• Contact
Friday, June 2, 2023
  • Login
Oklahoma Business Voice
  • Home
  • News
    • All
    • Education
    • Energy & Environment
    • Federal
    • Finance
    • Innovation
    • Issues Affecting Oklahomans
    • Opinion
    • Politics & Elections
    • Taxes & Budget
    • Tribal
    • Workforce Development
    Oklahoma State Capitol

    Oklahoma’s franchise tax eliminated

    Suzanne Schreiber (right) speaks during an Employers in Action presentation.

    Oklahoma Rep. Schreiber succeeds with childcare licensing bill, says childcare is economy’s foundation

    A solar panel with a patriotic theme being manufactured in an Enel facility. Image from Enel.

    Enel’s $1 billion-plus solar panel factory promises clean energy innovation, workforce boon in Oklahoma

    Sonic Fast Food drive in restaurant - FRANKFORT, KENTUCKY - JUNE 18, 2019

    Sonic Drive-In makes massive donation in support of Oklahoma education

  • Sign UpNEW
  • About
  • Contact
No Result
View All Result
  • Home
  • News
    • All
    • Education
    • Energy & Environment
    • Federal
    • Finance
    • Innovation
    • Issues Affecting Oklahomans
    • Opinion
    • Politics & Elections
    • Taxes & Budget
    • Tribal
    • Workforce Development
    Oklahoma State Capitol

    Oklahoma’s franchise tax eliminated

    Suzanne Schreiber (right) speaks during an Employers in Action presentation.

    Oklahoma Rep. Schreiber succeeds with childcare licensing bill, says childcare is economy’s foundation

    A solar panel with a patriotic theme being manufactured in an Enel facility. Image from Enel.

    Enel’s $1 billion-plus solar panel factory promises clean energy innovation, workforce boon in Oklahoma

    Sonic Fast Food drive in restaurant - FRANKFORT, KENTUCKY - JUNE 18, 2019

    Sonic Drive-In makes massive donation in support of Oklahoma education

  • Sign UpNEW
  • About
  • Contact
No Result
View All Result
Oklahoma Business Voice
No Result
View All Result
Home News
Rep. Gerrid Kendrix presenting his bill to eliminate Oklahoma's franchise tax before it goes to a House of Representatives vote.

Rep. Gerrid Kendrix presenting his bill to eliminate Oklahoma's franchise tax before it goes to a House vote.

Bill to eliminate franchise tax passes Oklahoma House of Representatives

Hicham Raache by Hicham Raache
May 26, 2023
in News, Politics & Elections, Taxes & Budget
Reading Time: 1 min read
Share on FacebookShare on Twitter

OKLAHOMA CITY (OBV) – A bill that aims to eliminate Oklahoma’s franchise tax succeeded in the state’s House of Representatives this week.

The Oklahoma House of Representatives passed House Bill 2695 with a vote of 78 to 19.

HB 2695, written by Rep. Gerrid Kendrix, R-Altus, proposes to eliminate the franchise tax, as well as requirements to file a franchise tax return.

The state’s franchise tax is a direct tax levied on a company’s net worth, taxing $1.25 for every $1,000 in capital, with the amount capped at $20,000, regardless of the company’s size or net worth.

“It’s a tax on investment in the state, not on income. It’s based on the entity’s structure and not on the operation of the business,” Kendrix said on the House floor. “Our goal is to be better regardless of where we are ranked. I believe this is one of those things that assists with that.”

Fourteen states, including Oklahoma, have the franchise tax. Mississippi and Connecticut are both in the process of phasing out their franchise tax.

Out of the 400,000 plus businesses in the state, only around 70,000 businesses pay a franchise tax, according to information from The State Chamber Research Foundation.

HB 2695 now moves to the Oklahoma Senate.

Tags: Franchise TaxHouse of RepresentativesOklahomaRep. Gerrid Kendrix
ShareTweetShare
Previous Post

U.S. House of Representatives members speak with Oklahoma small business owners in Yukon about workforce

Next Post

Bill to expedite CDL testing, get more truck drivers on the road unanimously passes Oklahoma House

Related Posts

Oklahoma State Capitol
News

Oklahoma’s franchise tax eliminated

June 2, 2023
Suzanne Schreiber (right) speaks during an Employers in Action presentation.
News

Oklahoma Rep. Schreiber succeeds with childcare licensing bill, says childcare is economy’s foundation

June 1, 2023
A solar panel with a patriotic theme being manufactured in an Enel facility. Image from Enel.
Energy & Environment

Enel’s $1 billion-plus solar panel factory promises clean energy innovation, workforce boon in Oklahoma

May 31, 2023
Sonic Fast Food drive in restaurant - FRANKFORT, KENTUCKY - JUNE 18, 2019
Issues Affecting Oklahomans

Sonic Drive-In makes massive donation in support of Oklahoma education

May 30, 2023
Sen. Adam Pugh and Rep. Brian Hill
News

Bill to create Oklahoma Workforce Commission succeeds in legislature, headed to Gov. Stitt’s desk

May 30, 2023
Franchise Tax
News

Bill to eliminate Oklahoma’s franchise tax heads to Gov. Stitt’s desk

May 30, 2023
Next Post
Delivery, container and happy truck driver moving industry cargo and freight at a shipping supply chain or warehouse. Smile, industrial and black man ready to transport ecommerce trade goods or stock.

Bill to expedite CDL testing, get more truck drivers on the road unanimously passes Oklahoma House

Oklahoma Business Voice

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

Navigate Site

  • Home
  • News
  • Sign Up
  • About
  • Contact

Follow Us

No Result
View All Result
  • Home
  • News
  • Sign Up
  • About
  • Contact

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

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