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Oklahoma Senate Bill SB323

Oklahoma 2025 Regular Session

Oklahoma Senate Bill SB323 Compare Versions

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5353 STATE OF OKLAHOMA
5454
5555 1st Session of the 60th Legislature (2025)
5656
5757 SENATE BILL 323 By: Deevers
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6363 AS INTRODUCED
6464
6565 An Act relating to tax; amending 68 O.S. 2021,
6666 Section 2355, as last amended by Section 1, Chapter
6767 27, 1st Extraordinary Session, O.S.L. 2023 (68 O.S.
6868 Supp. 2024, Section 2355), which relates to income
6969 tax; modifying certain income tax rate for certain
7070 tax years; modifying certain withholding requirement
7171 for certain tax years; amending 68 O.S. 2021, Section
7272 2370, which relates to the banki ng privilege tax;
7373 modifying certain income tax rate for certain tax
7474 years; updating statutory references; updating
7575 statutory language; and providing an effective date .
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8181 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
8282 SECTION 1. AMENDATORY 68 O.S. 2021, Section 2355, as
8383 last amended by Section 1, Chapter 27, 1st Extraordinary Session,
8484 O.S.L. 2023 (68 O.S. Supp. 2024, Section 2355), is amended to read
8585 as follows:
8686 Section 2355. A. Individuals. For all taxable year s beginning
8787 after December 31, 1998, and before January 1, 2006, a tax is here by
8888 imposed upon the Oklahoma taxable income of every resident or
8989 nonresident individual, which tax shall be computed at the option of
9090 the taxpayer under one of the two following methods:
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142142 1. METHOD 1.
143143 a. Single individuals and married individuals filing
144144 separately not deducting federal income tax:
145145 (1) 1/2% tax on first $1,000.00 or part thereof,
146146 (2) 1% tax on next $1,500.00 or part thereof,
147147 (3) 2% tax on next $1,250.00 or part the reof,
148148 (4) 3% tax on next $1,150.00 or part thereof,
149149 (5) 4% tax on next $1,300. 00 or part thereof,
150150 (6) 5% tax on next $1,500.00 or part thereof,
151151 (7) 6% tax on next $2,300.00 or part thereof, and
152152 (8) (a) for taxable years beginning after December
153153 31, 1998, and before January 1, 2002, 6.75%
154154 tax on the remainder,
155155 (b) for taxable years beginning on or after
156156 January 1, 2002, and before January 1, 2004,
157157 7% tax on the remainder, and
158158 (c) for taxable years beginning on or after
159159 January 1, 2004, 6.65% tax on the remai nder.
160160 b. Married individuals filing jointly and surviving
161161 spouse to the extent and in the manner that a
162162 surviving spouse is permitted to file a joint return
163163 under the provisions of the Internal Revenue Code of
164164 1986, as amended, and heads of households as d efined
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216216 in the Internal Revenue Code of 1986, as amended, not
217217 deducting federal income tax:
218218 (1) 1/2% tax on first $2,000.00 or part thereof,
219219 (2) 1% tax on next $3,000.00 or part thereof,
220220 (3) 2% tax on next $2,500.00 or part thereof,
221221 (4) 3% tax on next $2,30 0.00 or part thereof,
222222 (5) 4% tax on next $2,400.00 or part thereof,
223223 (6) 5% tax on next $2,800.00 or part thereof,
224224 (7) 6% tax on next $6,000.00 or part thereof, and
225225 (8) (a) for taxable years beginning after December
226226 31, 1998, and before January 1, 2002, 6.7 5%
227227 tax on the remainder,
228228 (b) for taxable years beginning on or after
229229 January 1, 2002, and before January 1, 2004,
230230 7% tax on the remainder, and
231231 (c) for taxable years beginning on or after
232232 January 1, 2004, 6.65% tax on the remainder.
233233 2. METHOD 2.
