Oklahoma HB4480 amends income tax provisions, including deductions for certain services and contributions.
Oklahoma HB4480 amends the Oklahoma Income Tax Act to adjust taxable income and introduce new deductions. It allows deductions for payments to providers of potable water, natural gas, or electricity. It also modifies deductions for contributions to the Oklahoma College Savings Plan, including rollovers and nonqualified withdrawals. The bill defines terms such as "Oklahoma company" and "Oklahoma proprietorship business enterprise." It provides specific income thresholds and limits for various deductions, affecting both individual and corporate taxpayers.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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