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HOUSE OF REPRESENTATIVES - FLOOR VERSION
STATE OF OKLAHOMA
2nd Session of the 59th Legislature (2024)
COMMITTEE SUBSTITUTE
FOR
HOUSE BILL NO. 2949 By: McCall
COMMITTEE SUBSTITUTE
An Act relating to revenue and taxation; amending 68
O.S. 2021, Section 2355, as last amended by Section
1, Chapter 27, 1st Extraordinary Session of the 59th
Oklahoma Legislature, O.S.L. 2023, which relates to
income tax rates for individuals and other entities ;
modifying income tax rate for designated tax year;
providing for reductions in income tax rates based
upon certain determination with respect to tax
collections; providing for further reductions in
income tax rates using pres cribed formula; amending
68 O.S. 2021, Section 2355.1P-4, which relates to the
Pass Through-Entity Tax Act; modifying reference to
income tax rate; defining terms; imposing tax on
renewable power production; establishing amount of
tax per megawatt-hour; making tax applicable after
certain date; establishing timeline f or remittance of
tax and filing of reports; requiring the prescription
of certain forms; providing fine and penalty for
filing and remittance failures; requiring ce rtain
annual reporting; providing for apportionment of
monies; providing for codification; and p roviding
effective dates.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 68 O.S. 2021, Section 2355, as
last amended by Section 1, Chapter 27, 1s t Extraordinary Session,
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O.S.L. 2023 (68 O.S. Supp. 2023, Section 2355), is amended to read
as follows:
Section 2355. A. Individuals. For all taxable years beginning
after December 31, 1998, and before January 1, 2006, a tax is hereby
imposed upon the Oklahoma taxable income of every resident or
nonresident individual, which tax shall be computed at the option of
the taxpayer under one of the two following methods:
1. METHOD 1.
a. Single individuals and married individuals filing
separately not deducting federal income tax:
(1) 1/2% tax on first $1,000.00 or part thereof,
(2) 1% tax on next $1,500.00 or part thereof,
(3) 2% tax on next $1,250.00 or part thereof,
(4) 3% tax on next $1,150.00 or part thereof,
(5) 4% tax on next $1,300.00 or part thereof,
(6) 5% tax on next $1,500.00 or part thereof,
(7) 6% tax on next $2,300.00 or part thereof, and
(8) (a) for taxable years beginning after December
31, 1998, and before January 1, 2002, 6.75%
tax on the remainder,
(b) for taxable years beginning on or after
January 1, 2002, and before January 1, 2004,
7% tax on the remainder, and
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(c) for taxable years beginning on or after
January 1, 2004, 6.65% tax on the remainder.
b. Married individuals filing jointly and surviving
spouse to the extent and in the manner that a
surviving spouse is permitted to file a joint return
under the provisions of the Internal Revenue Code and
heads of households as defined in the Internal Revenue
Code not deducting federal income tax:
(1) 1/2% tax on first $2,000.00 or part thereof,
(2) 1% tax on next $3,000.00 or part thereof,
(3) 2% tax on next $2,500.00 or part thereof,
(4) 3% tax on next $2,300.00 or part thereof,
(5) 4% tax on next $2,400.00 or part thereo f,
(6) 5% tax on next $2,800.00 or part thereof,
(7) 6% tax on next $6,000.00 or part thereof, and
(8) (a) for taxable years beginning after December
31, 1998, and before January 1, 2002, 6.75%
tax on the remainder,
(b) for taxable years beginning on or af ter
January 1, 2002, and before January 1, 2004,
7% tax on the remainder, and
(c) for taxable years beginning on or after
January 1, 2004, 6.65% tax on the remainder.
2. METHOD 2.
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a. Single individuals and married individuals filing
separately deducting f ederal income tax:
(1) 1/2% tax on first $1,000.00 or part thereof,
(2) 1% tax on next $1,500.00 or part thereof,
(3) 2% tax on next $1,250.00 or part thereof,
(4) 3% tax on next $1,150.00 or part thereo f,
(5) 4% tax on next $1,200.00 or part thereof,
(6) 5% tax on next $1,400.00 or part thereof,
(7) 6% tax on next $1,500.00 or part thereof,
(8) 7% tax on next $1,500.00 or part thereof,
(9) 8% tax on next $2,000.00 or part thereof,
(10) 9% tax on next $3,500.00 or part thereof, and
(11) 10% tax on the remai nder.
