Oklahoma 2023 Regular Session

Oklahoma House Bill HB2695 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	ENGR. H. B. NO. 2695 Page 1 1
	3	+	HB2695 HFLR Page 1
	4	+	BOLD FACE denotes Committee Amendments. 1
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28		-	ENGROSSED HOUSE
29		-	BILL NO. 2695 By: Kendrix, Maynard and Hays
30		-	of the House
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
	30	+
	31	+	STATE OF OKLAHOMA
	32	+
	33	+	1st Session of the 59th Legislature (2023)
	34	+
	35	+	HOUSE BILL 2695 By: Kendrix and Maynard of the
	36	+	House
31	37
32	38		and
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34	40		Montgomery of the Senate
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	46	+	AS INTRODUCED
	47	+
40	48		[ revenue and taxation - franchise tax - levy of tax
41	49		- annual statement requirement - providing an
42	50		effective date ]
	51	+
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47	56		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OK LAHOMA:
48	57		SECTION 1. AMENDATORY 68 O.S. 2021, Section 1203, is
49	58		amended to read as fo llows:
50	59		Section 1203. There For tax year 2023 and previous tax years,
51	60		there is hereby levied and assessed a franchise or excise tax upon
52	61		every corporation, association, joint -stock company and business
53	62		trust organized under the laws of this state, equal to One Dollar
54	63		and twenty-five cents ($1.25) for eac h One Thousand Dollars
55	64		($1,000.00) or fraction thereof of the amount of capital used,
56		-	invested or employed in the exercise of any power, privilege or
57		-	right inuring to such organization, within this state; it being the
58		-	purpose of this section to require the payment to the State of
59		-	Oklahoma this state this tax for the right grante d by the laws of
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61		-	ENGR. H. B. NO. 2695 Page 2 1
	66	+	HB2695 HFLR Page 2
	67	+	BOLD FACE denotes Committee Amendments. 1
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	92	+	invested or employed in the exercise of any power, privilege or
	93	+	right inuring to such organization, within this state; it being the
	94	+	purpose of this section to require the payment to the State of
	95	+	Oklahoma this state this tax for the right granted by the laws of
86	96		this state to exist as such organization and enjoy, under the
87	97		protection of the laws of this state, the powers, righ ts, privileges
88	98		and immunities derived from the state by reason of the form of such
89	99		existence.
90	100		SECTION 2. AMENDATORY 68 O.S . 2021, Section 1204, is
91	101		amended to read as follows:
92	102		Section 1204. There For tax year 2023 and previous tax years,
93	103		there is hereby levied and assessed upon every corporation,
94	104		association, joint-stock company and business trust, organized and
95	105		existing by virtue of the laws of some other state, territory or
96	106		country, now or hereafter doing business in this state, as
97	107		hereinbefore defined, a franchise or excise tax equal to One Dollar
98	108		and twenty-five cents ($1.25) for each One Thousand Dollars
99	109		($1,000.00) or fraction thereof of the amount of capital used,
100	110		invested or employed within this state; it being the purpose o f this
101	111		section to require the payment of a tax by all organizations not
102	112		organized under the laws of this state, measured by the amount of
103	113		capital, or its equivalent, used, invested or employed in this state
104	114		for which such organization receives the benefit and protection of
105	115		the government and laws of the state.
106		-	SECTION 3. AMENDATORY 68 O.S. 2021, Secti on 1210, is
107		-	amended to read as follows:
108		-	Section 1210. A. In addition to any other statement required
109		-	by law, for tax year 2023 and previous tax years, each and every
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111		-	ENGR. H. B. NO. 2695 Page 3 1
	117	+	HB2695 HFLR Page 3
	118	+	BOLD FACE denotes Committee Amendments. 1
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	143	+	SECTION 3. AMENDATORY 68 O.S. 2021, Section 1210, is
	144	+	amended to read as follows:
	145	+	Section 1210. A. In addition to any other statement required
	146	+	by law, for tax year 2023 and previous tax years, each and every
136	147		corporation, association or organization, as enumerated in Sections
137	148		1201, 1203, and 1204 of this title, subject t o the provisions of
138	149		Section 1201 et seq. of this title, either during the period of July
139	150		1 to August 31, inclusive, of each year, or not later than June 1
140	151		for taxpayers that remitted the maximum amount of tax pursuant to
141	152		Section 1205 of this title for the preceding tax year, or, except
142	153		for taxpayers that remitted the maximum amount of tax pursuant to
143	154		Section 1205 of this title for th e preceding tax year, on or before
144	155		the date by which an income tax return is required to be filed
145	156		pursuant to the provisions o f subsection G of Section 2368 o f this
146	157		title or pursuant to the provisions of Section 216 of this title,
147	158		based upon the election b y the taxpayer regarding the due date for
148	159		payment of tax, shall file with the Oklahoma Tax Commission a
149	160		statement under oath o f its president, secretary or ma naging
150	161		officer, or managing agent in this state. The statement shall be in
151	162		such form as the Tax C ommission shall prescribe, including balance
152	163		sheets as at the close of its last preceding taxable year for which
153	164		an income tax return was required to be filed , showing the
154	165		following:
155		-	1. The amount of its authorized capital stock, int erests,
156		-	certificates, or other evidence of interest or ownership;
157		-	2. The amount thereof then paid up;
158		-	3. The number of un its into which the same i s divided;
159	166
160		-	ENGR. H. B. NO. 2695 Page 4 1
	167	+	HB2695 HFLR Page 4
	168	+	BOLD FACE denotes Committee Amendments. 1
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	193	+	1. The amount of its authorized capital stock, int erests,
	194	+	certificates, or other evidence of interest or ownership;
	195	+	2. The amount thereof then paid up;
	196	+	3. The number of units into which the same i s divided;
185	197		4. The par value of each unit and the number of such units
186	198		issued and outstanding;
187	199		5. The location of the office or o ffices;
188	200		6. The value of all property owned or used in its business and
189	201		wherever located;
190	202		7. The value of all property owned or used in its business
191	203		within this state as it existed on the last day of the tax year;
192	204		8. The total amount of all business wher ever transacted during
193	205		the tax year;
194	206		9. The total amount of business transacted within the State of
195	207		Oklahoma this state during such year; and
196	208		10. The names of its offi cers and the residence and post office
197	209		address of each as the sam e appear of record on the last day of the
198	210		tax year, based upon the election by the taxpayer regarding the due
199	211		date for payment of tax.
