Okla. Tax Commission To Allow Deferred Tax Payments Due To Coronavirus

Thursday, March 19th 2020, 10:42 am
By: News On 6

The Oklahoma Tax Commission will allow Oklahomans to defer paying their tax bills to the state due to the COVID-19 outbreak, Gov. Kevin Stitt announced Thursday.

Oklahomans will still be expected to file their state return by April 15 but they will be allowed to defer up to $1 million of state income tax (including self-employment tax) payments until July 15 without penalties or interest.

This will match the federal guidance issued by the IRS as a result of President Donald Trump's emergency declaration.

Corporate taxpayers will have a similar deferment of up to $10 million of state income tax payments without penalties or interest.

“This guidance is a proactive step to reduce the financial stress many hardworking Oklahomans and businesses are feeling during this time,” Stitt said.