Our Dash of SALT Blog provides the most recent developments and changes in state and local tax regulations. Here are the latest updates for Oklahoma.
June 27, 2024
Oklahoma Manufacturing Exemption for Digital Asset Mining
Authored by: Courtney Easterday, MSA and Ryan Schupp
Effective November 1, 2024, Oklahoma announced that sales of machinery and equipment directly used for commercial mining for digital assets will now qualify for a manufacturing exemption. The state has given examples of qualifying machinery and equipment such as servers, computers, power distribution units, cabling, software, and electricity. The exemption for qualifying items will qualify for the exemption between November 1, 2024, and December 31, 2029.
If you have questions about sales and use tax compliance, please reach out to a member of the Withum SALT Team.
March 1, 2024
Oklahoma Eliminates State Sales Tax on Groceries
Authored by: Brandon Spinella and Courtney Easterday, MS
On February 27, 2024, Oklahoma Governor Kevin Stitt signed HB 1955, eliminating the state’s 4.5% tax on groceries. While the state sales tax on groceries will be eliminated once HB1955 takes effect, cities and counties can still impose local taxes on groceries. HB 1955 will take effect 90 days after the legislature adjourns this year’s session, which is constitutionally required by late May, meaning the tax repeal will take effect no later than August. Prepared food items, such as warm pizza and fruit bowls, remain subject to state sales tax.
If you have questions about the taxability of products, please reach out to a member of the Withum SALT Team.
Disclaimer: Please note this is the information that is readily available at this time, it is subject to change so please consult your Withum tax advisor.
Have Questions or Need Guidance?
For more information on this topic, please contact a member of our team.