Oklahoma 2023 Regular Session

Oklahoma Senate Bill SB383

Introduced
2/6/23  

Caption

Income tax; modifying reporting requirement on exemption for certain transfer of technology. Effective date.

Impact

The proposed changes in SB 383 highlight adjustments necessary for the Oklahoma tax code that would directly influence individuals and businesses involved in technology transfers. By streamlining the reporting process, the bill could facilitate a more straightforward tax experience, potentially encouraging more technological investments and innovations in the state. However, it carries the implication that certain tax exemptions may now come with increased administrative obligations, which can impact smaller taxpayers differently than larger entities.

Summary

Senate Bill 383 aims to modify the reporting requirements associated with exemptions for certain transfers of technology, particularly in relation to income taxation in Oklahoma. The bill seeks to amend Section 2358 of the Oklahoma Statutes to include clearer guidelines on how income and adjusted gross income should be assessed for such transactions. This amendment is aimed at enhancing the efficiency of tax reporting for individuals and corporations engaged in technology transfers, ultimately impacting how taxable income is calculated for these entities.

Contention

One of the notable points of contention surrounding SB 383 involves the level of oversight and regulation imposed by the Oklahoma Department of Commerce. Some critics argue that the new reporting requirements could be overly burdensome, especially for small businesses and individuals who may lack the resources to navigate more complex tax reporting obligations. Advocates for the bill counter that such measures are necessary to ensure compliance and accountability in tax exemptions, particularly as state policies evolve to support advancements in technology.

Companion Bills

No companion bills found.

Previously Filed As

OK SB383

Income tax; modifying reporting requirement on exemption for certain transfer of technology. Effective date.

OK SB405

Income tax; modifying reporting requirement on exemption for certain transfer of technology. Effective date.

OK SB405

Income tax; modifying reporting requirement on exemption for certain transfer of technology. Effective date.

OK SB98

Income tax; modifying certain rates, exemptions, and deductions for certain tax years. Effective date. Emergency.

OK SB103

Income tax; modifying exemption for certain retirement benefits for certain tax years. Effective date.

OK SB227

Taxation; modifying and limiting certain credits, deductions, and exemptions; modifying income tax rate for certain years. Effective date. Emergency.

OK SB1790

Income tax; modifying exemption for military retirement benefits. Effective date.

OK SB312

Income tax; modifying amount of personal exemption for certain tax years; modifying amount of standard deduction for certain taxpayers for certain tax years. Effective date.

OK SB297

Income tax; exempting certain income from taxable income. Effective date.

OK SB383

Income tax; exempting certain income from taxable income. Effective date.

Similar Bills

OK SB401

Income tax adjustments; exempting military retirement benefits from tax. Effective date.

OK SB1452

Income tax; authorizing an income tax credit for employers that provide employee paid leave for volunteering for poll work. Effective date.

OK SB299

Income tax; modifying certain apportionment factor for calculation of Oklahoma taxable income. Effective date.

OK HB2020

Revenue and taxation; income tax adjustments; retirement benefits; effective date.

OK HB2020

Revenue and taxation; income tax adjustments; retirement benefits; effective date.

OK SB585

Income tax; providing income tax exemption for beneficiary payments from certain military plans. Effective date.

OK SB585

Income tax; providing income tax exemption for beneficiary payments from certain military plans. Effective date.

OK SB405

Income tax; modifying reporting requirement on exemption for certain transfer of technology. Effective date.