| 45 | | - | [ revenue and taxation - computation of Oklahoma |
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| 46 | | - | adjusted gross income - itemized deductions - |
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| 47 | | - | effective date] |
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| 40 | + | An Act relating to revenue and taxation; amending 68 |
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| 41 | + | O.S. 2021, Section 2358, as amended by Section 2, |
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| 42 | + | Chapter 341, O.S.L. 2022 (68 O.S. Supp. 2022, Section |
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| 43 | + | 2358), which relates to computation of O klahoma |
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| 44 | + | adjusted gross income; authorizing itemized deduction |
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| 45 | + | for certain taxpayers; specifying filing status and |
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| 46 | + | maximum income amounts for purposed of itemized |
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| 47 | + | deductions; and providing an effe ctive date. |
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| 52 | 58 | | BE IT ENACTED BY THE PEOPLE OF THE S TATE OF OKLAHOMA: |
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| 53 | 59 | | SECTION 1. AMENDATORY 68 O.S. 2021, Section 2358, as |
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| 54 | 60 | | amended by Section 2, Chapter 341, O.S.L. 2022 (68 O.S. Supp. 2022, |
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| 55 | 61 | | Section 2358), is amended to read as follows: |
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| 56 | 62 | | Section 2358. For all tax years beginning after December 31, |
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| 57 | 63 | | 1981, taxable income and adjusted gross income shall be adjusted to |
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| 58 | 64 | | arrive at Oklahoma taxable income and Okla homa adjusted gross income |
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| 59 | 65 | | as required by this section. |
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| 90 | 95 | | 1. There shall be added interest income on obligations of any |
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| 91 | 96 | | state or political subdivision thereto which is not o therwise |
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| 92 | 97 | | exempted pursuant to other laws of this state, to the extent that |
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| 93 | 98 | | such interest is not included in taxable income and adjusted gross |
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| 94 | 99 | | income. |
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| 95 | 100 | | 2. There shall be deducted amounts included in such income that |
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| 96 | 101 | | the state is prohibited from taxing becau se of the provisions of the |
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| 97 | 102 | | Federal Constitution, the State Constitution, federal laws or laws |
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| 98 | 103 | | of Oklahoma. |
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| 99 | 104 | | 3. The amount of any feder al net operating loss deductio n shall |
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| 100 | 105 | | be adjusted as follows: |
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| 101 | 106 | | a. For carryovers and carrybacks to taxable years |
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| 102 | 107 | | beginning before January 1, 1981, the amount o f any |
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| 103 | 108 | | net operating loss deduction allowed to a taxpayer for |
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| 104 | 109 | | federal income tax purposes shall be reduced to an |
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| 105 | 110 | | amount which is the same portion thereof as the l oss |
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| 106 | 111 | | from sources within this state, as determined pursuant |
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| 107 | 112 | | to this section and Section 2362 of this title, for |
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| 108 | 113 | | the taxable year in which such loss is sustained is of |
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| 109 | 114 | | the total loss for such yea r; |
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| 141 | 145 | | Oklahoma net operating loss carryovers and carrybacks |
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| 142 | 146 | | to such year. Oklahoma net operating losses shall b e |
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| 143 | 147 | | separately determined by reference to Section 172 of |
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| 144 | 148 | | the Internal Revenue Code, 26 U.S.C., Se ction 172, as |
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| 145 | 149 | | modified by the Oklahoma Income Tax Act, Section 2351 |
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| 146 | 150 | | et seq. of this title, and sha ll be allowed without |
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| 147 | 151 | | regard to the existence of a federal net operating |
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| 148 | 152 | | loss. For tax years beginning after December 31 , |
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| 149 | 153 | | 2000, and ending before January 1, 2008, the years to |
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| 150 | 154 | | which such losses may be carried shall be determined |
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| 151 | 155 | | solely by reference to Sec tion 172 of the Internal |
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| 152 | 156 | | Revenue Code, 26 U.S.C., Section 172, with the |
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| 153 | 157 | | exception that the terms "net operating loss" and |
