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Hmm ... more corporate tax breaks?


Gazette staff November 13th, 2013

Oklahoma’s tax system won’t be nearly as business-friendly as most other states in the nation during 2014, according to a report from the Washington, D.C.- based Tax Foundation.

The Sooner state is at No. 36, which means only 14 other states impose overall tax structures that are more burdensome. The ranking was unchanged from the 2013 report.

However, there was good news.

Property tax collections averaged $642 per person, the fourth lowest nationally. Meanwhile, the state’s income tax system consists of seven brackets and a top rate of 5.25 percent. Translated, that was the 22nd lowest among states that have an individual income tax.

At the corporate level, Oklahoma has a flat rate of 6 percent, which ranks as the 17th lowest among states levying such a tax. Oklahoma also has a 4.5 percent general sales tax on consumers, and the average local sales tax is an additional 4.17 percent.

Other Oklahoma taxes in clude the 17 cents levied on gasoline and the cigarette tax which is $1.03.

States with the most business-friendly tax policies for 2014 are Wyoming, South Dakota, Nevada, Alaska, Florida, Washington, Montana, New Hampshire, Utah and Indiana.

The 10 lowest-ranked states for 2014 are Maryland, Connecticut, Wisconsin, North Carolina, Vermont, Rhode Island, Minnesota, California, New Jersey and New York.

 
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