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Below is a snapshot of key features of Oklahoma's tax system. (Scroll Down)
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State & Local Revenue (FY08)
- General Revenue, Own-Source (GROS): $19 billion
- General Revenue as a Share of Income: 14.9%
- Tax Revenue: $12.3 billion
- Tax Revenue as Share of income: 9.7%
- Personal Income Tax (Share of Tax Revenue): 22.6% (32 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 2.9% (36 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 38.5% (14 out of 51)
- Property Tax (Share of Tax Revenue): 17.2% (45 out of 51)
- Other Taxes (Share of Tax Revenue): 1.3% (38 out of 51)
Personal Income Tax Features (2011)
- Range of Tax Rates: 0.5% - 5.5%
- Standard Deduction: $5,800 ($11,600 for Married Couples)
- Personal Exemption: $1,000
- Dependent Exemption: $1,000
- Earned Income Tax Credit (EITC): 5% Refundable
- Personal exemption credit phases out for high income levels
Corporate Income Tax Features (2011)
- Range of Tax Rates: 6.00%
- Income Level at Which Top Rate Applies: All
- Combined Reporting: No
- Apportionment Factor (Payroll): 33%
- Apportionment Factor (Property): 33%
- Apportionment Factor (Sales): 33%
Sales Tax Features (2011)
- State Sales Tax Rate: 4.50%
- Average Local Sales Tax Rate: 3.70%
- Average Combined State & Local Sales Tax Rate: 8.20%
- State Sales Tax Treatment of Groceries: Taxed at regular rate, but offsetting credit/rebate is available
- Local Sales Tax Treatment of Groceries: Taxed
- Number of Services Taxed: 32 out of 168 surveyed
- Streamlined Sales Tax Membership: Full
- Sales tax holiday offered in 2011
- Vendor Compensation available with high ceiling
Property Tax Features (2011)
- Provides homestead exemption that is doubled if income is below $20,000.
Other Tax & Revenue Features (2011)
- Gasoline Tax Rate (per gallon): $0.17
- Diesel Tax Rate (per gallon): $0.14
- Cigarette Tax Rate (per pack): $1.03
- Estate or Inheritance Tax: No
- Net Lottery Sales Per Capita: $54
Tax Policy Oversight
- Tax Expenditure Report: Yes
- Tax Incidence Analysis Capability: None
Last Updated August 25, 2011
Sources & Glossary
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