate of
58109 one and one-quarter percent (1 1/4%) per month from the date
59110 prescribed in the state tax law levying such tax for the paymen t
60111 thereof to the date the deficiency is assessed.
61-
62112 C. If any tax due under state sales, use, tourism, mixed
63113 beverage gross receipts, or motor fuel tax laws, or any part
64114 thereof, is not paid within fifteen (15) days after such tax becomes
65115 delinquent a penalty of ten percent (10%) on the total amount of tax
66116 due and delinquent shall be added thereto, collected and paid.
67117 However, the Tax Commission shall not collect the penalty assessed
68118 if the taxpayer remits the tax and interest within sixty (60) days
69119 of the mailing of a proposed assessment or voluntarily pays the tax
70120 upon the filing of an amended return.
71121
122+ENGR. H. A. to ENGR. S. B. NO. 601 Page 3 1
123+2
124+3
125+4
126+5
127+6
128+7
129+8
130+9
131+10
132+11
133+12
134+13
135+14
136+15
137+16
138+17
139+18
140+19
141+20
142+21
143+22
144+23
145+24
146+
72147 D. If any tax due under any state tax law other than those
73148 specified in subsection C of this section, or any part thereof, is
74149 not paid within thirty (30) da ys after such tax becomes delinquent a
75150 penalty of ten percent (10%) on the total amount of tax due and
76151 delinquent shall be added thereto, collected and paid. However, the
77152 Tax Commission shall not collect the penalty assessed if the
78153 taxpayer remits the tax and interest within sixty (60) days of the
79154 mailing of a proposed assessment or voluntarily pays the tax upon
80155 the filing of an amended return.
81-
82156 E. If any part of any deficiency, arbitrary or jeopardy
83157 assessment made by the Tax Commission is based upon or o ccasioned by
84158 the taxpayer's negligence or by the failure or refusal of any
85159 taxpayer to file with the Tax Commission any report or return, as
86160 required by this title, or by any state tax law, within ten (10)
87161 days after a written demand for such report or ret urn has been
88162 served upon any taxpayer by the Tax Commission by letter, the Tax
89163 Commission may assess and collect, as a penalty, twenty -five percent
90164 (25%) of the amount of the assessment. For purposes of this
91165 subsection, "negligence" shall mean the consist ent understatement of
92-
93-ENR. S. B. NO. 601 Page 3
94166 income, consistent understatement of receipts or a system of
95167 recordkeeping by the taxpayer that consistently results in an
96168 inaccurate reporting of tax liability.
97-
98169 F. If any part of any deficiency is due to fraud with intent to
99170 evade tax, then fifty percent (50%) of the total amount of the
171+
172+ENGR. H. A. to ENGR. S. B. NO. 601 Page 4 1
173+2
174+3
175+4
176+5
177+6
178+7
179+8
180+9
181+10
182+11
183+12
184+13
185+14
186+15
187+16
188+17
189+18
190+19
191+20
192+21
193+22
194+23
195+24
196+
100197 deficiency, in addition to such deficiency, including interest as
101198 herein provided, shall be added, collected and paid.
102-
103199 G. All penalties or interest imposed by this title, or any
104200 state tax law, shall be recoverable by the Tax Commission as a part
105201 of the tax with respect to which they are imposed, the penalties
106202 bearing interest as provided in this section for the tax, and all
107203 penalties and interest shall be apportioned as provided for the
108204 apportionment of the tax on which such penalties or interest are
109205 collected.
