Senate Bill No. 48 amends Section 2358 of the Oklahoma income tax law, focusing on adjustments to taxable income and adjusted gross income for both corporations and individuals. The bill introduces new legal language that clarifies the treatment of certain income and deductions, particularly limiting the deduction for qualifying gains receiving capital treatment to specific tax years. It also updates statutory references, replacing "Federal" with "United States" and "State" with "Oklahoma" to enhance clarity. Additionally, the bill modifies the treatment of net operating losses, specifying calculation and carryover methods for tax years beginning after certain dates, thereby streamlining the income tax process in Oklahoma.

The bill further proposes amendments to the tax code that provide tax relief and encourage investment in agricultural and small business sectors. It allows owners of new or expanded agricultural commodity processing facilities to exclude 15% of their investment from taxable income for the years 1997 and 1998, with adjustments for subsequent years. The bill also outlines criteria for technology transfers to qualified small businesses, establishes guidelines for capital gains treatment, and adjusts personal exemptions and standard deductions for individual taxpayers. Notably, it includes provisions for moving expenses, retirement benefits, and federal income tax deductions, ensuring compliance with federal regulations while promoting economic growth within the state.

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