Frequently Asked Questions
Taxes
Where do I find information on tax incentives?
Will I receive a tax cut from the stimulus package ?
How will the recovery plan impact my business taxes?
Question: Where do I find information on tax incentives?
Answer: Most of the tax incentives in ARRA are changes to the federal tax code. The Internal Revenue Service is the best source of information for these tax incentives. The Oklahoma Tax Commission (insert tax link) can provide assistance for how these incentives will affect state taxes.
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Question: Will I receive a tax cut from the stimulus package?
Answer: The federal economic recovery plan includes several provisions that will lower taxes for many Oklahoma individuals and families. These tax cuts, deductions, and credits will save Oklahoma taxpayers an estimated $6.7 billion over the next three years (2009-2011). For the full list of tax cuts for individuals and families in the economic recovery plan, go to Tax Cuts for Oklahoma Families.
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Question: How will the recovery plan impact my business taxes?
Answer: The federal economic recovery package will provide significant tax relief for Oklahoma businesses. The plan's business tax provisions will:
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- Save Oklahoma business owners more than $1.0 billion in federal taxes over the next three years;
- Provide for bonus depreciation and more rapid expensing, allowing businesses to see a swifter return on new investment;
- Extend carry-back provisions, providing struggling Oklahoma businesses with additional cash to weather the economic storm;
- Include new provisions designed to encourage the development and growth of alternative energy industries.