Oklahoma SB312 modifies personal exemptions and standard deductions for certain tax years.
Oklahoma SB312 amends the Oklahoma Income Tax Act to modify the amount of personal exemptions and standard deductions for certain tax years. For tax year 2026 and subsequent years, it adjusts personal exemptions for individual women aged 25-30 who claim a dependent and use the standard deduction. It also modifies the standard deduction for certain taxpayers. The bill provides exemptions from taxable income for women who have given birth to at least four children and for individuals under 25 years old.
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