What is the Oklahoma BAT and Other FAQs??

The Oklahoma Tax Commission has released answers to a list of Frequently Asked Questions (FAQs) regarding its new Business Activity Tax (BAT).  In case you didn't know, the BAT is the Oklahoma Business Activity Tax imposed pursuant to SJR 61 for tax years 2010, 2011 and 2012. 

The BAT applies BAT applies to all entities regardless of form e.g., sole proprietorships, partnerships, limited liability companies, trusts and all types of corporations, doing business in Oklahoma. Corporations, associations, joint-stock companies and business trusts doing business in Oklahoma are required to pay BAT in an amount equal to their franchise tax paid for tax year 2010 or $25.00 whichever is greater. All others doing business in Oklahoma must pay $25.00.

Oklahoma BAT returns are due annually. For tax year 2010, farmers filing a federal schedule F and sole proprietors filing either a federal schedule C or C-EZ, must file BAT returns as a part of and at the same time as their Oklahoma individual income tax returns are filed in 2011.  For all other BAT filers, the return for tax year 2010 is due July 1, 2011.

For tax year 2010-2012 (franchise tax returns due in 2011 through 2013), franchise Tax returns are no longer required to be filed. Entities subject to the Oklahoma franchise tax are required to file Oklahoma BAT returns.

Go to Oklahoma's website for all of the FAQs.

This blog

Brian Strahle is the owner of LEVERAGE SALT, LLC where he provides state and local tax technical services to accounting firms, law firms and tax research organizations across the United States.  He also writes a weekly column in Tax Analysts State Tax Notes entitled, "The SALT Effect."  For more info, visit his website: www.leveragestateandlocaltax.com

You can reach Brian at strahle@leveragesalt.com.

Connect with Brian on LinkedIn. Follow Brian on Twitter. Join the Leverage | SALT LinkedIn Group, connect and contribute with your colleagues!  

Because state and local taxes are deceptively simple and endlessly complicated.

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