110-
111206 H. 1. Whenever an income tax refund is not paid to the
112207 taxpayer within ninety (90) days after the return is filed or due,
113208 whichever is later, with all documents as required by the Tax
114209 Commission, entitling the taxpayer to a refund, then the Tax
115210 Commission shall pay interest on the refund, at the same rate
116211 specified for interest on delinquent tax payments. The payment of
117212 interest on refunds provided for by this section shall apply to tax
118213 year 1987 and subsequent tax years. The Tax Commission shall not be
119214 required to pay interest on an income tax refund which is applied,
120215 in whole or in part, to a prior year tax liability pursuant to
121216 Section 2385.17 of this title or upon an income tax refund appl ied,
122217 in whole or in part, to satisfy a debt owed to the Internal Revenue
123218 Service of the United States or to a state agency, including the
124219 Oklahoma Tax Commission, as provided by Section 205.2 of this title.
125220
221+ENGR. H. A. to ENGR. S. B. NO. 601 Page 5 1
222+2
223+3
224+4
225+5
226+6
227+7
228+8
229+9
230+10
231+11
232+12
233+13
234+14
235+15
236+16
237+17
238+18
239+19
240+20
241+21
242+22
243+23
244+24
245+
126246 2. For tax returns filed after January 1, 2004, and before
127247 January 2, 2010, whenever an income tax refund is not paid to the
128248 taxpayer within the following number of days after the income tax
129249 return is filed with all documents as required by the Tax Commission
130250 or after the income tax return is due, which ever is later, entitling
131251 the taxpayer to a refund, then the Tax Commission shall pay interest
132252 on the refund at the same rate specified for interest on delinquent
133253 tax payments:
134-
135-
136-ENR. S. B. NO. 601 Page 4
137254 a. for returns filed electronically, thirty (30) days,
138255 and
139-
140256 b. for all other returns, one hundred fifty (150) days.
141-
142257 3. For tax returns filed after January 1, 2010, whenever an
143258 income tax refund is not paid to the taxpayer within the following
144259 number of days after the income tax return is filed or due,
145260 whichever is later, with all documents as required by the Tax
146261 Commission entitling the taxpayer to a refund, then the Tax
147262 Commission shall pay interest on the refund at the same rate
148263 specified for interest on delinquent tax payments:
149-
150264 a. for returns filed electronically, forty -five (45)
151265 days, and
152-
153266 b. for all other returns, ninety (90) days.
154-
155267 SECTION 2. AMENDATORY 68 O.S. 2011, Section 2368, as
156268 last amended by Section 7, Chapter 201, O.S.L. 2019 (68 O.S. Supp.
157269 2020, Section 2368), is amended to read as follows:
270+
271+ENGR. H. A. to ENGR. S. B. NO. 601 Page 6 1
272+2
273+3
274+4
275+5
276+6
277+7
278+8
279+9
280+10
281+11
282+12
283+13
284+14
285+15
286+16
287+17
288+18
289+19
290+20
291+21
292+22
293+23
294+24
158295
159296 Section 2368. A. For tax years ending before January 1, 2017,
160297 the following individuals shall each make a return stating
161298 specifically the taxable income and, where necessary, the adjusted
162299 gross income and the adjustments provided in Section 2351 et seq. of
163300 this title to arrive at Oklahoma taxable income and, where
164301 necessary, Oklahoma adjusted gross income:
165-
166302 1. Every resident individual having a gross income, or gross
167303 receipts, for the taxable year in an amount sufficient to require
168304 the filing of a federal incom e tax return, if single, or if married
169305 and not living with husband or wife; and
170-
171306 2. Except as otherwise provided for in the Pass -Through Entity
172307 Tax Equity Act of 2019, every resident individual having a gross
173308 income, or gross receipts, for the taxable year in an amount
174309 sufficient to require the filing of a federal income tax return, if
175310 married and living with husband or wife.
176-
177311 Provided however, every resident individual who does not meet
178312 the requirements sufficient to file a federal return, but has
179-
180-ENR. S. B. NO. 601 Page 5
181313 Oklahoma withholding, may file a claim for refund for all Oklahoma
182314 income taxes withheld and shall not be subject to the provisions of
183315 Section 2358 of this title; and
184-
185316 3. Every nonresident individual having Oklahoma gross income
186317 for the taxable year of One Thousand Dollars ($1,000.00) or more.
318+
319+ENGR. H. A. to ENGR. S. B. NO. 601 Page 7 1
320+2
321+3
322+4
323+5
324+6
325+7
326+8
327+9
328+10
329+11
330+12
331+13
332+14
333+15
334+16
335+17
336+18
337+19
338+20
339+21
340+22
341+23
342+24
187343
188344 B. If a husband and wife, living together, have an aggregate
189345 gross income or gross receipts, for such year, in an amount
190346 sufficient to require the filing of a federal income tax return:
191-
192347 1. Each shall make a return; or
193-
194348 2. The income of each shall be included in a single joint
195349 return, in which case the tax shall be computed on the aggregate net
196350 income.
