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OK HB2745
OK HB2745Revenue and taxation; income tax; taxable income; deduction; wages; qualifying employers; qualifying employees; effective date.
summary
Introduced
02/06/2023
02/06/2023
In Committee
04/27/2023
04/27/2023
Crossed Over
Passed
Dead
05/31/2024
05/31/2024
Introduced Session
2023 Regular Session
Bill Summary
An Act relating to revenue and taxation; amending 68 O.S. 2021, Section 2358, as amended by Section 2, Chapter 341, O.S.L. 2022 (68 O.S. Supp. 2022, Section 2358), which relates to Oklahoma taxable income and adjusted gross income; providing deduction for wages paid by qualifying small business entities to certain persons; providing for partnership tax treatment; providing limit in tax years deduction may be claimed; and providing an effective date.
AI Summary
This bill amends the Oklahoma Income Tax Act to provide a deduction for wages paid by qualifying small business entities to certain employees, including individuals who have been convicted of a felony, are on parole, or are on probation for an offense other than a simple misdemeanor. The deduction, which is 65% of the wages paid up to $20,000 per individual, can be claimed for the first 12 months of employment. The bill also provides that the deduction may be claimed by partners, shareholders, or other pass-through entities. The bill is effective November 1, 2023.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to Appropriations and Budget (on 04/27/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2745&Session=2400 |
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2745&Session=2300 |
| Fiscal Note/Analysis - House: Introduced | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20SUPPORT%20DOCUMENTS/BILLSUM/House/HB2745%20INT%20BILLSUM.PDF |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20INT/hB/HB2745%20INT.PDF |
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