Oklahoma
By the Numbers

Oklahoma Below is a snapshot of key features of Oklahoma's tax system. (Scroll Down)
State & Local Revenue (FY10)
  • General Revenue, Own-Source (GROS): $18.9 billion
  • General Revenue as a Share of Income: 14.5%
  • Tax Revenue: $11.4 billion
  • Tax Revenue as Share of income: 8.8%
  • Personal Income Tax (Share of Tax Revenue): 19.5% (33 out of 51)
  • Corporate Income Tax (Share of Tax Revenue): 1.9 % ( 40 out of 51)
  • Sales & Excise Tax (Share of Tax Revenue): 41.9 % ( 14 out of 51)
  • Property Tax (Share of Tax Revenue): 21.1 % ( 45 out of 51)
  • Other Taxes (Share of Tax Revenue): 10.5 % (9 out of 51)
Personal Income Tax Features (2012)
  • Range of Tax Rates: 0.5% - 5.25%
  • Standard Deduction: $5,950 ($11,900 for Married Couples)
  • Personal Exemption: $1,000
  • Dependent Exemption: $1,000
  • Earned Income Tax Credit (EITC): 5% Refundable
  • Deduction for state income taxes paid
  • Top rate falls to 5% in 2015 and could fall to 4.85% in 2016 depending on revenue growth
Corporate Income Tax Features (2012)
  • 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 (2012)
  • State Sales Tax Rate: 4.50%
  • Average Local Sales Tax Rate: 3.90%
  • Average Combined State & Local Sales Tax Rate: 8.40%
  • 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 (2007)
  • Streamlined Sales Tax Membership: Full
  • Sales tax holiday offered in 2013
  • Vendor Compensation available with high ceiling
Property Tax Features (2012)
  • Provides homestead exemption that is doubled if income is below $20,000.
Other Tax & Revenue Features (2012)
  • 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: $57 (2010)
Tax Policy Oversight
  • Tax Expenditure Report: Yes
  • Tax Incidence Analysis Capability: None

Last Updated October 4, 2012

Sources & Glossary