197-
198351 C. 1. For tax years beginning on or after January 1, 2017,
199352 every resident individual whose gross income from both within and
200353 outside of Oklahoma exceeds the sum of the standard deduction and
201354 personal exemption allowed in Section 2358 of this title shall file
202355 an Oklahoma income tax return. Resident individuals not required to
203356 file a federal income tax return must attach a compl eted federal
204357 income tax return to the Oklahoma income tax return to show how
205358 adjusted gross income and deductions were determined, if their gross
206359 income is more than their adjusted gross income. The Oklahoma
207360 income tax return must show the taxable income and, where necessary,
208361 the adjusted gross income and modifications required by Section 2351
209362 et seq. of this title, and any other information the Tax Commission
210363 may require.
211-
212364 2. Except as otherwise provided for in the Pass -Through Entity
213365 Tax Equity Act of 20 19, every nonresident individual having Oklahoma
214366 gross income for the taxable year of One Thousand Dollars
215367 ($1,000.00) or more shall file an Oklahoma income tax return.
216368
369+ENGR. H. A. to ENGR. S. B. NO. 601 Page 8 1
370+2
371+3
372+4
373+5
374+6
375+7
376+8
377+9
378+10
379+11
380+12
381+13
382+14
383+15
384+16
385+17
386+18
387+19
388+20
389+21
390+22
391+23
392+24
393+
217394 D. If an individual is unable to make his or her own return,
218395 the return shall be made by a duly authorized agent or by the
219396 guardian or other person charged with the care of the person or
220397 property of such individual.
221-
222-
223-ENR. S. B. NO. 601 Page 6
224398 E. Every partnership shall make a return for each taxable year,
225399 stating the taxable income and the adjustments to arrive at O klahoma
226400 income. The Oklahoma return shall include a schedule showing the
227401 distribution to partners of the various items of income as per the
228402 federal return and the adjustments required by Section 2351 et seq.
229403 of this title for Oklahoma. The return shall b e signed by one of
230404 the partners. Except for partnerships making an election pursuant
231405 to the provisions of the Pass -Through Entity Tax Equity Act of 2019,
232406 if a partnership has elected pursuant to the provisions of Section
233407 761 of the Internal Revenue Code, or any provision comparable
234408 thereto, not to file partnership income tax returns, that
235409 partnership shall not be required to file an Oklahoma partnership
236410 return. The Oklahoma Tax Commission shall promulgate rules for
237411 purposes of partnership returns when mul tiple partners would
238412 otherwise be required to file a nonresident return. The rules shall
239413 provide a specific number of partners in a partnership above which a
240414 composite return may be filed. The return shall be in such form as
241415 prescribed by the Tax Commiss ion.
242-
243416 F. Every corporation shall make a return for each taxable year
244417 stating the taxable income and the adjustments provided in Section
418+
419+ENGR. H. A. to ENGR. S. B. NO. 601 Page 9 1
420+2
421+3
422+4
423+5
424+6
425+7
426+8
427+9
428+10
429+11
430+12
431+13
432+14
433+15
434+16
435+17
436+18
437+19
438+20
439+21
440+22
441+23
442+24
443+
245444 2351 et seq. of this title to arrive at Oklahoma taxable income. In
246445 addition, corporations electing subchapter S treatm ent pursuant to
247446 the Internal Revenue Code and Section 2351 et seq. of this title,
248447 shall include a schedule showing the distribution to shareholders of
249448 the various items of income as per the federal return and the
250449 adjustments for Oklahoma. All corporation returns shall be signed
251450 by the president, vice president, or other principal officer and the
252451 corporate seal impressed. In cases where receivers, trustees in
253452 bankruptcy, or assignees are operating the property or business of
254453 corporations, such receivers, t rustees, or assignees shall make a
255454 return for such corporations in the same manner and form as
256455 corporations are required to make returns. Any tax due on the basis
257456 of such returns made by receivers, trustees, or assignees shall be
258457 collected in the same man ner as if collected from the corporations
259458 of whose business or property they have custody and control.
