HB2881

Oklahoma HB2881 allows a deduction from Oklahoma taxable income for funds distributed for broadband equipment or services.

Oklahoma HB2881 amends the Oklahoma Income Tax Code to allow a deduction from Oklahoma taxable income for any amount distributed by the Oklahoma Broadband Office for broadband equipment or services. The deduction applies to entities receiving funds under the American Rescue Plan Act of 2021 and the Broadband Equity, Access, and Deployment Program. The deduction is allocable to the equity owners of business entities with pass-through income tax treatment. The act becomes effective January 1, 2025.