§ 68-1227. Assessment of Business Activity Tax.

A. The period of time prescribed in Section 223 of Title 68 of the Oklahoma Statutes, in which the procedures for the assessment of the Business Activity Tax may be commenced by the Oklahoma Tax Commission, shall be tolled and extended until the amount of taxable income for any year of a person under the Internal Revenue Code has been finally determined under applicable federal law and for the additional period of time hereinafter provided in this subsection.

B. If, in such final determination, the amount of taxable income for any year of a person under the Internal Revenue Code is changed or corrected from the amounts included in the federal return of the person for such year and such change or correction affects the Oklahoma net revenue of the person for such year, the person, within one (1) year after such final determination of the corrected taxable income, shall file an amended return under this act reporting the corrected Oklahoma net revenue, and the Tax Commission shall make assessment or refund within two (2) years from the date the return required by this paragraph is filed and not thereafter, unless a waiver is agreed to and signed by the Tax Commission and the person.

C. In the event of failure by a person to comply with the provisions of subsection B of this section, the statute of limitations shall be tolled for a period of time equal to the time between the date the amended return under this section is required until such return is actually furnished.

D. In administering the provisions of this section, the Tax Commission shall have the authority to audit each and every item of revenue, deduction, credit or any other matter related to the return where such items or matters relate to allocation or apportionment between the State of Oklahoma and some other state or the federal government even if such items or matters were not affected by revisions made in such final determination. Where such items or matters do not relate to allocation or apportionment between the State of Oklahoma and some other state or the federal government, the Tax Commission shall be bound by the revisions made in such final determination.

Added by Laws 2010, S.J.R. No. 61, § 14.