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| 154 | 158 | | "taxable income" shall be replaced with "Oklahoma net |
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| 155 | 159 | | operating loss" and "Oklahoma taxable income ". For |
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| 156 | 160 | | tax years beginning after De cember 31, 2007, and |
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| 157 | 161 | | ending before January 1, 2009, years to wh ich such |
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| 158 | 162 | | losses may be carried back shall be limited to tw o (2) |
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| 159 | 163 | | years. For tax years beginning after December 31, |
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| 160 | 164 | | 2008, the years to which such losses may be carried |
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| 192 | 195 | | with "Oklahoma net operating loss " and "Oklahoma |
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| 193 | 196 | | taxable income". |
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| 194 | 197 | | 4. Items of the following nature shal l be allocated as |
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| 195 | 198 | | indicated. Allowable deductions attributable to items separately |
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| 196 | 199 | | allocable in subparagraphs a, b and c of thi s paragraph, whether or |
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| 197 | 200 | | not such items of income were actually received, shall be allocated |
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| 198 | 201 | | on the same basis as those items: |
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| 199 | 202 | | a. Income from real and tangible personal property, such |
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| 200 | 203 | | as rents, oil and mining production or royalties, and |
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| 201 | 204 | | gains or losses from sales of such property, shall be |
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| 202 | 205 | | allocated in accordance with the situs of such |
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| 203 | 206 | | property; |
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| 204 | 207 | | b. Income from intangible personal p roperty, such as |
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| 205 | 208 | | interest, dividends, patent or copyright royalties, |
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| 206 | 209 | | and gains or losses fr om sales of such property, shall |
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| 207 | 210 | | be allocated in accordance with the domiciliary situs |
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| 208 | 211 | | of the taxpayer, except that: |
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| 209 | 212 | | (1) where such property has acquired a nonunitar y |
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| 210 | 213 | | business or commercial situ s apart from the |
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| 211 | 214 | | domicile of the taxpayer such income shall be |
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| 243 | 245 | | in apportionable income; a resident trust or |
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| 244 | 246 | | resident estate shall be tre ated as having a |
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| 245 | 247 | | separate commercial or business situs insofar as |
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| 246 | 248 | | undistributed income is concerned, but shall not |
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| 247 | 249 | | be treated as having a separate commercial or |
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| 248 | 250 | | business situs insofar as distrib uted income is |
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| 249 | 251 | | concerned, |
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| 250 | 252 | | (2) for taxable years beginning afte r December 31, |
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| 251 | 253 | | 2003, capital or ordin ary gains or losses from |
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| 252 | 254 | | the sale of an ownership interest in a publicly |
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| 253 | 255 | | traded partnership, as de fined by Section 7704(b) |
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| 254 | 256 | | of the Internal Revenue Code, sha ll be allocated |
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| 255 | 257 | | to this state in the ratio of the original cost |
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| 256 | 258 | | of such partnership's tangible property in this |
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| 257 | 259 | | state to the original cost of such partnership 's |
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| 258 | 260 | | tangible property everywhere, as dete rmined at |
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| 259 | 261 | | the time of the sale ; if more than fifty percent |
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| 260 | 262 | | (50%) of the value of the partnership's assets |
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| 261 | 263 | | consists of intangible assets, capital or |
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| 262 | 264 | | ordinary gains or losses from the sale of an |
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| 294 | 295 | | period during which the ownership i nterest in the |
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| 295 | 296 | | partnership was sold; the provisions of this |
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| 296 | 297 | | division shall only apply if the capit al or |
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| 297 | 298 | | ordinary gains or losses from the sale of an |
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| 298 | 299 | | ownership interest in a partnership do not |
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| 299 | 300 | | constitute qualifying gain receiving capital |
