Ask Reggi Your Question Now
Can you summarize OKAC 710:50-27?
Income > Banks and Credit Unions
Short Summary
The provided legal document states that every state banking association, national banking association, and credit union organized under the laws of Oklahoma is subject to a privilege tax. The tax is based on the United States taxable income, as defined by 68 O.S. 2353(10), with adjustments determined by 68 O.S. 2358, 68 O.S. 2370(D)(1), and 68 O.S. 2370(D)(2). However, state and national banks and state credit unions that make a Federal Subchapter ‘S’ election are exempt from paying the ‘in lieu’ tax. Instead, the income or loss in these cases should be reported at the shareholder level, following the provisions of 68 O.S. 2363 and 2370.2. The document does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
State banking associations, national banking associations, and credit unions organized under the laws of Oklahoma
What does it govern?
Privilege tax on state banking associations, national banking associations, and credit unions organized under the laws of Oklahoma
What are exemptions?
State and national banks and state credit unions making a Federal Subchapter 'S' election are exempt from paying the 'in lieu' tax
What are the Penalties?
No specific penalties are mentioned in the document
Jurisdiction
Oklahoma