Income Tax: General Filing Information

Business, Estate or Trusts..

Filing Requirements:
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.)

Tax Rates:
Corporations are taxed at a 6 percent tax rate.

Fiduciaries have the same tax rates as a single individual.

Due Dates:
All returns, except corporate returns, are due on the 15th day of the fourth month following the close of the taxable year.

Corporate returns are due on the 15th day of the third month following the close of the taxable year. 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.