Bill > HB2667

This bill proposes to amend Oklahoma's tax laws to make several changes to the calculation of taxable income, including: 1. Allowing corporations to deduct certain expenses related to the transfer of technology to qualified small businesses in Oklahoma. 2. Allowing individuals to deduct qualifying capital gains from the sale of certain assets held for specified holding periods. 3. Limiting the amount of itemized deductions that can be claimed on an Oklahoma income tax return, while excluding charitable contributions, medical expenses, and gambling losses from this limitation. The bill also includes provisions related to the deduction of federal income taxes, retirement benefits, and other adjustments to taxable income for individuals. Additionally, the bill declares an emergency exists, allowing the bill to take effect immediately upon passage and approval.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2667&Session=1900