Governor Stitt announces Oklahoma Tax Commission to allow deferred income tax payments due to COVID-19
OKLAHOMA CITY (March 19, 2020) – Governor Kevin Stitt announced today the Oklahoma Tax Commission approved an order to allow all individual and other non-corporate tax filers to defer up to $1 million of state income tax (including self-employment tax) payments due on April 15 until July 15 without penalties or interest. This matches the federal guidance issued by the IRS as a result of President Trump’s emergency declaration pursuant to the Stafford Act, and also allows corporate taxpayers a similar deferment of up to $10 million of state income tax payments without penalties or interest.
The filing deadline remains April 15.
“This guidance is a proactive step to reduce the financial stress many hardworking Oklahomans and businesses are feeling during this time,” said Gov. Stitt. “I thank Executive Director Jay Doyle and the Oklahoma Tax Commissioners for working together with us to quickly approve this.”
from MuskogeePolitico.com