b. Married individuals filing jointly and surviving
spouse to the extent and in the manner that a
surviving spouse is permitted to file a joint return
under the provisions of the Internal Revenue C ode and
heads of households as defined in the Interna l Revenue
Code deducting federal income tax:
(1) 1/2% tax on the first $2,000.00 or part thereof,
(2) 1% tax on the next $3,000.00 or part thereof,
(3) 2% tax on the next $2,500.00 or part thereof,
(4) 3% tax on the next $1,400.00 or part thereof,
(5) 4% tax on the next $1,500.00 or part thereof,
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(6) 5% tax on the next $1,600.00 or part thereof,
(7) 6% tax on the next $1,250.00 or part thereof,
(8) 7% tax on the next $1,750.00 or part thereof,
(9) 8% tax on the next $3,000.00 or part thereof,
(10) 9% tax on the next $6,000.00 or part thereof, and
(11) 10% tax on the remainder.
B. Individuals. For all taxable years beginning on or after
January 1, 2008, and ending any tax year which begins after December
31, 2015, for which the determination required pursua nt to Sections
4 and 5 of this act is made by the State Board of Equalization, a
tax is hereby imposed upon the Oklahoma taxable income of every
resident or nonresident individual, which tax shall be computed as
follows:
1. Single individuals and married individuals filing
separately:
(a) 1/2% tax on first $1,000.00 or part thereof,
(b) 1% tax on next $1,500.00 or part thereof,
(c) 2% tax on next $1,250.00 or part thereof,
(d) 3% tax on next $1,150.00 or part thereof,
(e) 4% tax on next $2,300.00 or part t hereof,
(f) 5% tax on next $1,500.00 or part thereof,
(g) 5.50% tax on the remainder for the 2008 tax year and
any subsequent tax year unless the rate prescribed by
subparagraph (h) of this paragraph is in effect, and
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(h) 5.25% tax on the remainder for the 2009 and subsequent
tax years. The decrease in the top marginal
individual income tax rate otherwise authorized by
this subparagraph shall be contingent upon the
determination required to be made by the State Board
of Equalization pursuant to Section 235 5.1A of this
title.
2. Married individuals filing jointly and surviving spouse to
the extent and in the manner that a surviving spouse is permitted to
file a joint return under the provisions of the Internal Revenue
Code and heads of households as defined in the Internal Revenue
Code:
(a) 1/2% tax on first $2,000.00 or part thereof,
(b) 1% tax on next $3,000.00 or part thereof,
(c) 2% tax on next $2,500.00 or part thereof,
(d) 3% tax on next $2,300.00 or part thereof,
(e) 4% tax on next $2,400.00 or part t hereof,
(f) 5% tax on next $2,800.00 or part thereof,
(g) 5.50% tax on the remainder for the 2008 tax year and
any subsequent tax year unless the rate prescribed by
subparagraph (h) of this paragraph is in effect, and
(h) 5.25% tax on the remainder for the 2009 and subsequent
tax years. The decrease in the top marginal
individual income tax rate otherwise authorized by
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this subparagraph shall be contingent upon the
determination required to be made by the State Board
of Equalization pursuant to Section 235 5.1A of this
title.
C. Individuals. For all taxable years beginning on or after
January 1, 2024, and except as provided pursuant to the provisions
of subsection D of this section, a tax is hereby imposed upon the
Oklahoma taxable income of every resident or nonresident individual,
which tax shall be computed as follows:
1. Single individuals and married individuals filing
separately:
(a) 0.25% tax on first $1,000.00 or part thereof,
(b) 0.75% tax on next $1,500.00 or part thereof,
(c) 1.75% tax on next $1,250.00 or part thereof,
(d) 2.75% tax on next $1,150.00 or part thereof,
(e) 3.75% tax on next $2,300.00 or part thereof,
(f) 4.75% 4.4% tax on the remainder.;
2. Married individuals filing jointly and surviving spouse to
the extent and in the manner that a surviving spouse is permit ted to
file a joint return under the provisions of the Internal Revenue
Code and heads of households as defined in the Internal Revenue
Code:
(a) 0.25% tax on first $2,000.00 or part thereof,
(b) 0.75% tax on next $3,000.00 or part thereof,
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(c) 1.75% tax on next $2,500.00 or part thereof,
(d) 2.75% tax on next $2,300.00 or part thereof,
(e) 3.75% tax on next $4,600.00 or part thereof,
(f) 4.75% 4.4% tax on the remainder.
The tax levied pursuant to this subsection shall be lev ied only
upon the amounts of Ok lahoma taxable income in ex cess of:
1. Ten Thousand Dollars ($10,000.00) for taxpayers having a
single or married filing separat e filing status; or
2. Twenty Thousand Dollars ($20,000.00) for taxpayers having a
married joint return filing status, head of household or qualifying
widow filing status.
