Tax Relief

New laws proposed to provide Oklahoma tax breaks to corporations in Oklahoma

(The Center Square) – Oklahoma small businesses continue to steer the economic downturn caused by the COVID-19 pandemic, and two Senate bills have been tabled to offer a wide range of tax breaks.

Senator Nathan Dahm, R-Broken Arrow, submitted SB 727This would eliminate Oklahoma corporation tax and franchise tax from 2022.

“This is a big deal for small business owners already battling the COVID-19 pandemic,” Jerrod Shouse, Oklahoma state director for the National Federation of Independent Business (NFIB), told The Center Square via email. “Regulations and taxes are issues that our small business owners struggle with here in Oklahoma. According to a recent survey of small business owners, taxes and regulations ranked numbers 4, 6, 7, and 8 as the biggest problems they have faced. “

Small business survival is critical to Oklahoma’s economic recovery, and many have closed or are facing permanent closure due to the economic impact of the pandemic, Shouse said.

“We need our mom and pop stores here in Oklahoma. Not only do they support the economy, they also give back to their local communities, ”said Shouse. “Oklahoma cannot survive without our small business owners, who are working tirelessly to protect their employees and customers at this unprecedented time.”

Dahm also submitted SB 920This would give any company moving to Oklahoma from another country a 10 year tax break.

“As we’ve seen on the news, Joe Biden’s recent executive orders will cost our country tens of thousands of jobs,” Dahm told KFOR. “It seems he is putting China first by repealing an earlier order that bans them from working on the American power grid. So it’s imperative that we work to put Oklahoma first. While the people of Washington DC try to destroy jobs and raise taxes, Oklahomans have the option to follow conservative principles to lower taxes on job creation in our state. It’s time we put our people and businesses first. “

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