260-
261459 G. Every resident estate and trust shall make a return for each
262460 taxable year stating the taxable income and the adjustments to
263461 arrive at Oklahoma taxabl e income. Every nonresident estate or
264462 trust having Oklahoma taxable income as provided in Section 2362 of
265463 this title shall make a return for each taxable year stating the
266-
267-ENR. S. B. NO. 601 Page 7
268464 taxable income and the adjustments to arrive at Oklahoma taxable
269465 income. The Oklahoma return shall include a schedule showing the
270466 distribution to beneficiaries, if any, of the various items of
271467 income as per the federal return and the adjustments for Oklahoma.
468+
469+ENGR. H. A. to ENGR. S. B. NO. 601 Page 10 1
470+2
471+3
472+4
473+5
474+6
475+7
476+8
477+9
478+10
479+11
480+12
481+13
482+14
483+15
484+16
485+17
486+18
487+19
488+20
489+21
490+22
491+23
492+24
493+
272494 The fiduciary shall be responsible for making the return and the
273495 return shall be signed by the fiduciary, or by one fiduciary if
274496 there is more than one. The Tax Commission shall promulgate rules
275497 for purposes of estate and trust returns when multiple returns would
276498 otherwise be required of nonresident beneficiaries of estates or
277499 trusts. The return shall be in such form as prescribed by the Tax
278500 Commission.
279-
280501 H. 1. All individual returns, except individual returns filed
281502 electronically, made on the basis of the calendar year shall be due
282503 on or before the fifteenth day of April following the close of the
283504 taxable year. Provided, if the Internal Revenue Code provides for a
284505 later due date for returns of individuals, the Tax Commission shall
285506 accept returns filed by individuals by such date and such returns
286507 shall be considered as timely filed .
287-
288508 2. All individual returns filed electronically, made on the
289509 basis of the calendar year, shall be due on or before the twentieth
290510 day of April following the close of the taxable year.
291-
292511 3. All individual returns made on the basis of a fiscal year
293512 shall be due on or before the fifteenth day of the fourth month
294513 following the close of the fiscal year.
295-
296514 4. For tax years beginning before January 1, 2016, calendar
297515 year corporation returns shall be due on or before the fifteenth day
298516 of March following the close of the taxable year. For tax years
299517 beginning on or after January 1, 2016, calendar year corporation
518+
519+ENGR. H. A. to ENGR. S. B. NO. 601 Page 11 1
520+2
521+3
522+4
523+5
524+6
525+7
526+8
527+9
528+10
529+11
530+12
531+13
532+14
533+15
534+16
535+17
536+18
537+19
538+20
539+21
540+22
541+23
542+24
543+
300544 returns shall be due no later than thirty (30) days after the due
301545 date established under the Internal Revenue Code.
302-
303546 5. For tax years beginning before Januar y 1, 2016, fiscal year
304547 corporation returns shall be due on or before the fifteenth day of
305548 the third month following the close of the fiscal year. For tax
306549 years beginning on or after January 1, 2016, fiscal year corporation
307550 returns shall be due no later th an thirty (30) days after the due
308551 date established under the Internal Revenue Code.
309-
310-
311-ENR. S. B. NO. 601 Page 8
312552 6. For tax years beginning before January 1, 2016, partnership
313553 returns shall be due on or before the fifteenth day of April
314554 following the close of the taxable year. For t ax years beginning on
315555 or after January 1, 2016, partnership returns shall be due no later
316556 than thirty (30) days after the due date established under the
317557 Internal Revenue Code.
318-
319558 7. All estate and trust returns made on the basis of the
320559 calendar year shall be due on or before the fifteenth day of April
321560 following the close of the taxable year. All estate and trust
322561 returns made on the basis of a fiscal year shall be due on or before
323562 the fifteenth day of the fourth month following the close of the
324563 fiscal year.