200	212		B. If any corporation, association or organization maki ng a
201	213		return under the provisions of Section 1201 et seq. of this title
202	214		has no authorized capital, or if any of its shares of stock or other
203	215		evidences of interest or ownership have no par value, then such
204	216		corporation, association or organization shall so st ate in its
205		-	return, and shall, in addition thereto, state the book value of its
206		-	shares of stock or other evidences of interest or ownership. It
207		-	shall also, in making its return, make the s howing required of all
208		-	other corporations, associations and organiza tions, and each foreign
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210		-	ENGR. H. B. NO. 2695 Page 5 1
	218	+	HB2695 HFLR Page 5
	219	+	BOLD FACE denotes Committee Amendments. 1
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	244	+	return, and shall, in addition thereto, state the book value of its
	245	+	shares of stock or other evidences of interest or ownership. It
	246	+	shall also, in making its return, make the showing required of all
	247	+	other corporations, associations and organiza tions, and each foreign
235	248		corporation shall state the name of its r egistered agent residi ng at
236	249		the capital of the state. The return shall be in such form as the
237	250		Tax Commission shall prescribe.
238	251		C. A corporation or organization subject to the tax levied by
239	252		Section 1203 or Section 1204 of this title for which the computati on
240	253		of capital employed in the state equals or exceeds Sixteen Million
241	254		Dollars ($16,000,000.00), shall file a maximum franchise tax return
242	255		on such form as may be prescribed by the Oklahoma Tax Commission.
243	256		D. The Tax Commission shall prescribe a form for us e by
244	257		corporations or organizations subject to the maximum tax imposed by
245	258		Section 1205 of this title in order for such corporations or
246	259		organizations to determine if the value of capital employ ed in this
247	260		state requires filing a maximum franchise tax return. The Tax
248	261		Commission shall also prescribe a form for use by corporations or
249	262		organizations exempt from the tax imposed by Sections 1203 and 1204
250	263		of this title pursuant to Section 1205 of this t itle. Such form
251	264		shall include the names of the officers of the c orporation or
252	265		organization and the residence and post office address of each as
253	266		the same appears of record on the last day of the tax year and a
254	267		statement attesting that no tax is due for the taxable period. If a
255		-	corporation or organization is required to file the maximum
256		-	franchise tax return or is exempt from the tax imposed by Sections
257		-	1203 and 1204 of this title pursuant t o Section 1205 of this ti tle,
258		-	such return shall not be subject to th e requirements of subsection A
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260		-	ENGR. H. B. NO. 2695 Page 6 1
	269	+	HB2695 HFLR Page 6
	270	+	BOLD FACE denotes Committee Amendments. 1
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	295	+	corporation or organization is required to file the maximum
	296	+	franchise tax return or is exempt from the tax imposed by Sections
	297	+	1203 and 1204 of this title pursuant to Section 1205 of this ti tle,
	298	+	such return shall not be subject to th e requirements of subsection A
285	299		of this section and the return sha ll only contain such i nformation
286	300		as may be prescribed by the Commission. The return shall be in such
287	301		form as the Tax Commission shall prescribe.
288	302		SECTION 4. This act shall become effective November 1, 2023.
289		-	Passed the House of Representatives the 7th day of March, 2023.
290	303
291		-
292		-
293		-
294		-	Presiding Officer of the House
295		-	of Representatives
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297		-
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299		-	Passed the Senate the ___ day of __________, 2023.
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303		-
304		-	Presiding Officer of the Senate
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306		-
	304	+	COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS AND BUDGET, dated
	305	+	03/02/2023 - DO PASS, As Amended and Coauthored.