Oklahoma Administrative Code
Title 710 - Oklahoma Tax Commission
Chapter 50 - Income
Subchapter 27 - Banks and Credit Unions
Section 710:50-27-1 - Banks and credit unions subject to "in lieu" tax

Universal Citation: OK Admin Code 710:50-27-1

Current through Vol. 42, No. 1, September 16, 2024

(a) Every state banking association, national banking association and credit union organized under the laws of this State, located or doing business within the limits of the State of Oklahoma is subject to a privilege tax. The basis of the tax shall be United States taxable income as defined by 68 O.S. 2353(10) and any adjustments as determined pursuant to 68 O.S. 2358 and the adjustments under 68 O.S. 2370(D)(1) and 68 O.S. 2370(D)(2).

(b) State and national banks and state credit unions making a Federal Subchapter "S" election, shall not pay the "in lieu" tax. Rather, the income or loss in these cases shall be reported at the shareholder level, pursuant to the provisions of 68 O.S. §§ 2363 and 2370.2.

Amended at 18 Ok Reg 2810, eff 6-25-01

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