CLICK HERE to listen to Radio Oklahoma’s Dale Forbis provide details on Oklahoma’s franchise tax.
A part of the state budget plan approved last month by the Oklahoma Legislature will do away with the franchise tax.
A spokesperson for the Oklahoma Chamber of Commerce, Brent Skarky, said a franchise tax is bad for economic growth. Skarky added that Oklahoma should not be punishing businesses that want to operate in the state.
“Oklahoma needs to make a push to make sure they are on level ground, if not better ground than surrounding states or states across the country,” Skarky said.
Skarky said this is a move to make Oklahoma more competitive with other states, as only 13 states still have a tax on existing and incoming businesses.
At one time, the franchise tax was common in the tax codes for all states, but it is being phased out so Oklahoma can be competitive. The Legislature killed it in the new budget bill.
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