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| 300 | 301 | | treatment as defined in subparagraph a of |
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| 301 | 302 | | paragraph 2 of subsection F of this section, |
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| 302 | 303 | | (3) income from such property which is required to be |
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| 303 | 304 | | allocated pursuant to the provisi ons of paragraph |
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| 304 | 305 | | 5 of this subsection shall be allocated as here in |
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| 305 | 306 | | provided; |
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| 306 | 307 | | c. Net income or loss fr om a business activity which is |
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| 307 | 308 | | not a part of business carried on within or without |
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| 308 | 309 | | the state of a unitary character shall be se parately |
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| 309 | 310 | | allocated to the state in which such activity is |
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| 310 | 311 | | conducted; |
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| 311 | 312 | | d. In the case of a manufacturing or processing |
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| 312 | 313 | | enterprise the business of which in Oklahoma consists |
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| 313 | 314 | | solely of marketing its products by: |
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| 345 | 345 | | (2) sales of the product stored in public warehouses |
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| 346 | 346 | | within the state pursuant to "in transit" |
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| 347 | 347 | | tariffs, as prescribed and allowed by the |
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| 348 | 348 | | Interstate Commerce Commi ssion, to a purchaser |
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| 349 | 349 | | within the state, |
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| 350 | 350 | | (3) sales of the product stored in public warehouses |
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| 351 | 351 | | within the state where the shipment to such |
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| 352 | 352 | | warehouses is not covered by "in transit" |
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| 353 | 353 | | tariffs, as prescribed a nd allowed by the |
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| 354 | 354 | | Interstate Commerce Commission, to a purchaser |
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| 355 | 355 | | within or without the state, |
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| 356 | 356 | | the Oklahoma net incom e shall, at the option of the |
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| 357 | 357 | | taxpayer, be that portion of the total net income of |
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| 358 | 358 | | the taxpayer for federal income tax purposes derived |
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| 359 | 359 | | from the manufacture and/or proces sing and sales |
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| 360 | 360 | | everywhere as determined by the ratio of the sales |
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| 361 | 361 | | defined in this sect ion made to the purchaser within |
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| 362 | 362 | | the state to the total sales everywhere. The term |
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| 363 | 363 | | "public warehouse" as used in this subparagraph means |
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| 396 | 395 | | provided pursuant to th e provisions of paragraphs 1 |
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| 397 | 396 | | and 2 of this subsection, apportioned as follows: |
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| 398 | 397 | | (1) except as otherwise provided by division (2) of |
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| 399 | 398 | | this subparagraph, taxable income of an insurance |
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| 400 | 399 | | company for a taxable year shall be apportion ed |
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| 401 | 400 | | to this state by multiplyin g such income by a |
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| 402 | 401 | | fraction, the numerator of which is the direct |
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| 403 | 402 | | premiums written for insurance on property or |
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| 404 | 403 | | risks in this state, and the denominator of which |
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| 405 | 404 | | is the direct premiums written for insurance on |
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| 406 | 405 | | property or risks everywhere. For purposes of |
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| 407 | 406 | | this subsection, the term "direct premiums |
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| 408 | 407 | | written" means the total amount of direc t |
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| 409 | 408 | | premiums written, assessments and annuity |
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| 410 | 409 | | considerations as reported for the taxable year |
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| 411 | 410 | | on the annual statement filed by the company with |
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| 412 | 411 | | the Insurance Commissioner in the form approved |
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| 413 | 412 | | by the National Association of Insurance |
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| 447 | 445 | | by multiplying such income by a fraction, the |
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| 448 | 446 | | numerator of which is the sum of (a) direct |
