The bill amends the Oklahoma income tax code, focusing on adjustments to taxable income and adjusted gross income for both corporations and individuals. A notable change is the removal of the limitation on itemizing wagering losses for certain tax years, allowing taxpayers to deduct these losses without restrictions. The bill also updates statutory language, replacing "Oklahoma" with "this state" and clarifying the treatment of net operating losses, which will now be determined separately from federal losses. Additionally, it introduces a tax exemption for owners of new or expanded agricultural commodity processing facilities, permitting them to exclude 15% of their investment from taxable income for specific years, with a cap on total tax liability reduction.

Further provisions include adjustments to the standard deduction for individuals, with incremental increases based on filing status, and specific tax exemptions for retirement benefits and individuals with disabilities. The bill also outlines deductions for contributions to the Achieving a Better Life Experience (ABLE) program and clarifies the treatment of capital gains. It updates definitions related to real estate investment trusts (REITs) and establishes compliance requirements with the Internal Revenue Code of 1986. Overall, the bill aims to refine tax regulations, provide incentives for agricultural and technological investments, and enhance tax relief for various groups, including military personnel and contributors to educational savings plans.

Statutes affected:
Introduced: 68-2358