• Contact
Thursday, August 28, 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
    Oklahoma Approves $60M in Airport Upgrades and Aerospace Education Funding

    Oklahoma Approves $60M in Airport Upgrades and Aerospace Education Funding

    “Future of Learning” on full display at Broken Arrow Academy 

    “Future of Learning” on full display at Broken Arrow Academy 

    Innovation District Awards $291,000 in Grants to Boost STEM Education in Oklahoma City

    Innovation District Awards $291,000 in Grants to Boost STEM Education in Oklahoma City

    Startup OU Idea Accelerator Graduates First Cohort, Boosting Oklahoma’s Entrepreneurial Pipeline

    Startup OU Idea Accelerator Graduates First Cohort, Boosting Oklahoma’s Entrepreneurial Pipeline

  • 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
    Oklahoma Approves $60M in Airport Upgrades and Aerospace Education Funding

    Oklahoma Approves $60M in Airport Upgrades and Aerospace Education Funding

    “Future of Learning” on full display at Broken Arrow Academy 

    “Future of Learning” on full display at Broken Arrow Academy 

    Innovation District Awards $291,000 in Grants to Boost STEM Education in Oklahoma City

    Innovation District Awards $291,000 in Grants to Boost STEM Education in Oklahoma City

    Startup OU Idea Accelerator Graduates First Cohort, Boosting Oklahoma’s Entrepreneurial Pipeline

    Startup OU Idea Accelerator Graduates First Cohort, Boosting Oklahoma’s Entrepreneurial Pipeline

  • Sign UpNEW
  • About
  • Contact
  • Advertise With Us!
No Result
View All Result
Oklahoma Business Voice
No Result
View All Result
Home News
Franchise Tax

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

Hicham Raache by Hicham Raache
May 30, 2023
in News, Politics & Elections, Taxes & Budget
Reading Time: 2 mins read
Share on FacebookShare on Twitter

OKLAHOMA CITY (OBV) – A bill that in part eliminates Oklahoma’s franchise tax is on its way to Gov. Kevin Stitt’s desk for final approval.

The anti-franchise tax measure passed as part of House Bill 1039x, part of the concurrent special session, succeeding in the the Oklahoma Senate with a 36-9 vote on Friday and in the Oklahoma House of Representatives with a 77-20 vote on Wednesday.

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.

Rep. Gerrid Kendrix, R-Altus, and Sen. Dave Rader, R-Tulsa, wrote the original legislation when it was House Bill 2695. Kendrix previously spoke with Oklahoma Business Voice and said the tax deters businesses from starting in or expanding into Oklahoma.

“We’ve always been of the mindset that we want to encourage businesses to come to the state and grow their businesses here in the state. If you got a scenario where you punish them for investing, that just doesn’t make a lot of sense,” Kendrix said.

Kendrix described the franchise tax as an antiquated tax implemented in the 1970s during Gov. George Nigh’s administration.

“A lot of states used to use that [tax], now we’re down to about 14 or 15 states roughly [that still do],” Kendrix said. “I think it’s one of those we can do away with; it doesn’t have a large price to it. It’s another one of those we can take off the list, when we try to court businesses for the state of Oklahoma to say you don’t have a franchise filing responsibility.”

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.

Sen. Roger Thompson, R-Okemah, and Rep. Kevin Wallace, R-Wellston, were the authors of HB 1039. Rep. Mark Lepak, R-Claremore, Sen. Chuck Hall, R-Perry, Rep. Ryan Martinez, R-Edmond, and Sen. John Michael Montgomery, R-Lawton, all contributed to the bill’s development.

Tags: Franchise TaxGov. George NighGov. Kevin StittOklahomaRep. Gerrid KendrixRep. Kevin WallaceRep. Mark LepakRep. Ryan MartinezSen. Chuck HallSen. Dave RaderSen. John Michael MontgomerySen. Roger Thompson
ShareTweetShare
Previous Post

SB 621 essential to refocusing, revitalizing workforce in Oklahoma

Next Post

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

Related Posts

Oklahoma Approves $60M in Airport Upgrades and Aerospace Education Funding
Aerospace

Oklahoma Approves $60M in Airport Upgrades and Aerospace Education Funding

August 27, 2025
“Future of Learning” on full display at Broken Arrow Academy 
Education

“Future of Learning” on full display at Broken Arrow Academy 

August 28, 2025
Innovation District Awards $291,000 in Grants to Boost STEM Education in Oklahoma City
Education

Innovation District Awards $291,000 in Grants to Boost STEM Education in Oklahoma City

August 21, 2025
Startup OU Idea Accelerator Graduates First Cohort, Boosting Oklahoma’s Entrepreneurial Pipeline
Innovation

Startup OU Idea Accelerator Graduates First Cohort, Boosting Oklahoma’s Entrepreneurial Pipeline

August 21, 2025
Major Legal Reform makes Oklahoma “Open for Business”
News

Major Legal Reform makes Oklahoma “Open for Business”

August 21, 2025
New Norman Cancer Center Expands Access to Advanced Care in South-Central Oklahoma
Health Care

New Norman Cancer Center Expands Access to Advanced Care in South-Central Oklahoma

August 21, 2025
Next Post
Sen. Adam Pugh and Rep. Brian Hill

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

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.