SB 108
Income tax; eliminating limitation on itemization of wagering losses for certain tax years. Effective date.
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill changes Oklahoma’s state income tax laws to allow taxpayers to deduct losses from wagering (gambling) activities on their state income tax returns. Currently, there are limitations on deducting these losses, but this bill removes those restrictions for specific tax years. This means that individuals who lose money gambling may be able to claim those losses as a deduction, potentially reducing their overall tax liability. The bill was amended and passed by the Senate.
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