The bill proposes several amendments to the Oklahoma income tax code, focusing on adjustments to taxable income for individuals and corporations. Key changes include the elimination of limitations on itemization of wagering losses, allowing taxpayers to deduct these losses without restriction. The bill also introduces new standard deduction amounts for various filing statuses for taxable years from 2006 to 2017, with specific figures set for married filing jointly, head of household, and single or married filing separately statuses. Additionally, it establishes tax exemptions for owners of new or expanded agricultural commodity processing facilities and introduces provisions for deductions related to military compensation, retirement benefits, and moving expenses.

Furthermore, the bill updates statutory language and references, replacing "Federal" with "United States" and "State" with "Oklahoma" in various instances. It clarifies the treatment of net operating losses, the apportionment of income for business activities, and the allocation of income from different sources, ensuring alignment with federal guidelines. The amendments also include specific criteria for technology transfers to small businesses, capital gains treatment for certain sales, and personal exemptions based on age and disability. Overall, the bill aims to modernize Oklahoma's tax framework, promote agricultural investment, and provide targeted tax relief while ensuring compliance with federal tax standards.

Statutes affected:
Introduced: 68-2358