Bill > SB43

This bill amends Oklahoma's income tax law to exclude wagering losses from the $17,000 itemized deduction limit for tax year 2020 and subsequent tax years. Specifically, the bill adds language to Section 2358 of the Oklahoma tax code that prevents wagering losses (gambling losses) that are deductible under federal tax law from being counted toward the state's $17,000 cap on itemized deductions. This means that taxpayers can potentially deduct more in itemized expenses, as gambling losses will not reduce the available deduction space. The bill is technical in nature and appears to provide a more taxpayer-friendly approach to itemized deductions by carving out an exception for gambling-related losses. The amendment will take effect on November 1, 2025, giving taxpayers and tax authorities time to prepare for the change.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb43&Session=2600