No deduction for federal income taxes paid shall be allowed to
any taxpayer to arrive at taxable income.
D. Individuals. 1. Except as otherwise provided by this
subsection, for all taxable years beginning on or after January 1,
2025, a tax is hereby imposed upon the Oklahoma taxable income of
every resident or nonresident individual, which tax shall be four
and four-tenths percent (4.4%) reduced by 0.233333, for purposes of
any reduction, for any income tax year beginning on the January 1
date immediately succeeding a fiscal year ending on the preceding
June 30 for which the State Board of Equalization makes a
certification, at its December meeting, that total t ax collections
for such fiscal year exceeded the total tax collections for the
immediately preceding fiscal year by Four Hundred Million Dollars
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($400,000,000.00) or more. Subject to the determinations regarding
the increase in total tax collections as pre scribed by this
paragraph, the reductions prescribed by this paragraph shall be made
for all applicable income tax years until the rate of individual
income tax equals three percent (3.0%). After the sixth reduction
in the rate of four and four-tenths percent (4.4%), the tax rate
shall be deemed to be three percent (3.0%) for purposes of this
subsection.
2. If the individual income tax rate reaches three percent
(3.0%) as provided by paragraph 1 of this subsection, such income
tax rate shall be in effect for the income tax year beginning on the
January 1 date immediately following the income tax year for which
the rate of income tax was 3.23335 percent, and the rate of three
percent (3.0%) shall be reduced each succeeding income tax year by
0.3, such subtraction to be made from the whole number three (3) .
Such reduction shall be made for each of the ten (10) succeeding
income tax years, each beginning January 1, until the rate of
individual income tax equals zero percent (0%).
E. Nonresident aliens. In lieu of the rates set forth in
subsection A above, there shall be imposed on nonresident aliens, as
defined in the Internal Revenue Code, a tax of eight percent (8%)
instead of thirty percent (30%) as used in the Internal Revenue
Code, with respect to the Oklahoma taxable income of such
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nonresident aliens as determined under the provision of the Oklahoma
Income Tax Act.
Every payer of amounts covered by this subsection shall deduct
and withhold from such amounts paid each payee an amount equal to
eight percent (8%) thereof. Every payer required to deduct and
withhold taxes under this subsection shall for each quarterly period
on or before the last day of the month following the close of each
such quarterly period, pay over the amount so withheld as taxes to
the Tax Commission, and shall file a return with each such payment.
Such return shall be in such form as the Tax Commission shall
prescribe. Every payer required under this subsection to deduct a nd
withhold a tax from a payee shall, as to the total amounts paid to
each payee during the calendar year, furnish to such payee, on or
before January 31, of the succeeding year, a written statement
showing the name of the payer, the name of the payee and the payee's
Social Security account number, if any, the total amount paid
subject to taxation, and the total amount deducted and withheld as
tax and such other information as the Tax Commission may require.
Any payer who fails to withhold or pay to the Ta x Commission any
sums herein required to be withheld or paid shall be personally and
individually liable therefor to the State of Oklahoma.
E. F. Corporations. For all taxable years beginning after
December 31, 2021, a tax is hereby imposed upon the Okla homa taxable
income of every corporation doing business within this state or
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deriving income from sources within this state in an amount equal to
four percent (4%) thereof.
There shall be no additional Oklahoma income tax imposed on
accumulated taxable inc ome or on undistributed personal holding
company income as those terms are defined in the Internal Rev enue
Code.
F. G. Certain foreign corporatio ns. In lieu of the tax imposed
in the first paragraph of subsection D F of this section, for all
taxable years beginning after December 31, 2021, there shall be
imposed on foreign corporations, as defined in the Inte rnal Revenue
Code, a tax of four percent (4%) instead of thirty percent (30%) as
used in the Internal Revenue Code, where such income is received
from sources within Oklahoma, in accordance with the provisions of
the Internal Revenue Code and t he Oklahoma Income Tax Act.
Every payer of amounts covered by this subsection shall deduct
and withhold from such amounts paid each payee an amount equal to
four percent (4%) thereof. Every payer required to deduct and
withhold taxes under this subsection shall for e ach quarterly period
on or before the last d ay of the month following the close of each
such quarterly period, pay over the amount so withheld as taxes to
the Tax Commission, and shall file a return with each such payment.
