Printable Form 5305-SIMPLE Broken Arrow Oklahoma 2012-2024

Printable Form 5305-SIMPLE Broken Arrow Oklahoma: What You Should Know

It is the only state in America that has a statutory requirement that all corporations that make a sales to a resident of the state and spend at all the registered businesses in the state must provide an employer tax deduction in addition to sales or corporate income taxes paid in the state. With our sales tax collection budget cut, our state government cannot fully support its local schools while providing necessary education and services to children from low-income neighborhoods. A corporation that has a local headquarters in an Oklahoma City would no longer be subject to state corporate income tax on the gross receipts of its local sales to resident customers. Oklahoma's corporate income tax collections were only 47 cents for every dollar the corporation earned throughout the entire year. This is simply not enough income to support local schooling while spending money on property and property related expenses. In addition to cutting their sales tax collections, our corporate income tax payments were already far below those of our competitors states. As recently as 2024 when Oklahoma's rate of corporate tax payments was 4.44 cents for every dollar it earned, the average corporate rates in the other fifty states was over three times higher: 24.29 cents of every dollar earned in Indiana, 8.56 cents of every dollar earned in California, 4.46 cents of every dollar earned in Florida, and more than 6 cents of every dollar earned in Florida. Even during a boom period of over 600 million in sales taxes paid for the Oklahoma state government, Oklahoma corporations paid a rate of just 4.44 cents for every dollar they earned in 2010.  In other words, Oklahoma could have had a more competitive corporate tax system if states were not forced to tax their sales as if their business was in Oklahoma. As a state that's home to a few Fortune 500 companies, all corporate tax revenue must be used to fund the schools within the state. This policy can no longer be defended in spite of the fact that all of our local and county governments are under major fiscal hardship at present. Our sales tax revenues are declining and our corporations are finding it more and more difficult to locate jobs in Oklahoma. That's why our state needs a new corporate income tax system, so that corporations are taxed according to how much income each one makes. Oklahoma's taxpayers should be paying more in taxes to allow our local governments and our schools to survive. Oklahoma and all of America's other states should stop trying to compete against each other.

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