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| 449 | 447 | | premiums written for insurance on property or |
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| 450 | 448 | | risks in this state, plus (b) premiums written |
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| 451 | 449 | | for reinsurance accepted in respect of property |
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| 452 | 450 | | or risks in this state, and the denominator of |
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| 453 | 451 | | which is the sum of (c) direct premi ums written |
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| 454 | 452 | | for insurance on property or risks everywhere, |
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| 455 | 453 | | plus (d) premiums written for reinsuran ce |
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| 456 | 454 | | accepted in respect of prop erty or risks |
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| 457 | 455 | | everywhere. For purposes of this paragraph, |
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| 458 | 456 | | premiums written for reinsurance accepted in |
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| 459 | 457 | | respect of property or r isks in this state, |
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| 460 | 458 | | whether or not otherwise determinable, may at the |
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| 461 | 459 | | election of the company be d etermined on the |
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| 462 | 460 | | basis of the proportion which premiums written |
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| 463 | 461 | | for insurance accepted from companies |
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| 464 | 462 | | commercially domiciled in Oklahoma bears to |
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| 498 | 495 | | premiums written by each such ceding company for |
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| 499 | 496 | | the taxable year. |
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| 500 | 497 | | 5. The net income or loss remaining after th e separate |
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| 501 | 498 | | allocation in paragraph 4 of this subsection, being that which is |
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| 502 | 499 | | derived from a unitary business enterprise, shall b e apportioned to |
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| 503 | 500 | | this state on the basis of the arithmetical average of three factors |
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| 504 | 501 | | consisting of property, payroll and sales or gross revenue |
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| 505 | 502 | | enumerated as subparagraphs a, b and c of this paragraph. Net |
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| 506 | 503 | | income or loss as used in this paragraph include s that derived from |
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| 507 | 504 | | patent or copyright royalties, purchase discounts, and interest on |
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| 508 | 505 | | accounts receivable relating to or arisin g from a business activity, |
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| 509 | 506 | | the income from which is apportioned pursuant to this subsection, |
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| 510 | 507 | | including the sale or other dispos ition of such property and any |
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| 511 | 508 | | other property used in the unitary enterprise . Deductions used in |
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| 512 | 509 | | computing such net income or l oss shall not include taxes based on |
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| 513 | 510 | | or measured by income. Provided, for corporations whose property |
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| 514 | 511 | | for purposes of the tax i mposed by Section 2355 of this title has an |
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| 515 | 512 | | initial investment cost equaling or exceeding Two Hund red Million |
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| 516 | 539 | | Dollars ($200,000,000.00) and such investment is made on or after |
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| 517 | 540 | | July 1, 1997, or for corporations which expand their property or |
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| 518 | 541 | | facilities in this state and such expansion has an investment cost |
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| 519 | 542 | | equaling or exceeding Two Hundred Million Doll ars ($200,000,000.00) |
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| 520 | 543 | | over a period not to exceed three (3) years, and such expansion is |
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| 521 | 544 | | commenced on or after January 1, 2000, the three factors shall be |
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| 549 | 545 | | apportioned with property and payroll, each comprising twenty -five |
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| 550 | 546 | | percent (25%) of the apportionment factor and sales comprising f ifty |
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| 551 | 547 | | percent (50%) of the apportionment factor. The apportionment |
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| 552 | 548 | | factors shall be computed as follows: |
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| 553 | 549 | | a. The property factor is a fraction, the numerator of |
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| 554 | 550 | | which is the average value of the taxpayer 's real and |
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| 555 | 551 | | tangible personal property owned or rented and used in |
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| 556 | 552 | | this state during the tax period and the denominator |
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| 557 | 553 | | of which is the average value of all the taxpayer 's |
