Oklahoman’s pay $1039 less per person in state and local taxes than the nation. Oklahoman’s pay $736 less per person than the national median.
Consider these facts:
The Oklahoma tax system is composed of a range of taxes that are administered and collected by various state and local agencies. Each tax has a different base and rate. The following chart outlines the most significant taxes. For more information, visit the Oklahoma Tax Commission website.
|Overview of Oklahoma Tax System|
|Type||Base or Measure||Rate||Administering Agency|
|Corporate Income Tax||Net Income||6%||Oklahoma Tax Commission|
|Franchise Tax||Net revenue from business activity allocated or apportioned to Oklahoma.||$25 + 1%||Oklahoma Tax Commission|
|Sales and Use Tax*||Sales: Gross receipts or gross proceeds.
Use: Purchase Price
|4.50%||Oklahoma Tax Commission|
|Wage Base: $20,100||New Employers: 2.0%;
Experienced Employers: 0.3-9.2%
|Personal Income Tax||Taxable Income||5.25% over $8,700||Oklahoma Tax Commission|
|Local Property Tax**||Valuation of Property||Approx. 1% of
*Additional sales and use tax is determined by counties and cities on top of the state's base rate.
**Property Taxes are collected by the county where the property is located; rates vary depending on location.