Such return shall be in such for m as the Tax Commission shall
prescribe. Every payer required under this subsection to deduct and
withhold a tax from a payee shall, as to the total amounts paid to
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each payee during the calendar year, furnish to such payee, on or
before January 31, of th e succeeding year, a written statement
showing the name of the payer, the name of the payee and the payee's
Social Security account number, if any, the total amounts paid
subject to taxation, the total amount deducted and withheld as tax
and such other information as the Tax Commission may require . Any
payer who fails to withhold or pay to the Tax Commission any sums
herein required to be withheld or paid shall be personally and
individually liable therefor to the State of Oklahoma.
G. H. Fiduciaries. A tax is hereby imposed upon the Oklahoma
taxable income of every trust and estate at the same rates as are
provided in subsection B or, C, or D of this section for single
individuals. Fiduciaries are not allowed a deduction for any
federal income tax paid.
H. I. Tax rate tables. For all taxable years beginni ng after
December 31, 1991, in lieu of the tax imposed by subsection A, B or,
C, or D of this section, as applicable t here is hereby imposed for
each taxable year on the taxable income of every individual, whose
taxable income for such taxable year does not excee d the ceiling
amount, a tax determined under tables, applicable to such taxable
year which shall be prescribed by the Tax Commission and which shall
be in such form as it determine s appropriate. In the table so
prescribed, the amounts of the tax shall be computed on the basis of
the rates prescribed by subsection A, B or, C, or D of this section.
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For purposes of this subsection, the term "ceiling amount" means,
with respect to any taxpay er, the amount determined by the Tax
Commission for the tax rate category in which such taxpayer falls.
SECTION 2. AMENDATORY 68 O.S. 2021, Section 2355.1P-4,
is amended to read as follows:
Section 2355.1P-4 A. For tax years beginning on or a fter
January 1, 2022, there is hereby levied on each electing pass -
through entity the pass-through entity tax which shall be calculated
as follows:
1. With regard to each member of an electing pass-through
entity, the electing pass-through entity shall mu ltiply such
member's Oklahoma distributive share of the electing pass -through
entity's Oklahoma net entity income for the tax year by:
a. the highest Oklahoma marginal income tax rate levied
on the taxable income of natural persons pursuant to
Section 2355 of this title if the member is an
individual, trust, or estate,
b. four percent (4%) if the member is classified as a
corporation pursuant to the Internal Revenue Code, and
is not classified as an S corporation,
c. four percent (4%) if the member is a pas s-through
entity,
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d. four percent (4%) if the member is a financial
institution subject to tax imposed pursuant to the
provisions of Section 2370 of this title, and
e. the highest Oklahoma marginal income tax rate that
would be applicable to any item of th e electing pass-
through entity's income or gain without the election
made pursuant to subsection F of this section, if the
member is an organization described in Section 2359 o f
this title; and
2. The electing pass-through entity shall aggregate the amoun ts
determined with respect to all members pursuant to paragraph 1 of
this subsection and the pass-through entity tax for the applicable
tax year shall be equal to such aggregated tax a mount for the tax
year with respect to which the election has been made.
B. Sections 2385.29, 2385.30 and 2385.31 o f this title shall
not be applicable to an electing pass-through entity.
C. The pass-through entity tax shall be due and payable on the
same date as provided for the filing of the electing pass -through
entity's Oklahoma income tax return, and for tax years beginning on
or after January 1, 202 0, estimated tax payments shall be required
as provided in Section 2385.9 of this title.
D. If the pass-through entity election results in a net entity
loss for Oklahoma inc ome tax purposes in any tax year, the net
entity loss may be carried back and carr ied forward by the electing
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pass-through entity for Oklahoma income tax purposes as set forth in
subparagraph b of paragraph 3 of subsection A of Section 2358 of
this title.
E. Notwithstanding paragraph 2 of subsection C of Section 2368
of this title, a nonresident individual who is a member of an
electing pass-through entity is not required to file an Ok lahoma
income tax return, if, for the taxable year, the only source of
income allocable or apportionable to this state for the member, or,
if a joint income tax return is filed, the member and his or her
spouse, is from one or more electing pass -through entities, and each
electing pass-through entity files and pays the taxes d ue under this
section.
F. Any entity required to file an Oklahoma partnership inc ome
tax return or an Oklahoma S corporation income tax return may elect
to become an electing pass -through entity. The election shall be
made on such form and in such manner as the Oklahoma Tax Commission
may prescribe, and any election under this subsect ion shall have
priority over and revoke any election to file a composite Oklahoma
partnership return o r requirement of a Subchapter S corporation to
report and pay tax on beh alf of a nonresident shareholder for the
same tax year.
