Business Tax Types: Income Tax Corporate
This information is designed to assist business people and people thinking about operating a business in Oklahoma. What follows is meant to be basic, introductory information and should not be considered the final word in business taxes in Oklahoma. For further information, please contact one of our Taxpayer Assistance Offices.
Every partnership, corporation, resident estate and trust, and nonresident estate and trust with Oklahoma source income is required to file an Oklahoma income tax return.
An affiliated group of corporations can elect to file a consolidated Oklahoma return. The group's consolidated income, loss or deduction shall be determined on a component member by component member basis. If this election is made, such election shall be binding for all future tax years unless the Oklahoma Tax Commission releases the group from such election.
A corporation having an election in effect under subchapter S of the Internal Revenue Code shall not be subject to the Oklahoma income tax on corporations, and the shareholder shall include in their taxable incomes their proportionable share of the distributive income. However, if any of the shareholders are nonresidents during any part of the corporation's taxable year, the corporation shall be taxable on that part of the income allocable to the nonresident, unless the corporation files, with its return, an agreement executed by each nonresident stating that they will file a return reporting their share of the income. (This paragraph does not change the Filing Requirement as set out above.)
Corporations are taxed at a 6 percent tax rate.
Fiduciaries have the same tax rates as a single individual.
Fiduciary returns, are due on the 15th day of the fourth month following the close of the taxable year.
Beginning with the Tax Year 2016, Corporate and Partnership returns are due no later than 30 days after the due date established under the Internal Revenue Code (IRC). In the case of a complete liquidation, or dissolution, of a corporation, the return is due on the 15th day of the fourth month following the month in which the corporation is completely liquidated.
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Rules and Decisions