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Franchise Tax Filing Changes
Effective January 1, 2008, an entity whose franchise tax liability is $250 or less is exempt from payment of the tax, but is still required to file and provide an updated officer list to the Oklahoma Tax Commission.
If in the previous filing year an entity reported and remitted $250.00 or less in franchise taxes a pre-printed franchise tax form will not be mailed out. Instead the entity should file their franchise information electronically on the agency website at www.tax.ok.gov. Once on the site, taxpayers should select the Online Services link followed by Franchise Online Reporting for Zero Liability.
If the tax liability exceeds $250 for the franchise period beginning January 1, 2008 or later, than the entity would be required to file and pay using Form 200, which is also found on the agency website.
Foreign corporations are still required to file a franchise tax form and pay the $100 registered agents fee. If a foreign corporation has a zero tax liability they may use the Form 215, otherwise they should file on a Form 200. Pre-printed forms will be mailed out by the end of January 2008.
Additional information regarding Franchise Tax including answers to frequently asked questions can be obtained at www.tax.ok.gov, or by calling (405) 521-3160, or toll-free in Oklahoma to 1-800-522-8165, extension 13160.
Related Link: Franchise Online Reporting for Zero Liability