The bill amends Section 2358 of Title 68 of the Oklahoma Statutes to enhance tax relief for retirees by increasing the amount of retirement benefits exempt from taxable income and raising the combined total exemption cap. These changes are intended to improve the financial well-being of individuals receiving retirement benefits, thereby supporting economic stability for this demographic. The bill also specifies an effective date for these amendments, although the exact date is not detailed in the summary.

In addition to the provisions for retirees, the bill introduces various adjustments to the Oklahoma income tax code, particularly concerning standard deductions and exemptions for different taxpayer categories. It sets specific standard deduction amounts for taxable years from 2008 to 2016, with increases for subsequent years, and establishes a cap on itemized deductions starting in 2018. The bill also includes provisions for military personnel, allowing for the deduction of 100% of income from the U.S. Armed Forces and extending filing deadlines under certain conditions. Furthermore, it allows deductions for contributions to college savings plans, retirement benefits, and organ donations, with specific limits and conditions outlined for each. Overall, the bill aims to streamline the tax process and provide additional financial benefits to various groups, including retirees, military service members, and individuals making charitable contributions.

Statutes affected:
Introduced: 68-2358