The Oklahoma Tax Commission (OTC) published various new and amended regulations, effective September 11, 2022, that implement tax legislation enacted in 2021. The regulations impact income tax, credits and incentives, sales and use tax, property tax, excise taxes, and administrative provisions.
Among the more detailed regulations issued are those related to income tax credits for contributions to public school foundations or public school districts and a manufacturing exemption from property tax.
Corporate income tax rates: Amended Okla. Admin. Code § 710:50-17-5 reflects the reduced corporate tax rate of 4% (previously 6%) for taxable years beginning after December 31, 2021.