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Oklahoma enacts budget package with tax provisions, including expansion of sales tax nexus and notice requirements

Oklahoma Gov. Mary Fallin signed several tax measures into law as part of the budget agreement reached to bridge the state’s $1.3 billion budget deficit. The legislation expands the sales and use tax nexus standard by amending the definition of maintaining a place of business in this state. Also, out-of-state retailers or vendors that aren't required to collect use tax must provide an annual statement to customers of the total sales made to the customer during the preceding calendar year. However, out-of-state retailers may participate in a compliance initiative that essentially provides tax amnesty for retailers that register with the Oklahoma Tax Commission by May 1, 2017. The statute of limitations for sales and use tax refund claims is reduced from three years to two years. Various corporate income tax credits are limited or repealed.

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