Bill
Bill > HB2948
summary
Introduced
02/05/2024
02/05/2024
In Committee
03/19/2024
03/19/2024
Crossed Over
03/12/2024
03/12/2024
Passed
Dead
05/31/2024
05/31/2024
Introduced Session
2024 Regular Session
Bill Summary
An Act relating to revenue and taxation; providing for deduction from taxable income computed pursuant to Oklahoma Income Tax Code for corporations; specifying amount of deduction; specifying taxable years for which deduction is authorized; prescribing procedures for election; providing certain exceptions related to subsidiaries; providing for codification; and providing an effective date.
AI Summary
This bill provides for a deduction from taxable income for corporations in Oklahoma. Starting in 2024, corporations can elect to deduct a portion of their Oklahoma taxable income, with the deduction percentage increasing each year until it reaches 100% in 2028 and beyond. The bill specifies the procedures for making this election, including that it is irrevocable and binding on any subsidiaries. The bill also includes exceptions related to subsidiaries that were not acquired by the electing entity. The bill becomes effective on January 1, 2024.
Sponsors (3)
Last Action
Second Reading referred to Rules (on 03/19/2024)
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=hb2948&Session=2400 |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20ENGR/hB/HB2948%20ENGR.PDF |
| Fiscal Note/Analysis - House: Floor Amendment 1 | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20SUPPORT%20DOCUMENTS/BILLSUM/House/HB2948%20FA1%20BILLSUM.PDF |
| 1 Floor Amendment by MCCALL | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20FLOOR%20AMENDMENTS/House/HB2948%20FA1%20MCCALLCH-MAH.PDF |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20FLR/HFLR/HB2948%20HFLR.PDF |
| Fiscal Note/Analysis - House: Introduced | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20SUPPORT%20DOCUMENTS/BILLSUM/House/HB2948%20INT%20BILLSUM.PDF |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20INT/hB/HB2948%20INT.PDF |
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