• Contact
Tuesday, July 15, 2025
  • Login
Oklahoma Business Voice
  • Home
  • News
    • All
    • Aerospace
    • Childcare
    • Education
    • Energy & Environment
    • Federal
    • Film & Television Industry
    • Finance
    • Health Care
    • Innovation
    • Issues Affecting Oklahomans
    • OBV One-on-One
    • Opinion
    • Politics & Elections
    • Taxes & Budget
    • Tribal
    • Workforce Development
    The University of Oklahoma is funding several artificial intelligence (AI) projects to trigger innovation in health care, education, research and digital infrastructure. 

    Oklahoma higher education makes $14.6 billion economic impact

    Law gavel on a wooden desk, law books background

    U.S. Labor ends pursuit of liquidated damages over wage violations

    Photo from Tinker Air Force Base

    Oklahoma City aerospace generates $8.8 billion, 80,000 jobs, report says

    Mayor David Holt

    Oklahoma City Mayor Holt to unveil new Thunder arena design

  • Sign UpNEW
  • About
  • Contact
  • Advertise With Us!
No Result
View All Result
  • Home
  • News
    • All
    • Aerospace
    • Childcare
    • Education
    • Energy & Environment
    • Federal
    • Film & Television Industry
    • Finance
    • Health Care
    • Innovation
    • Issues Affecting Oklahomans
    • OBV One-on-One
    • Opinion
    • Politics & Elections
    • Taxes & Budget
    • Tribal
    • Workforce Development
    The University of Oklahoma is funding several artificial intelligence (AI) projects to trigger innovation in health care, education, research and digital infrastructure. 

    Oklahoma higher education makes $14.6 billion economic impact

    Law gavel on a wooden desk, law books background

    U.S. Labor ends pursuit of liquidated damages over wage violations

    Photo from Tinker Air Force Base

    Oklahoma City aerospace generates $8.8 billion, 80,000 jobs, report says

    Mayor David Holt

    Oklahoma City Mayor Holt to unveil new Thunder arena design

  • Sign UpNEW
  • About
  • Contact
  • Advertise With Us!
No Result
View All Result
Oklahoma Business Voice
No Result
View All Result
Home News Issues Affecting Oklahomans
LOFT Meeting

LOFT recommends ways to modernize taxes on Oklahoma businesses

Hicham Raache by Hicham Raache
January 31, 2023
in Issues Affecting Oklahomans, News, Taxes & Budget
Reading Time: 3 mins read
Share on FacebookShare on Twitter

OKLAHOMA CITY (OBV) – The Legislative Office of Fiscal Transparency (LOFT) released a report stating their recommendations for modernizing taxes on Oklahoma businesses.

The tax study was released during LOFT’s monthly meeting on Monday, Jan. 30.

LOFT is a legislative state agency that assists the Oklahoma House and Senate, providing budgetary recommendations to the LOFT Oversight Committee on setting government, higher education and public school funding.

“Recent actions to improve the competitiveness of Oklahoma’s business climate have led to it being recognized as one of the least expensive states to operate a business. While there are several factors that contribute to a State’s overall competitiveness such as cost of living, utility costs, workforce readiness, and infrastructure a state’s tax policy and overall tax burden plays a significant role in business decisions to open, expand, or relocate,” the reports states.

The report included the following tax report recommendations:

  • Simplify the tax structure for business by transitioning to a single factor apportionment, eliminating the throwback rule or reducing compliance costs related to determining tax liability.
  • Provide statutory clarification on the eligibility and administration of the Manufacturers Sales Tax Exemption to align with the legislature’s intent to grow Oklahoma’s manufacturing sector.
  • Create a five-year, strategic economic growth plan.
  • Raise the Revenue Stabilization Fund’s total deposits allowable cap so the state can reach the recommended 15 percent outlay saving level, as well as provide the ability to hold reserves to plan for transition tax policy.

The report also highlighted the business community’s need for workforce in Oklahoma by analyzing how tax incentives like the Aerospace Employers/Employees Tax Credit fostered substantial growth to the aerospace industry, summarizing that this could be a beneficial model to translate to other industries developing in Oklahoma.

LOFT examined Oklahoma’s overall business environment and found the following:

  • Oklahoma had the 28th largest economy in the United States (2020).
  • Oklahoma’s real GDP had the fourteenth-highest growth in the nation, at 18.9 percent, between 2010 and 2020.
  • Oklahoma had the second-lowest overall state/local tax burden in the region (2021).
  • Oklahoma had the second-highest total effective tax rate on businesses in the region (2021), although Oklahoma’s ranking has likely improved with the 2022 reduction in the corporate income tax, from 6 percent to 4 percent.
  • During a time of general decline in manufacturing, Oklahoma’s aeronautics industry experienced 188 percent growth in GDP (2011-2021), with aerospace products and parts manufacturing recording the 7th largest increase in total employment from 2008-2022.
  • As Oklahoma’s tax structure differs from other states in the region, tax policy changes require different considerations.

This article will be updated with the LOFT report in its entirety, once it is finalized.

Tags: BusinessesHouse of RepresentativesLegislative Office of Fiscal TransparencyLegislatureLOFTOklahomaState Senatetaxes
ShareTweetShare
Previous Post

Oklahoma CareerTech students can now share credentials through digital badges

Next Post

Cutting edge energy innovations continue at Phillips 66 Research Center in Bartlesville

Related Posts

The University of Oklahoma is funding several artificial intelligence (AI) projects to trigger innovation in health care, education, research and digital infrastructure. 
Education

Oklahoma higher education makes $14.6 billion economic impact

July 15, 2025
Law gavel on a wooden desk, law books background
Federal

U.S. Labor ends pursuit of liquidated damages over wage violations

July 15, 2025
Photo from Tinker Air Force Base
Aerospace

Oklahoma City aerospace generates $8.8 billion, 80,000 jobs, report says

July 14, 2025
Mayor David Holt
News

Oklahoma City Mayor Holt to unveil new Thunder arena design

July 14, 2025
Rick Nagel
News

Oklahoma Aviation Academy founder new State Chamber chairman

July 11, 2025
Chuck's Arcade at Penn Square Mall in Oklahoma City
News

Chuck E. Cheese-owned arcades open in Oklahoma City, Tulsa malls

July 10, 2025
Next Post
Phillips 66 Research Center.

Cutting edge energy innovations continue at Phillips 66 Research Center in Bartlesville

Oklahoma Business Voice

© 2023 Oklahoma State Chamber.
Powered by High Five Media.
Privacy Policy

Navigate Site

  • Home
  • News
  • Sign Up
  • About
  • Contact
  • Advertise With Us!

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
  • Sign Up
  • About
  • Contact
  • Advertise With Us!

© 2023 Oklahoma State Chamber.
Powered by High Five Media.
Privacy Policy

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.