Oklahoma—Corporate, Personal Income Taxes: Cap for Investment New Jobs Tax Credit Enacted

Legislation has been enacted that establishes a $25 million annual cap for the investment/new jobs tax credit available against Oklahoma corporate income tax liabilities, effective tax year 2016 through 2018. If more than $25 million is claimed for the credit during each tax year, the Tax Commission is directed to calculate and publish a percentage by which the credits will be reduced so that the total amount of credits paid out by the state does not exceed the cap.

S.B. 1582, Laws 2016, effective November 1, 2016

AUTHOR

Wolters Kluwer TAA

All stories by: Wolters Kluwer TAA

Leave a Reply

Your email address will not be published.