G. Pursuant to procedures prescribed by the Tax Commission, if
the amount of tax required to be paid by a pass-through entity
pursuant to the provisions of this section is not paid when due, the
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Oklahoma Tax Commission may revoke the pass -through entity's
election under subsection F of this section effective for the first
year for which the tax is not paid.
H. The election authorized by the provisions of this section
shall be made pursuant to procedu res prescribed by the Tax
Commission and shall be filed (i) within sixty (60) days of
enactment and pursuant to procedures prescribed by the Oklahoma Tax
Commission for any income tax year beginning on or after January 1,
2019, and prior to January 1, 2020 , or (ii) for any income tax year
beginning on or after January 1, 2020, at any ti me during the
preceding tax year or two (2) months and fifteen (15) days after the
beginning of the tax year. Any such election shall be binding until
revoked pursuant to pr ocedures prescribed by the Tax Commission .
The effective date of a revocation (i) made within two (2) months
and fifteen (15) days of the electing pass-through entity's taxable
year shall be the first day of such taxable year and (ii) made
during the electing pass-through entity's taxable year but after
such fifteenth day shall be effe ctive on the first day of the
following taxable year. No election made by a pass-through entity
with respect to income tax to be paid by such entity using the
calculations prescribed by this section shall be binding on any
other pass-through entity, and e ach pass-through entity shall be
able to make an election under the provisions of this act
independently.
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SECTION 3. NEW LAW A new section of law to b e codified
in the Oklahoma Statutes as Section 6701 of Title 68, unless there
is created a duplication in numbering, reads as follows:
As used in this act:
1. "Megawatt-hour" means the energy equivalent of one million
(1,000,000) watts consumed within a p eriod of one (1) hour;
2. "Renewable power" means the production of electricity fro m a
source that is not depleted when u sed, including but n ot limited to
wind power, solar power, geothermal energy, biomass, and
hydroelectric power; and
3. "Renewable power business" means any for-profit business
enterprise engaged in the wholesale produ ction of electricity by
means of renewable power.
SECTION 4. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 6702 of Title 68, unless there
is created a duplication in numbering, reads as follows:
A. Effective January 1, 2025, there shall be imposed a levy of
One Dollar ($1.00) per megawatt-hour upon electricity produced by a
renewable power business within the state.
B. The tax shall be due and owing not later than the fifteenth
day of the month immediately following the month during wh ich the
electricity was produced.
C. The Oklahoma Tax Commission shall prescribe a form for use
in reporting the tax imposed pursuant to the provisions of this act.
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D. The renewable power business shall timely file the report
and make remittance of the tax as required by this section. Failure
to timely file the report shall result in a fine of One Hundred
Dollars ($100.00) per day for each day the return remains unfiled
not to exceed a maxim um of sixty (60) days.
E. Failure to remit the tax to the Tax Commission as require d
pursuant to the provisions of this section shall r esult in a penalty
equal to ten percent (10%) of the principal amount of the monthly
tax amount due and owing. The penalty shall become part of t he
principal amount of the tax due and owing.
SECTION 5. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 6703 of Title 68, unless there
is created a duplication in numbering, reads as follows:
A. Any renewable power business subject to t he tax imposed
pursuant to the provisions of this act shall be required to file an
annual report with the Oklahoma Tax Commission whic h summarizes the
total amount of electric power produced from any and all renewable
power facilities owned by the renewable power business within the
state for the period of January 1 through De cember 31 of the year
prior to the year in which the report is filed as required by this
section. The summary shall include the amount of electri c power
produced each month by each renewable power facility device owned by
the renewable power business in the state.
HB2949 HFLR Page 19
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B. The Oklahoma Tax Commission shall prescribe a fo rm for the
report required by this section. The report shall be filed with the
Oklahoma Tax Commission not later than Feb ruary 15 each year
covering the electric power produced by renewable power facilities
owned by a renewable power business located in t he state for the
preceding calendar year.
SECTION 6. NEW LAW A new section of law to be codified
in the Oklahoma Statu tes as Section 6704 of Title 68, unless there
is created a duplication in numbering, reads as follows:
The monies derived from taxes, fines, and penalties imposed
pursuant to the provisions of this act shall be apportioned to the
General Revenue Fund.
SECTION 7. Sections 1 and 2 of this act shall become effective
January 1, 2024.
SECTION 8. Sections 3 through 6 of this act shall become
effective November 1, 2024.
COMMITTEE REPORT BY: COMMITTEE ON RULES, dated 02/26/2024 - DO PASS,
As Amended.