The proposed bill seeks to authorize state employees, private businesses, and individuals in Oklahoma to negotiate and receive payments in gold and silver bullion, in addition to U.S. dollars. It establishes the Oklahoma Bullion Depository, managed by the State Treasurer, and allows for a fee structure related to these transactions. The bill amends existing laws to permit the State Treasurer to invest in gold and silver, requiring committee approval and mandating specific reporting on these investments. It also allows for tax deductions on gains from the sale of gold and silver, while updating statutory language to ensure compliance with constitutional provisions regarding gold and silver as legal tender. Notably, it deletes references to the "Federal Government" and replaces them with "United States," while adding gold and silver bullion as permissible investment options for public funds.

Additionally, the bill proposes amendments to the Oklahoma tax code, focusing on adjustments to taxable income for various entities and individuals. It clarifies the treatment of net operating losses, specifies the allocation of income types, and introduces provisions for manufacturing, insurance, and agricultural processing facilities. The bill also modifies personal exemptions and standard deductions, aligning them with federal tax code standards, and establishes new deductions for contributions to Oklahoma College Savings Plan accounts. Furthermore, it clarifies the treatment of retirement benefits and capital gains, aiming to provide tax relief and clearer guidelines for taxpayers in Oklahoma. The act is set to take effect on January 1, 2026.

Statutes affected:
Introduced: 68-2358