325-
326564 8. In the case of complete liquidation, or the dissolution, of
327565 a corporation the return of such corporation shall be made on or
328566 before the fifteenth day of the fourth month following the month in
329567 which the corporation is completely liquidated. A corporati on which
568+
569+ENGR. H. A. to ENGR. S. B. NO. 601 Page 12 1
570+2
571+3
572+4
573+5
574+6
575+7
576+8
577+9
578+10
579+11
580+12
581+13
582+14
583+15
584+16
585+17
586+18
587+19
588+20
589+21
590+22
591+23
592+24
593+
330594 has terminated its business activities, satisfied or made provision
331595 for all of its liabilities or has distributed all of its assets,
332596 even though not formally dissolved under state law, is deemed to
333597 have completely liquidated for purposes of this s ubsection.
334-
335598 9. The Tax Commission may also provide a later due date for
336599 returns of individuals, calendar year corporations, fiscal year
337600 corporations, partnership returns, estate and trust returns, or
338601 estimated tax payments as provided in Section 2385.9 of this title
339602 if a state of emergency is declared by the Governor or upon
340603 declaration by the Internal Revenue Service to postpone certain tax
341604 filing and tax payment deadlines in disaster areas.
342-
343605 I. Returns by individuals, fiduciaries, partnerships,
344606 corporations or any other person or entity required, or that may
345607 hereafter be required to file a return, shall contain or be verified
346608 by a written declaration that such return is made under the
347609 penalties of perjury and the fact that any individual's name is
348610 signed to a filed return shall be prima facie evidence for all
349611 purposes that the return was actually signed by that individual.
350612 Provided, the Tax Commission shall promulgate rules to provide
351613 procedures for verification of signatures on returns which are filed
352614 electronically.
353-
354-
355-ENR. S. B. NO. 601 Page 9
356615 J. Every return required by Section 2351 et seq. of this title
357616 shall be in such form as the Tax Commission may, from time to time,
358617 prescribe. Each return shall be filed with the Tax Commission and
618+
619+ENGR. H. A. to ENGR. S. B. NO. 601 Page 13 1
620+2
621+3
622+4
623+5
624+6
625+7
626+8
627+9
628+10
629+11
630+12
631+13
632+14
633+15
634+16
635+17
636+18
637+19
638+20
639+21
640+22
641+23
642+24
643+
359644 forms shall be furnished by the Tax Commissi on on application
360645 therefor, but failure to secure or receive the form of a return
361646 prescribed shall not relieve any taxpayer from the obligation of
362647 making and filing any return herein required.
363-
364648 K. For tax years ending after January 1, 2017, if a taxpayer
365649 elects to make installment payments of tax due pursuant to the
366650 provisions of subsection (h) of Section 965 of the Internal Revenue
367651 Code, 26 U.S.C., Section 965, such election may also apply to the
368652 payment of Oklahoma income tax, attributable to the income u pon
369653 which such installment payments are based.
370-
371654 SECTION 3. AMENDATORY 68 O.S. 2011, Section 2385.13, is
372655 amended to read as follows:
373-
374-Section 2385.13. A. In the case of any underpayment of the
656+Section 2385.13 A. In the case of any underpayment of the
375657 estimated tax payment required in Secti on 2385.9 of this title,
376658 there shall be added to the amount of the underpayment interest
377659 thereon at an annual rate of twenty percent (20%) for the period of
378660 the underpayment.
379-
380661 B. As used in subsection A of this section, the amount of the
381662 underpayment shall be the excess of the required installment over
382663 the amount paid on or before the due date of the installment. The
383664 period of underpayment shall run from the due date of the required
384665 installment to the earlier of the fifteenth day of the fourth month,
385666 or for corporations, the fifteenth day of the third month thirty
386667 (30) days after the due date for returns established under the
668+
669+ENGR. H. A. to ENGR. S. B. NO. 601 Page 14 1
670+2
671+3
672+4
673+5
674+6
675+7
676+8
677+9
678+10
679+11
680+12
681+13
682+14
683+15
684+16
685+17
686+18
687+19
688+20
689+21
690+22
691+23
692+24
693+
387694 Internal Revenue Code , following the close of the taxable year or
388695 the date on which the required installment is paid.
389-
390696 C. No addition to tax shall be imposed under subsection A of
391697 this section if the tax shown on the return for the taxable year is
392698 less than One Thousand Dollars ($1,000.00) or if the taxpayer was an
393699 Oklahoma resident throughout the preceding taxable year of twelve
394700 (12) months and did not have any liability for tax for the preceding
395701 taxable year.
