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Tax returns for federal and Oklahoma state income taxes are due April 15. To file for an extension, taxpayers can fill out Form 4868 by April 15, giving you six more months to complete your tax ...
Income taxes are steadily increased as a major State revenue source since 1933 when the Oklahoma Constitution was amended to prohibit State-level taxation of property. Income taxes are now the largest source of revenue for the State government, accounting for approximately 38% of total state revenue - 32% from individuals and 6% from corporations.
In addition, the Commission allocates certain state-collected taxes earmarked to counties, school districts and cities directly to local governments. On a contractual basis with individual cities and counties, the Commission is involved with the administration, collection and distribution of city and county sales taxes and city use taxes.
The DCP is an Internal Revenue Code Section 457(b) plan and allows eligible state employees to supplement retirement benefits by investing pre-tax dollars through voluntary salary deferral. [4] Employee contributions are deposited in the DCP and federal and state taxes will remain deferred until contributions are withdrawn.
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