234234 a. Single individuals and married individuals filing
235235 separately deducting federal income tax:
236236 (1) 1/2% tax on first $1,000.00 or part thereof,
237237 (2) 1% tax on next $1,500.00 or part thereof,
238238 (3) 2% tax on next $1,250.00 or part thereof,
239239 (4) 3% tax on next $1,150.00 or part thereof,
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291291 (5) 4% tax on next $1,200.00 or part thereof,
292292 (6) 5% tax on next $1,400.00 or part thereof,
293293 (7) 6% tax on next $1,500.00 or part thereof,
294294 (8) 7% tax on next $1,500.00 or part thereof,
295295 (9) 8% tax on next $2,000.00 or part thereof,
296296 (10) 9% tax on next $3,500.00 or part thereof, and
297297 (11) 10% tax on the remainder.
298298 b. Married individuals filing jointly and surviving
299299 spouse to the extent and in the manner that a
300300 surviving spouse is permitted to file a joint return
301301 under the provisions of the Intern al Revenue Code of
302302 1986, as amended, and heads of households as defined
303303 in the Internal Revenue Code of 1986, as amended,
304304 deducting federal income tax:
305305 (1) 1/2% tax on the first $2,000.00 or part thereof,
306306 (2) 1% tax on the next $3,000.00 or part thereof,
307307 (3) 2% tax on the next $2,500.00 or part thereof,
308308 (4) 3% tax on the next $1,400 .00 or part thereof,
309309 (5) 4% tax on the next $1,500.00 or part thereof,
310310 (6) 5% tax on the next $1,600.00 or part thereof,
311311 (7) 6% tax on the next $1,250.00 or part thereof,
312312 (8) 7% tax on the next $1,750.00 or part thereof,
313313 (9) 8% tax on the next $3,000.00 or part thereof,
314314 (10) 9% tax on the next $6,000.00 or part thereof, and
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366366 (11) 10% tax on the remainder.
367367 B. Individuals. For all taxable years beginning on or after
368368 January 1, 2008, and ending any tax year which begins after December
369369 31, 2015, for which the determination required pursuant to Sections
370370 4 2355.1F and 5 2355.1G of this act title is made by the State Board
371371 of Equalization, a tax is hereby imposed upon the Oklahoma taxabl e
372372 income of every resident or nonresident individual, which tax shall
373373 be computed as follows:
374374 1. Single individuals and married individuals filing
375375 separately:
376376 (a) 1/2% tax on first $1,000.00 or part thereof,
377377 (b) 1% tax on next $1,500.00 or part thereof,
378378 (c) 2% tax on next $1,250.00 or part thereof,
379379 (d) 3% tax on next $1,150.00 or p art thereof,
380380 (e) 4% tax on next $2,300.00 or part thereof,
381381 (f) 5% tax on next $1,500.00 or part thereof,
382382 (g) 5.50% tax on the remainder for the 2008 tax year and
383383 any subsequent tax year unless the rate prescribed by
384384 subparagraph (h) of this paragraph is in effect, and
385385 (h) 5.25% tax on the remainder for the 2009 and subsequent
386386 tax years. The decrease in the top marginal
387387 individual income tax rate otherwise authorized by
388388 this subparagraph shall be contingent upon the
389389 determination required to be made by the State Board
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441441 of Equalization pursuant to Section 2355.1A of this
442442 title.
443443 2. Married individuals filing jointly and surviving spouse to
444444 the extent and in the manner that a survivin g spouse is permitted to
445445 file a joint return under the provisions of the Internal Revenue
446446 Code of 1986, as amended, and heads of households as defined in the
447447 Internal Revenue Code of 1986, as amended:
448448 (a) 1/2% tax on first $2,000.00 or part thereof,
449449 (b) 1% tax on next $3,000.00 or part thereof,
450450 (c) 2% tax on next $2,500.00 or part t hereof,
451451 (d) 3% tax on next $2,300.00 or part thereof,
452452 (e) 4% tax on next $2,400.00 or part thereof,
453453 (f) 5% tax on next $2,800.00 or part thereof,
454454 (g) 5.50% tax on the remainder f or the 2008 tax year and
455455 any subsequent tax year unless the rate prescribed by
456456 subparagraph (h) of this paragraph is in effect, and
457457 (h) 5.25% tax on the remainder for the 2009 and subsequent
458458 tax years. The decrease in the top marginal
459459 individual income ta x rate otherwise authorized by
460460 this subparagraph shall be contingent upon the
461461 determination required to be made by the State Board
462462 of Equalization pursuant to Section 2355.1A of this
463463 title.
