Section 2385.7 - Declaration of estimated taxA. Except as provided in subsection B of this section, every taxpayer, as defined by Section 2353 of this title, shall make estimated tax payments for the taxable year if: 1. In the case of a single individual taxpayer, the tax liability of the taxpayer can reasonably be expected to be Five Hundred Dollars ($500.00) or more in excess of taxes to be withheld from wages;2. In the case of married individuals, the combined tax liability of the married individuals can reasonably be expected to be Five Hundred Dollars ($500.00) or more in excess of taxes to be withheld from wages; or3. In the case of a corporation or trust, the tax of the corporation or trust for the taxable year can reasonably be expected to be Five Hundred Dollars ($500.00) or more.B. Subsection A of this section shall not apply to:2. Any individual whose gross income from farming for the taxable year is at least sixty-six and two-thirds percent (66 2/3%) of the total estimated gross income from all sources for the taxable year. However, if an individual whose gross income from farming qualifies pursuant to the provisions of this paragraph for the previous taxable year, the individual shall not be required to qualify for the current taxable year. In no event shall the qualification for the previous taxable year be carried forward for more than one (1) year.Okla. Stat. tit. 68, § 2385.7
Laws 1965, HB 687, c. 530, § 2, emerg. eff. 7/24/1965; Renumbered from 68 O.S. § 2336 by Laws 1971, HB 1191, c. 137, § 32, emerg. eff. 5/11/1971; Amended by Laws 1989, HB 1327, c. 249, § 34, eff. 1/1/1990; Amended by Laws 1997, HB 1807, c. 294, § 25, emerg. eff. 7/1/1997; Amended by Laws 2000 , SB 1040, c. 314, § 21, emerg. eff. 7/1/2000.