Bill > SB108

This bill modifies Oklahoma's income tax law to eliminate the limitation on itemizing wagering losses for certain tax years. Specifically, the bill amends an existing section of Oklahoma tax law by adding a provision that excludes wagering losses (which are typically deductible under federal law's Section 165(d)) from the existing $17,000 cap on itemized deductions starting in tax year 2025. This means that individuals who have gambling losses will now be able to fully deduct those losses without being constrained by the previous overall itemized deduction limit. The change aims to provide more favorable tax treatment for taxpayers who incur significant gambling losses, allowing them to potentially reduce their taxable income more effectively. The bill will become effective on November 1, 2025, giving taxpayers and tax authorities time to prepare for the new deduction rule.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb108&Session=2600