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STATE OF OKLAHOMA
1st Session of the 58th Legislature (2021)
COMMITTEE SUBSTITUTE
FOR
HOUSE BILL NO. 2083 By: McCall and O'Donnell
COMMITTEE SUBSTITUTE
An Act relating to revenue and taxation; providing
for deduction from taxable income computed pursuant
to Oklahoma Income Tax Code; specifying amount of
deduction; specifying taxable years for which
deduction is authorized; stating legislative intent
with respect to corporate income tax revenue;
providing for noncodification; providing for
codification; and providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 2358.101 of Title 68, unless
there is created a duplication in numbering, reads as follows:
For taxable years beginning on or after January 1, 2022, there
shall be allowed as a deduction from the Oklahoma taxable income
amount computed pursuant to Section 2358 of Title 68 of the Oklahoma
Statutes or from the amount of income subject to the levy of tax
imposed pursuant to Section 2370 of Title 68 of the Oklahoma
Statutes for any corporation subject to the levy of income tax
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imposed pursuant to subsection E or F of Section 2355 of Title 68 of
the Oklahoma Statutes in the following amounts:
1. Twenty percent (20%) of the total Oklahoma taxable income
amount for a taxable year beginning after December 31, 2021, and
before January 1, 2023;
2. Forty percent (40%) of the total Oklahoma taxable income
amount for a taxable year beginning after December 31, 2022, and
before January 1, 2024;
3. Sixty percent (60%) of the total Oklahoma taxable income
amount for a taxable year beginning after December 31, 2023, and
before January 1, 2025;
4. Eighty percent (80 %) of the total Oklahoma taxable income
amount for a taxable year beginning after December 31, 2024, and
before January 1, 2026; and
5. One hundred percent (100%) of the total Oklahoma taxable
income amount for any taxable year beginning on or after Janua ry 1,
2026.
SECTION 2. NEW LAW A new section of law not to be
codified in the Oklahoma Statutes reads as follows:
It is the intent of the Legislature to make modifications to
offset potential revenue losses, should they occur, reaso nably
attributable to the reduction of Oklahoma taxable income amounts for
corporations provided by Section 1 of this act and to provide a
system to ensure that revenues apportioned to the Education Reform
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Revolving Fund, the Teachers' Retirement System, a nd the Ad Valorem
Reimbursement Fund are not adversely affected.
SECTION 3. This act shall become effective January 1, 2022.
58-1-7814 LRB 02/25/21