396-
397-
398-ENR. S. B. NO. 601 Page 10
399702 SECTION 4. Section 3 of this act shall become effective
400703 November 1, 2021.
401-
402704 SECTION 5. It being immediately necessary for the preservation
403705 of the public peace, health or safety, an emergency is hereby
404706 declared to exist, by reason whereof this act shall take effect and
405-be in full force from and after its passage and approval.
707+be in full force from and after its passage and approval. "
708+Passed the House of Representatives the 22nd day of April, 2021.
406709
407710
408-ENR. S. B. NO. 601 Page 11
409-Passed the Senate the 29th day of April, 2021.
711+
712+
713+
714+Presiding Officer of the House of
715+ Representatives
716+
717+
718+Passed the Senate the ____ day of __________, 2021.
719+
720+
410721
411722
412723
413724 Presiding Officer of the Senate
414725
415726
416-Passed the House of Representatives the 22nd day of April, 2021.
727+ENGR. S. B. NO. 601 Page 1 1
728+2
729+3
730+4
731+5
732+6
733+7
734+8
735+9
736+10
737+11
738+12
739+13
740+14
741+15
742+16
743+17
744+18
745+19
746+20
747+21
748+22
749+23
750+24
751+
752+ENGROSSED SENATE
753+BILL NO. 601 By: Rader of the Senate
754+
755+ and
756+
757+ Pfeiffer of the House
758+
759+
760+
761+
762+An Act relating to incom e tax; amending 68 O.S. 2011,
763+Section 2385.13, which relates to withholding;
764+modifying period of underpayment for corporations;
765+and providing an effective date.
766+
767+
768+
769+
770+BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
771+SECTION 6. AMENDATORY 68 O.S. 2011, Section 2385.13, is
772+amended to read as follows:
773+Section 2385.13. A. In the case of any underpayment of the
774+estimated tax payment required in Section 2385.9 of this title,
775+there shall be added to the amount of the underpayment int erest
776+thereon at an annual rate of twenty percent (20%) for the period of
777+the underpayment.
778+B. As used in subsection A of this section, the amount of the
779+underpayment shall be the excess of the required installment over
780+the amount paid on or before the du e date of the installment. The
781+period of underpayment shall run from the due date of the required
782+installment to the earlier of the fifteenth day of the fourth month,
783+or for corporations, the fifteenth day of the third month thirty
784+(30) days after the due date for returns established under the
785+
786+ENGR. S. B. NO. 601 Page 2 1
787+2
788+3
789+4
790+5
791+6
792+7
793+8
794+9
795+10
796+11
797+12
798+13
799+14
800+15
801+16
802+17
803+18
804+19
805+20
806+21
807+22
808+23
809+24
810+
811+Internal Revenue Code , following the close of the taxable year or
812+the date on which the required installment is paid.
813+C. No addition to tax shall be imposed under subsection A of
814+this section if the tax shown on the return for the taxable year is
815+less than One Thousand Dollars ($1,000.00) or if the taxpayer was an
816+Oklahoma resident throughout the preceding taxable year of twelve
817+(12) months and did not have any liability for tax for the preceding
818+taxable year.
819+SECTION 7. This act shall become effective November 1, 2021.
820+Passed the Senate the 11th day of February, 2021.
821+
822+
823+
824+ Presiding Officer of the Senate
825+
826+
827+Passed the House of Representatives the ____ day of __________,
828+2021.
417829
418830
419831
420832 Presiding Officer of the House
421833 of Representatives
422834
423-OFFICE OF THE GOVERNOR
424-Received by the Office of the Governor this _______ _____________
425-day of ___________________, 20_______, at _______ o'clock _______ M.
426-By: _______________________________ __
427-Approved by the Governor of the State of Oklahoma this _____ ____
428-day of _________________ __, 20_______, at _______ o'clock _______ M.
429835
430- ____________________________ _____
431- Governor of the State of Oklahoma
432-
433-
434-OFFICE OF THE SECRETARY OF STATE
435-Received by the Office of the Secretary of State this _______ ___
436-day of __________________, 20 _______, at _______ o'clock _______ M.
437-By: _______________________________ __