Oklahoma SB46 amends income tax adjustments and exemptions.
Oklahoma SB46 amends the Oklahoma Income Tax Act to adjust income tax calculations and exemptions. It modifies the computation of Oklahoma taxable income by adjusting for certain federal deductions and exclusions. The bill exempts specific income types, such as retirement benefits from the Armed Forces, certain medical savings accounts, and contributions to the Oklahoma College Savings Plan. It also adjusts the apportionment of income for multi-state businesses and modifies the standard deduction for certain taxpayers.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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