STATE OF OKLAHOMA

2nd Session of the 54th Legislature (2014)

SENATE BILL 1338	By:	Anderson

AS INTRODUCED

An Act relating to franchise tax; amending 68 O.S. 2011, Sections 1203 and 1204, which relate to the levy of franchise tax; limiting time period during which tax is levied; and providing an effective date.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1.     AMENDATORY     68 O.S. 2011, Section 1203, is amended to read as follows:
Section 1203.  ~~There~~ For tax years occurring before tax year 2015, there is hereby levied and assessed a franchise or excise tax upon every corporation, association, joint-stock company and business trust organized under the laws of this state, equal to One Dollar and twenty-five cents ($1.25) for each One Thousand Dollars ($1,000.00) or fraction thereof of the amount of capital used, invested or employed in the exercise of any power, privilege or right inuring to such organization, within this state; it being the purpose of this section to require the payment to the State of Oklahoma this tax for the right granted by the laws of this state to exist as such organization and enjoy, under the protection of the laws of this state, the powers, rights, privileges and immunities derived from the state by reason of the form of such existence.
SECTION 2.     AMENDATORY     68 O.S. 2011, Section 1204, is amended to read as follows:
Section 1204.  ~~There~~ For tax years occurring before tax year 2015, there is hereby levied and assessed upon every corporation, association, joint-stock company and business trust, organized and existing by virtue of the laws of some other state, territory or country, now or hereafter doing business in this state, as hereinbefore defined, a franchise or excise tax equal to One Dollar and twenty-five cents ($1.25) for each One Thousand Dollars ($1,000.00) or fraction thereof of the amount of capital used, invested or employed within this state; it being the purpose of this section to require the payment of a tax by all organizations not organized under the laws of this state, measured by the amount of capital, or its equivalent, used, invested or employed in this state for which such organization receives the benefit and protection of the government and laws of the state.
SECTION 3.  This act shall become effective November 1, 2014.

54-2-2503	JCR	1/10/2014 10:35:38 AM