Oklahoma House Bill 2359, if signed by the Governor, could provide one of the best deals of the year to resolve unpaid use tax due the state. This applies both to retailers and to consumers.
For retailers, there will be a total forgiveness of any use tax that you may owe the state so long as you come forward and register under the new Retailer Compliance Initiative. This will run from July 1, 2010 to June 30, 2011. You have to do this before you get audited and you must remain registered for at least 36 months after registration. This program is similar to what the SSTP states did with their amnesty. The state will even waive their registration fee for companies that register under this program.
For consumers who owe Oklahoma use tax, the state is limiting the look back to 12 months and is waiving the penalties and the interest related to the tax that is paid. The consumer cannot be under audit and cannot have been contacted by the state.
These are very good opportunities for taxpayers who owe Oklahoma tax. The Governor is expected to sign the bill which will become effective July 1, 2010.