In an effort to put Oklahomans first and spur economic development and growth, state Sen. Nathan Dahm has filed a pair of bills to exempt businesses from some state taxes.
Senate Bill 920, also known as the Leave China Act, would exempt any business that relocates from a foreign nation to Oklahoma from income tax, ad valorem tax, sales and use tax on purchases, and franchise tax for 10 years from the date of relocation.
Senate Bill 727 would eliminate the corporate income tax and franchise tax for any businesses operating in Oklahoma, beginning in the 2022 tax year.
“As we’ve seen in the news, Joe Biden’s recent executive orders will cost our nation tens of thousands of jobs,” said Dahm, R-Broken Arrow. “It appears he’s putting China first by repealing a previous order prohibiting them from working on America’s electric grid, so it’s imperative that we work to put Oklahoma first. While those in Washington D.C. seek to destroy jobs and raise taxes, Oklahomans have the opportunity to follow conservative principles to lower taxes for the creation of jobs in our state. It’s time we step up and put our people and our businesses first.”