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| 558 | 554 | | real and tangible personal property everywhere owned |
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| 559 | 555 | | or rented and used during the tax period. |
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| 560 | 556 | | (1) Property, the income from which is sepa rately |
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| 561 | 557 | | allocated in paragraph 4 of this subsection, |
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| 562 | 558 | | shall not be included in determining this |
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| 563 | 559 | | fraction. The numerator of the fr action shall |
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| 564 | 560 | | include a portion of the investment in |
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| 565 | 561 | | transportation and other equipment having no |
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| 566 | 562 | | fixed situs, such as rolling st ock, buses, trucks |
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| 599 | 594 | | (2) Property owned by the taxpayer is valued at its |
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| 600 | 595 | | original cost. Property rented by the taxpayer |
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| 601 | 596 | | is valued at eight times the net an nual rental |
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| 602 | 597 | | rate. Net annual rental rate is the annual |
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| 603 | 598 | | rental rate paid by the taxpayer, less any annual |
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| 604 | 599 | | rental rate received b y the taxpayer from |
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| 605 | 600 | | subrentals, |
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| 606 | 601 | | (3) The average value of property shall be determined |
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| 607 | 602 | | by averaging the values at the beginning a nd |
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| 608 | 603 | | ending of the tax period but the Oklahoma Tax |
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| 609 | 604 | | Commission may require the averaging of monthly |
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| 610 | 605 | | values during the tax period if reasonably |
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| 611 | 606 | | required to reflect properly the average value of |
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| 612 | 607 | | the taxpayer's property; |
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| 613 | 608 | | b. The payroll factor is a fraction, the numerator of |
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| 614 | 609 | | which is the total compensation for services rendered |
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| 615 | 610 | | in the state during the tax per iod, and the |
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| 616 | 611 | | denominator of which is the total compensation for |
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| 617 | 612 | | services rendered everywhere during the tax period. |
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| 649 | 643 | | (1) In the case of a transportation enterprise, the |
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| 650 | 644 | | numerator of the fraction shall include a portion |
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| 651 | 645 | | of such expenditure in connection with employees |
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| 652 | 646 | | operating equipment over a fixed route, such as |
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| 653 | 647 | | railroad employees, airline pilots, or bus |
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| 654 | 648 | | drivers, in this state only a part of the time, |
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| 655 | 649 | | in the proportion that mileage traveled in |
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| 656 | 650 | | Oklahoma bears to total mileag e traveled by such |
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| 657 | 651 | | employees, |
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| 658 | 652 | | (2) In any case the numerator of the fraction shall |
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| 659 | 653 | | include a portion of such expenditures in |
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| 660 | 654 | | connection with itinerant employees, such as |
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| 661 | 655 | | traveling salespersons, in this state only a part |
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| 662 | 656 | | of the time, in the proportion that t ime spent in |
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| 663 | 657 | | Oklahoma bears to total time spent in furtherance |
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| 664 | 658 | | of the enterprise by such employees ; |
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| 665 | 659 | | c. The sales factor is a fra ction, the numerator of which |
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| 666 | 660 | | is the total sales or gross revenue of the taxpayer in |
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| 667 | 661 | | this state during the tax period, and the d enominator |
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| 668 | 662 | | of which is the total sales or gross revenue of the |
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| 700 | 693 | | (1) Sales of tangible personal property have a situs |
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| 701 | 694 | | in this state if the property is delivered or |
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| 702 | 695 | | shipped to a purchaser other than th e United |
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| 703 | 696 | | States government, within this state regardless |
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| 704 | 697 | | of the FOB point or other conditions of the sale; |
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| 705 | 698 | | or the property is sh ipped from an office, store, |
