Bill > SB1348

This bill eliminates the limitation on itemization of wagering losses for certain tax years in Oklahoma. Specifically, the bill provides that for tax year 2024 and subsequent tax years, wagering losses which are deductible pursuant to the provisions of the federal Internal Revenue Code shall be excluded from the $17,000 limit on the net amount of itemized deductions allowable on an Oklahoma income tax return. The bill has an effective date of November 1, 2024.