State and Local Tax Burdens, Calendar Year 2019
New Yorkers faced the highest burden, with 14.1 percent of income in the state going to state and local taxes. Connecticut (12.8 percent) and Hawaii (12.7 percent) followed.
19 min readHow does Oklahoma’s tax code compare? Oklahoma has a graduated state individual income tax, with rates ranging from 0.25 percent to 4.75 percent. Oklahoma has a 4.0 percent corporate income tax rate. Oklahoma also has a 4.50 percent state sales tax rate and an average combined state and local sales tax rate of 8.99 percent. Oklahoma has a 0.76 percent effective property tax rate on owner-occupied housing value.
Oklahoma does not have an estate tax or inheritance tax. Oklahoma has a 20 cents per gallon gas tax rate and a $2.03 cigarette excise tax rate. The State of Oklahoma collects $4,450 in state and local tax collections per capita. Oklahoma has $4,804 in state and local debt per capita and has an 80 percent funded ratio of public pension plans. Overall, Oklahoma’s tax system ranks 19th on our 2024 State Business Tax Climate Index.
Each state’s tax code is a multifaceted system with many moving parts, and Oklahoma is no exception. The first step towards understanding Oklahoma’s tax code is knowing the basics. How does Oklahoma collect tax revenue? Click the tabs below to learn more! You can also explore our state tax maps, which are compiled from our annual publication, Facts & Figures 2024: How Does Your State Compare?
New Yorkers faced the highest burden, with 14.1 percent of income in the state going to state and local taxes. Connecticut (12.8 percent) and Hawaii (12.7 percent) followed.
19 min readOur updated 2021 edition of Facts & Figures serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more.
1 min readHere’s each state’s estimated revenue gains or losses in 2020, alongside the state and local aid that would be allocated to each under the American Rescue Plan Act.
8 min readCongress chose to exempt forgiven Paycheck Protection Program (PPP) loans from federal income taxation. Many states, however, remain on track to tax them by either treating forgiven loans as taxable income, denying the deduction for expenses paid for using forgiven loans, or both.
7 min readIndividual income taxes are a major source of state government revenue, accounting for 37 percent of state tax collections in fiscal year (FY) 2017. Several states had notable individual income tax changes in 2020: Arizona, Arkansas, Massachusetts, Michigan, Minnesota, North Carolina, Ohio, Tennessee, Virginia, and Wisconsin.
22 min readStates compete with each other in a variety of ways, including in attracting (and retaining) residents. Sustained periods of inbound migration lead to (and reflect) greater economic output and growth. Prolonged periods of net outbound migration, however, can strain state coffers, contributing to revenue declines as economic activity and tax revenue follow individuals out of state.
4 min readWhile many factors influence business location and investment decisions, sales taxes are something within lawmakers’ control that can have immediate impacts.
12 min readThe coronavirus relief package represents the second-largest recovery legislation, behind only the CARES Act, for a combined total of more than $3 trillion in support.
8 min readOn Monday, members of the bipartisan Gang of Eight negotiating an end-of-year pandemic relief package announced that they had settled on language and had divided the package into two bills: a pandemic aid package and a $160 billion state and local support package.
6 min readA typical American household with four phones on a “family share” wireless plan can expect to pay about $270 per year (or 22 percent of their cell phone bill) in taxes, fees, and surcharges.
36 min read