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| 706 | 699 | | warehouse, factory or other place of storage in |
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| 707 | 700 | | this state and (a) th e purchaser is the United |
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| 708 | 701 | | States government or (b) the taxpayer is not |
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| 709 | 702 | | doing business in the state of the destination of |
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| 710 | 703 | | the shipment. |
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| 711 | 704 | | (2) In the case of a railroad or interurban railway |
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| 712 | 705 | | enterprise, the numerator of the fraction shall |
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| 713 | 706 | | not be less than the allocation of revenues to |
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| 714 | 707 | | this state as shown in its annual report to the |
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| 715 | 708 | | Corporation Commission. |
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| 716 | 709 | | (3) In the case of an airline, truck or bus |
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| 717 | 710 | | enterprise or freight car, tank car, refrigerator |
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| 718 | 711 | | car or other railroad equipment enterprise, the |
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| 719 | 712 | | numerator of the fraction shall include a port ion |
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| 751 | 743 | | (4) In the case of an oil, gasoline or gas pipeline |
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| 752 | 744 | | enterprise, the numer ator of the fraction shall |
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| 753 | 745 | | be either the total of traffic units of the |
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| 754 | 746 | | enterprise within Oklahoma or the revenue |
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| 755 | 747 | | allocated to Oklahoma based upon miles moved, at |
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| 756 | 748 | | the option of the taxpayer, and the denominator |
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| 757 | 749 | | of which shall be the total of traffic units o f |
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| 758 | 750 | | the enterprise or the revenu e of the enterprise |
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| 759 | 751 | | everywhere as appropriate to the numerator. A |
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| 760 | 752 | | "traffic unit" is hereby defined as the |
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| 761 | 753 | | transportation for a distance of one (1) mile of |
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| 762 | 754 | | one (1) barrel of oil, one (1) gallon of gasoline |
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| 763 | 755 | | or one thousand (1,0 00) cubic feet of natural or |
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| 764 | 756 | | casinghead gas, as the case may be. |
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| 765 | 757 | | (5) In the case of a telephone or telegraph or other |
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| 766 | 758 | | communication enterprise, the numerator of the |
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| 767 | 759 | | fraction shall include that portion of the |
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| 768 | 760 | | interstate revenue as is allocated pursuant to |
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| 769 | 761 | | the accounting procedures presc ribed by the |
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| 770 | 762 | | Federal Communications Commission; provided that |
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| 802 | 793 | | Commission, the intrastate net income shall be |
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| 803 | 794 | | determined separately in the manner provided by |
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| 804 | 795 | | such uniform system of account s and only the |
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| 805 | 796 | | interstate income shall be subject to allocation |
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| 806 | 797 | | pursuant to the provisions of this subsection. |
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| 807 | 798 | | Provided further, that the gross revenue factors |
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| 808 | 799 | | shall be those as are determined pursuant to the |
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| 809 | 800 | | accounting procedures prescribed by the Federa l |
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| 810 | 801 | | Communications Commission. |
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| 811 | 802 | | In any case where the apportionment of the three factors |
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| 812 | 803 | | prescribed in this paragraph attributes to Oklahoma a portion of net |
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| 813 | 804 | | income of the enterprise out of all appropriate proportion to the |
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| 814 | 805 | | property owned and/or business tran sacted within this state, because |
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| 815 | 806 | | of the fact that one or more of the factors so prescribed are no t |
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| 816 | 807 | | employed to any appreciable extent in furtherance of the enterprise; |
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| 817 | 808 | | or because one or more factors not so prescribed are employed to a |
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| 818 | 809 | | considerable extent in furtherance of the enterprise; or because of |
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| 819 | 810 | | other reasons, the Tax Commission is empowered to permit, after a |