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515515 C. Individuals. For all taxable years beginning on or after
516516 January 1, 2024, a tax is hereby imposed upon the Oklahoma taxable
517517 income of every resident or nonresident individual, which tax shall
518518 be computed as follows:
519519 1. Single individuals and married individuals filing
520520 separately:
521521 (a) 0.25% tax on first $1,000.00 or part thereof,
522522 (b) 0.75% tax on next $1,500.00 or part thereof,
523523 (c) 1.75% tax on next $1,250.00 or part thereof,
524524 (d) 2.75% tax on next $1,150.00 or part thereof,
525525 (e) 3.75% tax on next $2,300.00 or part thereof, and
526526 (f) 4.75% tax on the remainder.
527527 2. Married individuals filing jointly and surviving spouse to
528528 the extent and in the manner that a surviving spouse is permitted to
529529 file a joint return under the provisions of the Internal Revenue
530530 Code of 1986, as amended, and heads of households as defined in the
531531 Internal Revenue Code of 1986, as amended:
532532 (a) 0.25% tax on first $2,000.00 or part thereof,
533533 (b) 0.75% tax on next $3,000.00 or part thereof,
534534 (c) 1.75% tax on next $2,500.00 or part thereof,
535535 (d) 2.75% tax on next $2,300.00 or part thereof,
536536 (e) 3.75% tax on next $4,600.00 or part thereof, and
537537 (f) 4.75% tax on the remainder.
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589589 No deduction for federal income taxes paid shall be allowed to
590590 any taxpayer to arrive at taxable income.
591591 D. Nonresident aliens. In lieu of the rates set forth in
592592 subsection A above, the re shall be imposed on nonresident aliens, as
593593 defined in the Internal Revenue Code of 1986, as amended, a tax of
594594 eight percent (8%) instead of thirty percent (30%) as used in the
595595 Internal Revenue Code of 1986, as amended, with respect to the
596596 Oklahoma taxable income of such nonresident aliens as determined
597597 under the provision of the Oklahoma Income Tax Act.
598598 Every payer of amounts covered by this subsection shall deduct
599599 and withhold from such amounts paid each payee an amount equal to
600600 eight percent (8%) there of. Every payer required to deduct and
601601 withhold taxes under this subsection s hall for each quarterly period
602602 on or before the last day of the month following the close of each
603603 such quarterly period, pay over the amount so withheld as taxes to
604604 the Oklahoma Tax Commission, and shall file a return with each such
605605 payment. Such return shall be in such form as the Tax Commission
606606 shall prescribe. Every payer required under this subsection to
607607 deduct and withhold a tax from a payee shall, as to the total
608608 amounts paid to each payee during the calendar year, furnish to such
609609 payee, on or before January 31, of the succeeding year, a written
610610 statement showing the name of the payer, the name of the payee and
611611 the payee’s Social Security account number, if any, the total a mount
612612 paid subject to taxation, and the total amount deducted and withheld
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664664 as tax and such other information as the Tax Commission may require.
665665 Any payer who fails to withhold or pay to the Tax Commission any
666666 sums herein required to be withheld or paid sh all be personally and
667667 individually liable therefor to the State of Oklahoma.
668668 E. Corporations. For all taxable years beginning after
669669 December 31, 2021, a A tax is hereby imposed upon the Oklahoma
670670 taxable income of every corporation doing business within t his state
671671 or deriving income from sources within this state in an amount equal
672672 to four percent (4%) for tax years 2022 through 2024, three percent
673673 (3%) for tax year 2025, two percent (2%) for tax year 2026, and one
674674 percent (1%) for tax year 2027 thereof. For tax year 2028 and
675675 subsequent tax years, there shall be no income tax impos ed upon the
676676 Oklahoma taxable income of every corporation doing business within
677677 this state or deriving income from sources within this state.
