Senate Bill No. 48 amends Section 2358 of the Oklahoma Income Tax Act, focusing on adjustments to taxable income and adjusted gross income for both corporations and individuals. The bill introduces limitations on deductions for qualifying gains that receive capital treatment, specifying that these deductions apply to certain tax years. It also updates statutory language to align with current legal standards, replacing references to the "Federal" Constitution with the "United States" Constitution and the "State" Constitution with the "Oklahoma" Constitution. Additionally, the bill modifies the treatment of net operating losses and income allocation from various sources, ensuring consistency with federal guidelines.

The bill further proposes adjustments to standard deduction amounts for individuals from 2006 to 2017, establishing specific amounts based on filing status and increasing these amounts over the years. It includes provisions for itemized deductions, personal exemptions, and specific deductions related to military compensation and retirement benefits, while exempting Social Security benefits from taxable income. Notably, the bill replaces "Oklahoma" with "this state" in certain contexts and clarifies the treatment of moving expenses. Overall, the legislation aims to provide tax relief and clarity for individuals and corporations in Oklahoma, enhancing tax benefits for agricultural investments and small businesses while streamlining the tax calculation process.

Statutes affected:
Introduced: 68-2358
Floor (Senate): 68-2358