Oklahoma 2023 1st Special Session

Oklahoma House Bill HB1039 Compare Versions

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Version 2 (New)

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1		-	An Act
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	3	+	ENGR. H. B. NO. 1039 (1ST EX. SESS.) Page 1 1
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2	28		(1ST EXTRAORDINARY SESSION)
3		-	~~ENROLLED~~ HOUSE
	29	+	ENGROSSED HOUSE
4	30		BILL NO. 1039 By: Wallace, Martinez, Kendrix,
5		-	Lepak, and Hays of the
6		-	House
	31	+	and Lepak of the House
7	32
8	33		and
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10	35		Thompson (Roger) and Hall
11	36		of the Senate
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16	42		An Act relating to revenue and taxation; amending 68
17	43		O.S. 2021, Sections 1203, 1204, and 1210, which
18	44		relate to the franch ise tax upon corporations,
19	45		associations, joint-stock companies, and business
20	46		trusts, the franchise tax upon foreig n corporations,
21	47		and annual reporting; removing levy of tax after
22	48		certain year; limiting annual statement requirement
23	49		to certain years; updating statutory language;
24	50		providing an effective date; and declaring an
25	51		emergency.
26	52
27	53
28		-	~~SUBJECT: Revenue and taxation~~
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30	56		BE IT ENACTED BY THE PEOPLE OF TH E STATE OF OKLAHOMA:
31		-
32	57		SECTION 1. AMENDATORY 68 O.S. 2021, Sectio n 1203, is
33	58		amended to read as follows:
34		-
35	59		Section 1203. There For tax year 2023 and previous tax years,
36	60		there is hereby levied and assessed a franchise or excise tax upo n
37	61		every corporation, association, joint-stock company and business
38	62		trust organized under the laws of this state, equal to One Dollar
39	63		and twenty-five cents ($1.25) for each One Thousand Dollars
40	64		($1,000.00) or fraction thereof of the amount of capital used,
41	65		invested or employed in the exercise of any power, privilege or
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42	92		right inuring to such org anization, within this state; it being the
43	93		purpose of this section to require the payment to the State of
44	94		Oklahoma this state this tax for the right granted by the law s of
45	95		this state to exist as such organization and enjoy, under the
46		-	protection of the laws of this state, the powers, rights, privileg es ~~ENR. H. B. NO. 1039 (1ST EX. SESS.) Page 2~~
	96	+	protection of the laws of this state, the powers, rights, privileg es
47	97		and immunities derived from the state by reason of the form of such
48	98		existence.
49		-
50	99		SECTION 2. AMENDATORY 68 O.S. 2021, Section 1204, is
51	100		amended to read as follows:
52		-
53	101		Section 1204. There For tax year 2023 and previous tax years,
54	102		there is hereby levied and assessed upon every corporation,
55	103		association, joint-stock company and business trust, organized and
56	104		existing by virtue o f the laws of some other state, territory or
57	105		country, now or hereafte r doing business in this state, as
58	106		hereinbefore defined, a franchise or excise tax equal to One Dollar
59	107		and twenty-five cents ($1.25) for each One Thousand Dollars
60	108		($1,000.00) or fraction thereof of the amount of capital used,
61	109		invested or employed within th is state; it being the purpose of this
62	110		section to require the payment of a tax by all organizations not
63	111		organized under the laws of this state, measured by the amount of
64	112		capital, or its equivalent, used, invested or employed in this state
65	113		for which such organization receives the benefit and protecti on of
66	114		the government and laws of the state.
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68	141		SECTION 3. AMENDATORY 68 O.S. 2021, Section 1210, is
69	142		amended to read as f ollows:
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71	143		Section 1210. A. In addition to any other statement require d
72	144		by law, for tax year 2023 and previous tax years, each and every
73	145		corporation, association or organization, as enu merated in Sections
74	146		1201, 1203, and 1204 of this tit le, subject to the p rovisions of
75	147		Section 1201 et seq. of this title, either during the pe riod of July
76	148		1 to August 31, inclusive, of e ach year, or not later than June 1
77	149		for taxpayers that remitted the maxi mum amount of tax pursuant to
78	150		Section 1205 of this t itle for the precedi ng tax year, or, except
79	151		for taxpayers that remitted the maximum amoun t of tax pursuant to
80	152		Section 1205 of this ti tle for the preceding tax year, on or before
81	153		the date by which an incom e tax return is required to be filed
82	154		pursuant to the provisions of subsection G of Section 2368 of this
83	155		title or pursuant to the provisions o f Section 216 of this title,
84	156		based upon the election by the taxpayer regarding the due date for
85	157		payment of tax, shall file with the Oklahoma Tax Commission a
86	158		statement under oath of its president, secretary or managing
87	159		officer, or managing agent in this st ate. The statement shall be in
88	160		such form as the Tax Commission shall prescribe, including balance
89	161		sheets as at the close of its last preceding taxable year for which
90	162		an income tax return was required to be filed, showing the
91		-	following: ENR. H. B. NO. 1039 (1ST EX. SESS.) Page 3
	163	+	following:
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93	190		1. The amount of its authorized capital stock, interests,
94	191		certificates, or other evidence of interest or ownership;
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96	192		2. The amount thereof then paid up;
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98	193		3. The number of units into whi ch the same is divid ed;