678678 There shall be no additional Oklahoma income tax imposed on
679679 accumulated taxable income or on undistributed personal holding
680680 company income as those terms are defined in the Internal Revenue
681681 Code of 1986, as amended.
682682 F. Certain foreign corporations. In lieu of the tax imposed in
683683 the first paragraph of subsection D of this section, for all taxable
684684 years beginning after December 31, 2021, there shall be imposed on
685685 foreign corporations, as defined in the Internal Revenue Code of
686686 1986, as amended, a tax of four percent (4%) instead of thirty
687687 percent (30%) as used in the Internal Revenue Code of 1986, as
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739739 amended, where such income is received from sources within Oklahoma
740740 this state, in accordance with the provisions of the Internal
741741 Revenue Code of 1986, as amended, and the Oklahoma Income Tax Act.
742742 Every payer of amounts covered by this subsection shall deduct
743743 and withhold from such amounts paid each payee an amount equal to
744744 four percent (4%) thereof. Every payer required to deduct and
745745 withhold taxes under this subsection shall for each quarterly pe riod
746746 on or before the last day of the month following the close of each
747747 such quarterly period, pay over the amount so withheld as taxes to
748748 the Tax Commission, and shall file a return with each such payment.
749749 Such return shall be in such form as the Tax Com mission shall
750750 prescribe. Every payer required under this subsection to deduct and
751751 withhold a tax from a payee shall, as to the total amounts paid to
752752 each payee during the calendar year, furnish to such payee, on or
753753 before January 31, of the succeeding yea r, a written statement
754754 showing the name of the payer, the name of the payee and the payee ’s
755755 Social Security account number, if any, the total amounts paid
756756 subject to taxation, the total amount deducted and withheld as tax ,
757757 and such other information as the Tax Commission may require. Any
758758 payer who fails to withhold or pay to the Ta x Commission any sums
759759 herein required to be withheld or paid shall be personally and
760760 individually liable therefor to the State of Oklahoma.
761761 G. Fiduciaries. A tax is hereby impo sed upon the Oklahoma
762762 taxable income of every trust and estate at the same rates as are
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814814 provided in subsection B or C of this section for single
815815 individuals. Fiduciaries are not allowed a deduction for any
816816 federal income tax paid.
817817 H. Tax rate tables. Fo r all taxable years beginning after
818818 December 31, 1991, in lieu of the tax impo sed by subsection A, B or
819819 C of this section, as applicable there is hereby imposed for each
820820 taxable year on the taxable income of every individual, whose
821821 taxable income for such taxable year does not exceed the ceiling
822822 amount, a tax determined under tables, applicable to such taxable
823823 year which shall be prescribed by the Tax Commission and which shall
824824 be in such form as it determines appropriate. In the table so
825825 prescribed, the amounts of the tax shall be computed on the basis of
826826 the rates prescribed by su bsection A, B or C of this section. For
827827 purposes of this subsection, the term “ceiling amount” means, with
828828 respect to any taxpayer, the amount determined by the Tax Commission
829829 for the tax rate category in which such taxpayer falls.
830830 SECTION 2. AMENDATORY 68 O.S. 2021, Section 2370, is
831831 amended to read as follows:
832832 Section 2370. A. For taxable years beginning after December
833833 31, 2021, for the privilege of doing business within this state,
834834 every state banking association, national ban king association and
835835 credit union organized under the laws of this state, located or
836836 doing business within the limits of the State of Oklahoma this state
837837 shall annually pay to th is state a privilege tax at the rate of four
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889889 percent (4%) for tax years 2022 through 2024, three percent (3%) for
890890 tax year 2025, two percent (2%) for tax year 2026, and one percent
891891 (1%) for tax year 2027 of the amount of the taxable income as
892892 provided in this section. For tax year 2028 and subsequent tax
893893 years, there shall be no ta x imposed.
894894 B. 1. The privilege tax levied by this section shall be in
895895 addition to the Business Activity Tax levied in Section 1218 of this
896896 title and the franchise tax levied in Article 12 of this title and
897897 in lieu of the tax levied by Section 2355 of this title and in lieu
898898 of all taxes levied by the State of Oklahoma this state, or any
899899 subdivision thereof, upon the shares of stock or personal property
900900 of any banking association or credit union subject to taxation under
901901 this section.
