For example, both the old and new franchise tax included a maximum annual payment of $200,000.īecause the two taxes were so similar, business entities formed before the moratorium was put in place will likely understand how to correctly file the new tax. The new Oklahoma franchise tax, which was instituted in 2014, is very similar to the old pre-moratorium franchise tax. Differences Between the Old and New Taxes
Corporations that were converted to LLCs before June 30, 2014, are also exempt from this tax.įoreign corporations, or businesses that were not formed in Oklahoma but operate in the state, must pay a $100 registered agent fee. Exempt entities include limited partnerships and limited liability companies (LLC). Some entities that were once subject to the business activity tax are exempt from the franchise tax. The reinstituted Oklahoma franchise tax, on the other hand, only applies to corporations that were formed or do business in the state. When the Oklahoma business activity tax was still active, it applied to both corporate and non-corporate business entities. The new franchise tax rule limits taxpayers' annual obligation to a maximum of $20,000 each year. Reinstatement of the franchise tax in 2014, followed a moratorium and enactment of a “business activity tax” in 2010. The Oklahoma franchise tax is mandatory for all for-profit corporations, including S-corporations, partnerships, and limited liability companies, organized and maintained in Oklahoma.
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