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Posted on: November 14, 2019

MEDICAL MARIJUANA BUSINESSES REQUIRED TO REPORT ASSETS

In June 2018, Oklahoma voters approved State Question 788 to legalize medical marijuana. Since then the state has issued thousands of licenses for growers, processors and dispensaries. Each business is required by statute to list their assets for taxation. (OS68 Sec. 2832 & 2804)

Periodically, the Oklahoma Tax Commission provides the county assessor an updated list of medical marijuana license holders in Logan County so each new business can be placed on the tax roll.

In January, all known businesses will be mailed a form called OTC 901 Business Personal Property Rendition. This form is used annually to report inventories and fixed assets. It must be completed and returned by March 15 of each year in order to avoid a tax penalty. If Form 901 is not returned to the Assessor’s office, statute instructs the Assessor or Board of Equalization to assign a value.

If you receive Form 901 and have questions about how to complete it, please call the Assessor’s office at 405.282.3509 and we will be happy to assist you.

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