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Bill > HB2190
OK HB2190
OK HB2190Revenue and taxation; Oklahoma taxable income and adjusted gross income; exemption; retirement income; effective date.
summary
Introduced
02/03/2025
02/03/2025
In Committee
02/04/2025
02/04/2025
Crossed Over
Passed
Dead
Introduced Session
2025 Regular Session
Bill Summary
An Act relating to revenue and taxation; amending 68 O.S. 2021, Section 2358, as last amended by Section 2, Chapter 277, O.S.L. 2024 (68 O.S. Supp. 2024, Section 2358), which relates to Oklahoma taxable income and adjusted gross income; modifying exemption amount for income derived from certain government pension plans; modifying exemption amount for income derived from certain retirement plans or sources; and providing an effective date.
AI Summary
This bill modifies Oklahoma's tax code to increase the exemption amount for retirement income, specifically raising the tax-exempt limit for retirement benefits from various sources. Starting in the 2026 tax year, individuals will be able to exempt up to $40,000 in retirement income from state taxes, compared to previous lower limits. The bill specifically affects retirement benefits from sources such as the Oklahoma Public Employees Retirement System, Teachers' Retirement System, Law Enforcement Retirement System, and other state and federal retirement systems. Additionally, the bill adds a separate $10,000 exemption for retirement benefits from federal civil service starting in the 2025 tax year. The change aims to provide more generous tax treatment for retirees by allowing them to exclude a larger portion of their retirement income from state taxation. The bill will take effect on January 1, 2026, giving taxpayers a significant increase in their retirement income tax exemption for that tax year and beyond.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to Appropriations and Budget Finance Subcommittee (on 02/04/2025)
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=hb2190&Session=2600 |
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2190&Session=2500 |
| BillText | https://www.oklegislature.gov/cf_pdf/2025-26%20INT/hB/HB2190%20INT.PDF |
| BillText | https://www3.oklegislature.gov/cf_pdf/2025-26%20INT/hB/HB2190%20INT.PDF |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2025-26%20INT/hB/HB2190%20INT.PDF |
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