Oklahoma SB100 amends the Oklahoma Income Tax Act to exempt certain income from taxable income and update statutory language.
Oklahoma SB100 amends the Oklahoma Income Tax Act to exempt certain income from taxable income. It updates statutory language and references, and specifies effective dates. The bill exempts retirement benefits, certain livestock show awards, and contributions to the Oklahoma College Savings Plan from taxable income. It also adjusts the standard deduction for certain taxpayers and modifies the apportionment of income for businesses. The bill includes provisions for the exemption of income from certain agricultural commodity processing facilities and technology transfers.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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