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OK SB1245
OK SB1245Income tax; providing exemption to limit on itemized deduction for wagering losses; retroactivity. Effective date.
summary
Introduced
02/05/2024
02/05/2024
In Committee
02/06/2024
02/06/2024
Crossed Over
Passed
Dead
05/31/2024
05/31/2024
Introduced Session
2024 Regular Session
Bill Summary
An Act relating to income tax; amending 68 O.S. 2021, Section 2358, as last amended by Section 1, Chapter 377, O.S.L. 2022 (68 O.S. Supp. 2023, Section 2358), which relates to adjustments; eliminating limitation on itemization of wagering losses for certain tax years; updating statutory language; and providing an effective date.
AI Summary
This bill eliminates the limitation on itemizing wagering losses for certain tax years in Oklahoma. Specifically, it amends the state's income tax law to exclude wagering losses from the $17,000 limit on itemized deductions, allowing taxpayers to fully deduct their wagering losses on their Oklahoma income tax returns. The bill has an effective date of November 1, 2024.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Coauthored by Representative Hilbert (principal House author) (on 02/14/2024)
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=sb1245&Session=2400 |
| Fiscal Note/Analysis - Senate: SB1245 INT FI | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20SUPPORT%20DOCUMENTS/impact%20statements/fiscal/Senate/SB1245%20INT%20FI.PDF |
| Fiscal Note/Analysis - Senate: Introduced | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20SUPPORT%20DOCUMENTS/BILLSUM/Senate/SB1245%20INT%20BILLSUM.PDF |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20INT/SB/SB1245%20INT.PDF |
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