Summary
Some Oklahoma businesses can be exempt from a portion of state taxable income under a bill approved Wednesday by the state House of Representatives.
State Rep. Dale Turner, D-Holdenville, said Senate Bill 410 attempts to salvage jobs in rural areas of the state. Certain businesses would be eligible for a partial exemption from state taxable income. The exemption cannot exceed the amount of investment by a state taxpayer. The Oklahoma Tax Commission and the Oklahoma Department of Commerce make determinations on the level of the exemption. In order to qualify for the exemption, the investment in the business entity must be made in a manner resulting in ownership of a majority of the shares, according to the bill.See the full content of this document
Extract
Rural Business Proposal Advances Through Ok House
The bi...
See the full content of this document
Sponsored links
