OKLAHOMA (OBV) – Tax changes went into effect for states across the nation on Jan. 1, and Oklahoma saw some noteworthy changes.
Oklahoma is now the first state to offer businesses a permanent 100 percent bonus depreciation allowance (full expensing) for qualifying investments in equipment and machinery, according to TaxFoundation.org.
The enactment of House Bill 3418 this past May enabled the change to 100 percent bonus depreciation despite the federal government’s scheduled bonus depreciation allowance phasedown, per Section 168(k), which allows only 80 percent bonus depreciation in 2023.
Another Sooner State tax change – this one created by Senate Bill 1339 – requires marketplace facilitators to comply with local taxes levied on retail sales of tangible personal property in the state, which is in addition to the sales and use taxes from online sales that they were already responsible for collecting and remitting.
