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Bill > HB2138


OK HB2138

Revenue and taxation; income tax exemption; qualifying employment; effective date.


summary

Introduced
02/06/2023
In Committee
02/07/2023
Crossed Over
Passed
Dead
05/31/2024

Introduced Session

2023 Regular Session

Bill Summary

An Act relating to revenue and taxation; defining terms; providing for certain income tax exemption; providing income limit for exemption; authorizing refund; authorizing appropriation of Oklahoma Income Tax Adjustment Fund for refund; authorizing Oklahoma Tax Commission to promulgate rules; providing for codification; and providing an effective date.

AI Summary

This bill proposes a new law to provide a state income tax exemption for recent college or technology center graduates who become employed full-time in Oklahoma. The bill defines "qualifying employment" as full-time employment in Oklahoma, and "qualifying taxpayer" as a person who has graduated within the last 12 months and becomes employed in qualifying employment. The bill exempts up to $75,000 of income received from qualifying employment from Oklahoma income tax for the taxable year in which the person began the qualifying employment and the following two years. The Oklahoma Tax Commission is authorized to promulgate rules to implement and administer the income tax exemption. The bill also provides for the refund of any income tax paid on exempt income and appropriates funds from the Oklahoma Income Tax Adjustment Fund for that purpose. The bill is set to take effect on January 1, 2024.

Committee Categories

Budget and Finance

Sponsors (2)

Last Action

Recommendation to the full committee; Do Pass Appropriations and Budget Finance - Revenue and Taxation Subcommittee (on 02/20/2023)

bill text


bill summary

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