Oklahoma's franchise tax has been eliminated as part of a comprehensive tax reform plan.
Tax year 2023 is the last year that franchise tax returns will be required to be filed. This means that taxpayers who remit the maximum amount of tax must do so annually by May 1, and the final franchise tax return must be remitted on or before June 1, 2024, to avoid being delinquent.
All other taxpayers are required to remit by July 1, and the final franchise tax return must be remitted on or before September 15, 2024.
In addition, if a taxpayer has elected to file as part of their corporate income tax return, franchise tax must be remitted with the filing of the tax year 2023 corporate income tax return. Failure to remit the required franchise tax will result in potential suspension of the corporation.
For additional information, please refer to the HB1039X Franchise Tax Update found in the Oklahoma Tax Commission’s Business Help Center at tax.ok.gov.
