Bill > SB48

This bill amends Oklahoma's income tax law to modify the capital gains deduction for tax years 2005 through 2025. Specifically, the bill limits the deduction for qualifying capital gains to certain specific types of property sales and ownership interests. For corporations, the deduction applies to net capital gains from selling real or tangible personal property located in Oklahoma that has been owned for at least five years, selling stock or ownership interests in Oklahoma companies held for at least three years, or selling assets as part of a broader business sale where the property has been owned for at least three years. Similarly, for individual taxpayers, the deduction applies to net capital gains from selling Oklahoma-located real or personal property held for at least five years, selling stock or ownership interests in Oklahoma companies held for at least two years, or selling assets as part of a broader business sale where the property has been owned for at least two years. The bill requires uninterrupted ownership and specifies that the company or business must have had its primary headquarters in Oklahoma for a specified period. The changes are designed to provide tax incentives for long-term investments in Oklahoma businesses and properties, with the goal of encouraging economic development and investment in the state. The bill will become effective on November 1, 2025.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb48&Session=2500