902902 2. Nothing in this se ction shall be construed to exempt the
903903 real property of any banking associations or credit unions from
904904 taxation to the same extent, according to its value, as other real
905905 property is taxed. Nothing herein shall be construed to exempt an
906906 association from payment of any fee or tax authorized or levied
907907 pursuant to the banking laws.
908908 3. Personal property which is subject to a lease agreement
909909 between a bank or credit union, as lessor, and a nonbanking business
910910 entity or individual, as lessee, is not exempt from personal
911911 property ad valorem taxation. Provided further, that it shall be
912912 the duty of the lessee of such personal property to return sworn
913913
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964964 lists or schedules of their taxable pr operty within each county to
965965 the county assessor of such county as provided in Sections 2433 and
966966 2434 of this title.
967967 C. Any tax levied under this section shall accrue on the last
968968 day of the taxable year and be payable as provided in Section 2375
969969 of this title. The accrual of such tax for the first taxable year
970970 to which this act the Oklahoma Income Tax Act applies, shall apply
971971 notwithstanding the prior accrual of a tax in the same taxable year
972972 based upon the net income of the next preceding taxable year;
973973 provided, however, any additional deduction enuring to the benefit
974974 of the taxpayer shall be deducted in accordance with the optional
975975 transitional deduction procedures in Section 2354 of this title.
976976 D. The basis of the tax shall be United States taxable inc ome
977977 as defined in paragraph 10 of Section 2353 of this title and any
978978 adjustments thereto under the provisions of Section 2358 of this
979979 title with the following adjustments:
980980 1. There shall be deducted all interest income on obligations
981981 of the United States government and agencies thereof not otherwise
982982 exempted and all interest income on obligations of the State of
983983 Oklahoma this state or political subdivisions thereof, including
984984 public trust authorities, not otherwise exempted under the laws of
985985 this state; and
986986 2. Expense deductions claimed in arriving at taxable income
987987 under paragraph 10 of Section 2353 of this title shall be reduced by
988988
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10391039 an amount equal to fifty percent (50%) of excluded interest income
10401040 on obligations of the United States government or agencie s thereof
10411041 and obligations of the State of Oklahoma this state or political
10421042 subdivisions thereof.
10431043 E. 1. Except as otherwise provided in paragraph 2 of this
10441044 subsection, before January 1, 2017, there shall be allowed a credit
10451045 against the tax levied in subse ction A of this section in an amount
10461046 equal to the amount of taxable income rec eived by a participating
10471047 financial institution as defined in Section 90.2 of Title 62 of the
10481048 Oklahoma Statutes pursuant to a loan made under the Rural Economic
10491049 Development Loan Act. Such credit shall be limited each year to
10501050 five percent (5%) of the amount of annual payroll certified by the
10511051 Oklahoma Rural Economic Development Loan Program Review Board
10521052 pursuant to the provisions of paragraph 3 of subsection B of Section
10531053 90.4 of Title 62 of the Oklahoma Statutes with respect to the loan
10541054 made by the participat ing financial institution and may be claimed
10551055 for any number of years necessary until the amount of total credits
10561056 claimed is equal to the total amount of taxable income received b y
10571057 the participating financial institution pursuant to the loan. Any
10581058 credit allowed but not used in a taxable year may be carried forward
10591059 for a period not to exceed five (5) taxable years. In no event
10601060 shall a credit allowed pursuant to the provisions of t his subsection
10611061 be transferable or refundable.
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11131113 2. No credit otherwise authoriz ed by the provisions of this
11141114 subsection may be claimed for any event, transaction, investment,
11151115 expenditure or other act occurring on or after July 1, 2010, for
11161116 which the credit would otherwise be allowable. The provisions of
11171117 this paragraph shall cease to be operative on July 1, 2012.
11181118 Beginning July 1, 2012, the credit authorized by this subsection may
11191119 be claimed for any event, transaction, investment, expenditure or
11201120 other act occurring on or after July 1, 2012, according to the
11211121 provisions of this subsecti on.
11221122 SECTION 3. This act shall become effective November 1, 2025.
11231123
11241124 60-1-1415 QD 12/31/2024 12:16:43 PM