Bill > HB2646

This bill eliminates limitations on itemizing wagering losses for certain tax years by modifying Oklahoma's tax code. Specifically, the bill amends Section 2358v3 to exclude wagering losses (which typically refer to gambling losses) from the $17,000 cap on itemized deductions starting in tax year 2025. This means that taxpayers will be able to deduct gambling losses beyond the previous itemized deduction limit. The bill appears to be a technical adjustment to the state's tax code that provides additional tax relief for individuals who have significant gambling-related losses. The change will take effect on November 1, 2025, which means it will apply to tax returns filed in 2026 for the 2025 tax year. By removing this limitation, the bill allows taxpayers to more fully offset gambling winnings with gambling losses for state income tax purposes.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2646&Session=2600