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Every resident individual whose gross income from both within and outside of Oklahoma exceeds the standard deduction plus personal exemption is required to file an Oklahoma income tax return. Every part-year resident, during the period of residency, has the same filing requirements as a resident.
Taxes on Oil and Gas Production As a primary approach, states have imposed taxes and fees on the extraction, production and sale of natural gas and oil. These severance taxestaxes applied to materials severed from the groundtax the extraction or production of oil, gas and other natural resources.
Oklahoma corporations must file an Oklahoma income tax return and pay corporate income tax. As of 2021, the rate is 6%. For tax years beginning on January 1, 2022, the corporate income tax rate will reduce to 4%.
Oklahoma Income Taxes Starting in 2022, the lowest rate will be 0.25% and the highest rate will be 4.75%. Social Security benefits are not taxed by the state. Up to $10,000 of federally-taxed income from private, federal government, and designated Oklahoma state and local government retirement plans is exempt.
Part-year residents: You must follow the same requirements as a resident. Additionally, a return must be filed if you earned more than $1,000 from Oklahoma sources during your nonresidency period. Nonresidents: If you earned more than $1,000 from Oklahoma sources, you must file a return in the state.
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Since LLCs arent subject to Oklahomas Franchise Tax, they are required to submit the Oklahoma Annual Certificate. Like an annual report, the annual certificate ensures that the state has up-to-date contact and ownership information for your LLC. LLCs submit a report each year to Oklahomas Secretary of State.
Gross production tax on asphalt, ores, oil and gas, and royalty interests - Exemptions. A. There is hereby levied upon the production of asphalt, ores bearing lead, zinc, jack and copper a tax equal to three-fourths of one percent (3/4 of 1%) on the gross value thereof.
OIL AND GAS TAXATION Oil production is subject to a gross production tax and an extraction tax. The gross production tax is 5 percent of the value of the oil at the well and is in lieu of property tax. Tribal, federal, state, and local municipality mineral interests are exempt from the gross production tax.
Oil fee applies to domestic crude oil The bill permanently reinstates the Hazardous Substance Superfund financing rate for certain excise taxes, including the excise tax on domestic crude oil and imported petroleum products at the rate of 16.4 cents per barrel in 2023, adjusted annually for inflation.
Every resident individual whose gross income from both within and outside of Oklahoma exceeds the standard deduction plus personal exemption is required to file an Oklahoma income tax return. Every part-year resident, during the period of residency, has the same filing requirements as a resident.

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