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100	194		4. The par value of each unit and the number of such units
101	195		issued and outstanding;
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103	196		5. The location of the o ffice or offices;
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105	197		6. The value of all property owned or used in its bu siness and
106	198		wherever located;
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108	199		7. The value of all pr operty owned or used in its business
109	200		within this state as it existed on the last day of t he tax year;
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111	201		8. The total amount of all bus iness wherever transacted during
112	202		the tax year;
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114	203		9. The total amount of business transacted within the State of
115	204		Oklahoma this state during such year; and
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117	205		10. The names of its officers and the residence and post o ffice
118	206		address of each as the same appear of record on the last day of the
119	207		tax year, based upon the election by the taxpayer regarding the due
120	208		date for payment of tax.
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122	209		B. If any corporati on, association or organization making a
123	210		return under the provisions of Section 1201 et seq. of this title
124	211		has no authorized capital, or if any of its shares of stock or other
125	212		evidences of interest or ownership have no par value, then s uch
126	213		corporation, association or organization shall so state in its
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127	240		return, and shall, in addition thereto, state the book value of it s
128	241		shares of stock or other evidences of interest or ownership. It
129	242		shall also, in making its return, make the showing requi red of all
130	243		other corporations, associations and organizations, and each foreign
131	244		corporation shall state the name of its registered ag ent residing at
132	245		the capital of the state. The return shall be in such form as the
133	246		Tax Commission shall prescribe.
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135	247		C. A corporation or organiz ation subject to the tax levied by
136		-	Section 1203 or Section 1204 of th is title for which the computation ~~ENR. H. B. NO. 1039 (1ST EX. SESS.) Page 4~~
	248	+	Section 1203 or Section 1204 of th is title for which the computation
137	249		of capital employed in the state equals or exceeds Sixteen Million
138	250		Dollars ($16,000,000.00), shall file a maximum franchise tax retu rn
139	251		on such form as may be prescribed by the Oklahoma Tax Commission.
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141	252		D. The Tax Commissi on shall prescribe a form for use by
142	253		corporations or organizations subject to the maximum tax imposed by
143	254		Section 1205 of this title in order for such corporations or
144	255		organizations to dete rmine if the value of capital employed in this
145	256		state requires filing a maximum franchise tax return. The Tax
146	257		Commission shall also prescribe a form for use by corporations or
147	258		organizations exempt from the tax imposed by Sections 1203 a nd 1204
148	259		of this title pursuant to Section 1205 of this title. Such form
149	260		shall include the names of the officers of the corporation o r
150	261		organization and the residence and post office address of each as
151	262		the same appears of record on the last day of the tax y ear and a
152	263		statement attesting that no tax is due for the taxable period. If a
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153	290		corporation or organization is required to file the ma ximum
154	291		franchise tax return or is exempt from the tax imposed by Section s
155	292		1203 and 1204 of this title pursuant to Section 12 05 of this title,
156	293		such return shall not be subject to the requirements of subsection A
157	294		of this section and the return shall only cont ain such information
158	295		as may be prescribed by the Commission. The retur n shall be in such
159	296		form as the Tax Commission shall prescribe.
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161	297		SECTION 4. This act shall become effective July 1, 2023.
162		-
163	298		SECTION 5. It being immediately necessary for the preservation
164	299		of the public peace, health or safety, an emergency is hereby
165	300		declared to exist, by reason whereof this act shall take effect and
166	301		be in full force from and after its passage and ap proval.
167		-	ENR. H. B. NO. 1039 (1ST EX. SESS.) Page 5
168	302		Passed the House of Representatives the 24th day of May, 2023.
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173	307		Presiding Officer of the House
174	308		of Representatives
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178		-	Passed the Senate the ~~26th~~ day of ~~May~~, 2023.
	312	+	Passed the Senate the ____ day of __________, 2023.
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183	317		Presiding Officer of the Senate
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186		-	OFFICE OF THE GOVERNOR
187		-	Received by the Office of the Governor this ____________________
188		-	day of ___________________, 20_______, at _______ o'clock _______ M.
189		-	By: _________________________________
190		-	Approved by the Governor of the State of Okl ahoma this _________
191		-	day of ___________________, 20_______, at _______ o'clock _______ M.
192		-
193		-
194		-	_________________________________
195		-	Governor of the State of Oklahoma
196		-
197		-	OFFICE OF THE SECRETARY OF STATE
198		-	Received by the Office of the Secretary of State this ______ ____
199		-	day of ___________________, 20_______, at _______ o'clock _______ M.
200		-	By: _________________________________