{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-2365","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-2365","heading":"Subchapter S corporations","body":"Except as otherwise provided for in the Pass-Through Entity Tax\n\nEquity Act of 2019, the provisions, applicable to the taxation of\n\nincome of corporations and stockholders, electing treatment as\n\nprovided in subchapter S of the Internal Revenue Code, shall apply\n\nto taxpayers as provided under this act. A corporation having an\n\nelection in effect under subchapter S of the Internal Revenue Code\n\nshall not be subject to the Oklahoma income tax on corporations and\n\nfor tax years beginning after December 31, 1996, shall not be\n\nsubject to the tax imposed by subsection A of Section 2370 of this\n\ntitle, and the shareholders of such corporation shall include in\n\ntheir taxable incomes their proportionate part of the federal income\n\nof such corporation, subject to the modifications as set forth in\n\nSections 2358, 2362 and 2370.2 of this title, in the same manner and\n\nto the same extent as provided by the Internal Revenue Code.\n\nHowever, if any of the shareholders of such corporation are\n\nnonresidents during any part of the taxable year of the corporation,\n\nsuch corporation shall be taxable for such year on that part of the\n\nincome of the corporation, as determined pursuant to Sections 2358,\n\n2362 and 2370.2 of this title, allocable to the shares of stock\n\nowned by such nonresident unless (i) the corporation files with its\n\nreturn for such year an agreement executed by each nonresident\n\nstockholder stating that such nonresident will file an Oklahoma\n\nincome tax return which will include in the adjusted gross income of\n\nsuch nonresident that portion of the Oklahoma taxable income of the\n\ncorporation allocable to the interest of the nonresident in such\n\ncorporation, or (ii) the corporation has made a valid election\n\npursuant to the provisions of the Pass-Through Entity Tax Equity Act\n\nof 2019 and has paid the applicable tax. For purposes of this\n\nsection, the term \"corporation\" shall include state–chartered banks,\n\nstate and federal savings associations and national banking\n\nassociations that have total assets of Three Billion Dollars\n\n($3,000,000,000.00) or less and that are organized pursuant to the\n\nlaws of this state, or the United States, or are located or doing\n\nbusiness in this state.","path":["OK Code","Title 68"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os68.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"95ebadfe140f642cd76ff9b42c445b3b57522a05c71310e6e33524059894469c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-2364","next":"us-ok/okla.-stat.-tit.-68-68-2366"},"notice":"GroundRules: Original legal text. Not legal advice."}