Small Business Measure Clears House Vote

State lawmakers voted today to support Oklahoma's small businesses by simplifying and, in some cases, eliminating corporate and franchise taxes. House Bill 1386, by Rep. Randy Terrill, would both reduce and reform Oklahoma's corporate income tax. Currently, the state imposes a flat tax of 6 percent on all corporations. Terrill wants to implement a graduated scale that reduces the tax for most businesses, particularly small companies.

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