Oklahoma Legislature Enacts Law Eliminating Franchise Tax, Associated Tax Reporting Requirements for Corporations

The Oklahoma State Legislature June 2 enacted an emergency law eliminating the franchise tax imposed on all corporations doing business in the state and any associated tax reporting requirements, effective beginning in tax year 2024, for corporate income and excise tax purposes. The law was enacted without executive approval. The law took effect June 2. [H.B. 1039, became law without signature 06/02/23]

Reference: View Bill. View Legislative Information.