TAX | TAX RATE | EXEMPTION(S) AVAILABLE |
State Income Tax (No County Income Tax) (No Municipal Income Tax) |
1st $5,000 – 3% 2nd $5,000 – 4% Over $10,000 – 5% |
|
Personal Income Tax |
1st $5,000 – 3% 2nd $5,000 – 4% Over $10,000 – 5% |
Individuals are allowed personal exemptions |
Corporate Franchise Tax | $2.50 per $1,000 capital invested in state |
|
Corporate Charter Fee | $50 | No |
Excise Tax |
Gasoline & Diesel (Highway use): $.18/gal Non Hwy use: 5 ¾ cent/gal |
No |
Oil & Gas Severance Tax |
Point of Production:
6% in ground: Exempt |
No |
County Property Tax
Mfg. includes: Real, Personal & Inventory (No State Property Tax) |
Most Property – 15%
Residential – 10% Utilities – 30% Motor Vehicles – 30% Fair Mkt. value |
Counties & Municipalities:
|
Unemployment Compensation
(Employer makes contribution on each employee’s wages) |
Initial $7,000 – 2.7%
Min rate – .9% Max rate – 5.4% Vary year to year |
No |
Worker’s Compensation
(Employers with 5 or more employees must purchase or self-insure) |
Up to 2/3 of claimant’s average weekly wages up to 450 weeks. Amts indexed on annual basis. Does not include medical payments. |
No |
|