Oklahoma Tax Commission Adopts Amended Regulation Regarding Franchise Tax

The Oklahoma Tax Commission Aug. 1 adopted an amended regulation regarding franchise tax for corporate income tax purposes. The regulation implements the measures outlined in H.B. 1039X, eliminates the franchise tax levied under state laws, effective from tax year 2024 onwards, improves readability, corrects technical errors, removes obsolete language, updates statutory citations, and ensures accurate internal cross-references. The regulation takes effect Aug. 11. [Okla. Tax Comm’n, Reg. Section 710:40-1-6, 08/01/24 Okla. Reg.]