Oklahoma Franchise Comparison Worksheet
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How to fill out Franchise Comparison Worksheet?
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FAQ
Oklahoma franchise (excise) tax is levied and assessed at the rate of $1.25 per $1,000.00 or fraction thereof on the amount of capital allocated or employed in Oklahoma.
The basis of the apportionment is the arithmetical average of three factors consisting of property, payroll and sales. If fewer than three factors are present, the resulting amount is apportioned to Oklahoma on a two-factor or single-factor formula consisting of the arithmetical average of the factors present.
Calculating apportionment for income Identify your gross income for the quarter. ... Calculate your company's book value. ... Divide your gross income figure by the number of days in the relevant quarter. ... Multiply this number by the number of days in the year. ... Finally, divide your final figure by the value of your business.
Apportionment means that citizens of relatively wealthy states must pay at lower rates than citizens of relatively poor states in order to make the total payment for states of equal population come out the same.
While Oklahoma does have a franchise tax, it only applies to corporations. Limited liability companies are exempt from paying the Oklahoma Franchise Tax.
Oklahoma's apportionment formula consists of sales, payroll and property weighted equally and a throwback rule which takes out-of-state sales and lumps them into a corporation's Oklahoma income when the corporation makes sales in a state that does not tax the income.
What is the standard Oklahoma apportionment formula? Income that is not allocated is apportioned to Oklahoma based on the average of three factors consisting of property, payroll, and sales. The three-factor apportionment formula is altered for corporations that make an investment of $200 million or more.
The law eliminates all corporate franchise tax fees and reporting requirements beginning for tax year 2024. For tax years 2023 and prior, the state imposes a franchise tax of $1.25 per $1,000 of capital used, invested, or employed within the state of Oklahoma.