The bill proposes amendments to the Oklahoma income tax code, focusing on various aspects of tax adjustments, exemptions, and apportionment factors. Key changes include the replacement of "Federal" with "United States" and "State" with "Oklahoma" in relevant contexts. It clarifies the treatment of federal net operating loss deductions for Oklahoma tax purposes and outlines how taxable income should be apportioned for corporations and individuals based on the location of income sources. The bill also introduces specific criteria for determining apportionment factors for corporations with significant investments in Oklahoma, along with a formula for calculating property, payroll, and sales factors.

Additionally, the bill addresses tax exemptions for agricultural commodity processing facilities, allowing owners to exclude a percentage of their investment from taxable income under certain conditions. It modifies the standard deduction amounts for individuals based on their filing status for taxable years from 2006 to 2017 and includes provisions for military personnel regarding income deductions and tax return deadlines. The bill aims to streamline tax calculations, provide financial relief to specific sectors, and ensure compliance with federal standards, with an effective date set for tax years beginning after December 31, 1981, and other provisions extending to 2025.

Statutes affected:
Introduced: 68-2358
Floor (House): 68-2358
Floor (Senate): 68-2358
Engrossed: 68-2358
Amended And Engrossed: 68-2358