SB1986

Oklahoma SB1986 amends income tax rules, exempting certain income from taxable income and adjusting standard deductions.

Oklahoma SB1986 amends the Oklahoma Income Tax Act to exempt certain income from taxable income, including royalty payments from technology transfers, certain retirement benefits, and small business expenses. It also adjusts standard deductions for individuals based on filing status and updates the definition of "qualifying gains receiving capital treatment." The bill includes provisions for deductions related to contributions to the Oklahoma College Savings Plan and modifies the apportionment of income for certain businesses. Effective November 1, 2026.