Oklahoma SB108 eliminates the limitation on itemization of wagering losses for certain tax years.
Oklahoma SB108 amends the Oklahoma Income Tax Act to eliminate the limitation on itemization of wagering losses for certain tax years. The bill specifies that for tax years beginning after December 31, 1981, taxable income and adjusted gross income shall be adjusted to arrive at Oklahoma taxable income and Oklahoma adjusted gross income. The bill also includes provisions for various exemptions and deductions, such as for Social Security benefits, retirement benefits, and contributions to certain retirement accounts. The bill becomes effective November 1, 2025.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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