The proposed bill establishes a legal framework in Oklahoma for the use of gold and silver bullion as acceptable payment methods for state employees, private businesses, and individuals. It allows these entities to negotiate compensation in precious metals and mandates that such payments be deposited into accounts at a newly created Oklahoma Bullion Depository, which the State Treasurer will oversee. The bill also introduces a fee structure for depository services, with generated revenues contributing to the state's General Revenue Fund. Additionally, it amends existing laws to permit the State Treasurer to invest public funds in gold and silver bullion, requiring committee approval and specific reporting on these investments.

In terms of tax law, the bill introduces amendments to clarify the treatment of net operating losses and income allocation for tax purposes in Oklahoma. It establishes new definitions for "Oklahoma net operating loss" and "Oklahoma taxable income," while detailing rules for carrying back losses and allocating various types of income for tax purposes. Significant deletions include the replacement of "Oklahoma" with "this state" for consistency, and the bill updates references to the Internal Revenue Code. It also introduces provisions for tax deductions related to agricultural commodity processing, military service, and organ donations, aiming to provide tax relief and clarity for various taxpayer groups while ensuring compliance with federal regulations.

Statutes affected:
Introduced: 68-2358