HB 2199
Revenue and taxation; standard deduction amounts; effective date.
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- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill modifies Oklahoma’s tax laws by adjusting standard deduction amounts for both corporations and individuals. It clarifies the calculation of taxable income, including adjustments for interest income on state obligations, deductions for federal net operating losses, and the allocation of income from various sources like real property, intangible property, and manufacturing activities. The bill also includes provisions related to carrybacks of net operating losses, a tax credit for qualified wages, and an exemption for employers utilizing the Safety Pays OSHA Consultation Service. Finally, it addresses deferred income related to the American Recovery and Reinvestment Act of 2009.
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