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| 820 | 811 | | showing by taxpayer that an excessive portion of net income has been |
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| 821 | 812 | | attributed to Oklahoma, or require, when in its judgment an |
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| 853 | 843 | | factors which has the effect of increasing the portion of net income |
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| 854 | 844 | | attributable to Oklahoma must not be i nherently arbitrary, and |
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| 855 | 845 | | application of the recomputed final apportionment to the net income |
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| 856 | 846 | | of the enterprise must attribute to Oklahoma only a reasonable |
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| 857 | 847 | | portion thereof. |
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| 858 | 848 | | 6. For calendar years 1997 and 1998, the owner of a new or |
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| 859 | 849 | | expanded agricultural c ommodity processing facility i n this state |
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| 860 | 850 | | may exclude from Oklahoma taxable income, or in the case of an |
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| 861 | 851 | | individual, the Oklahoma adjusted gross income, fift een percent |
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| 862 | 852 | | (15%) of the investment by the owner in the new or expanded |
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| 863 | 853 | | agricultural commodity pro cessing facility. For calendar year 1999, |
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| 864 | 854 | | and all subsequent years, the percentage, not to exceed fifteen |
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| 865 | 855 | | percent (15%), available to the owner of a new or e xpanded |
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| 866 | 856 | | agricultural commodity processing facility in this state claiming |
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| 867 | 857 | | the exemption shall be a djusted annually so that the t otal estimated |
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| 868 | 858 | | reduction in tax liability does not exceed One Million Dollars |
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| 869 | 859 | | ($1,000,000.00) annually. The Tax Commission shal l promulgate rules |
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| 870 | 860 | | for determining the percentage of the investment which each eligible |
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| 871 | 861 | | taxpayer may exclude. The exclusion provided by this paragraph |
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| 872 | 862 | | shall be taken in the taxable year when the investment is made. In |
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| 904 | 893 | | the percentage for subsequent ye ars. Any amount of the exemption |
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| 905 | 894 | | permitted to be excluded pursuant to the provisions of this |
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| 906 | 895 | | paragraph but not used in any year may be carried forward as an |
|---|
| 907 | 896 | | exemption from income pursuant to the provisions of this paragraph |
|---|
| 908 | 897 | | for a period not exceeding six (6) years following the year in which |
|---|
| 909 | 898 | | the investment was originally made. |
|---|
| 910 | 899 | | For purposes of this par agraph: |
|---|
| 911 | 900 | | a. "Agricultural commodity processing facility" means |
|---|
| 912 | 901 | | building, structures, fixtures and improvements used |
|---|
| 913 | 902 | | or operated primarily for the processing or production |
|---|
| 914 | 903 | | of marketable products from agricultural commodities . |
|---|
| 915 | 904 | | The term shall also mean a dair y operation that |
|---|
| 916 | 905 | | requires a depreciable investment of at least Two |
|---|
| 917 | 906 | | Hundred Fifty Thousand Dollars ($250,000.00) and which |
|---|
| 918 | 907 | | produces milk from dairy cows . The term does not |
|---|
| 919 | 908 | | include a facility that provides only, and nothing |
|---|
| 920 | 909 | | more than, storage, cleaning, dry ing or transportation |
|---|
| 921 | 910 | | of agricultural commodities, and |
|---|
| 922 | 911 | | b. "Facility" means each part of the facility which is |
|---|
| 923 | 912 | | used in a process primarily for: |
|---|
| 955 | 943 | | (2) transporting the agricultural commodities or |
|---|
| 956 | 944 | | product before, during or after the processing, |
|---|
| 957 | 945 | | or |
|---|
| 958 | 946 | | (3) packaging or otherwise preparing the product for |
|---|
| 959 | 947 | | sale or shipment. |
|---|
| 960 | 948 | | 7. Despite any provision to the contrary in paragraph 3 of this |
|---|
| 961 | 949 | | subsection, for taxable years beginning aft er December 31, 1999, in |
|---|
| 962 | 950 | | the case of a taxpayer which has a farming loss, such farming loss |
|---|
| 963 | 951 | | shall be considered a net operating loss carryback in accordance |
|---|
| 964 | 952 | | with and to the extent of the Intern al Revenue Code, 26 U.S.C ., |
|---|
| 965 | 953 | | Section 172(b)(G). However, the amount of the net operating loss |
|---|
| 966 | 954 | | carryback shall not exceed the lesser of: |
|---|
| 967 | 955 | | a. Sixty Thousand Dollars ($60,000.00), or |
|---|
| 968 | 956 | | b. the loss properly shown on Schedule F of the Internal |
|---|
| 969 | 957 | | Revenue Service Form 1040 reduced by one-half (1/2) of |
|---|
| 970 | 958 | | the income from all other so urces other than reflected |
|---|
| 971 | 959 | | on Schedule F. |
|---|
| 972 | 960 | | 8. In taxable years beginning after December 31, 199 5, all |
|---|
| 973 | 961 | | qualified wages equal to the federal income tax credit set forth in |
|---|
| 974 | 962 | | 26 U.S.C.A., Section 45 A, shall be deducted f rom taxable income. |
|---|
| 1005 | 992 | | paragraph, "qualified wages" means those wages used to calculate the |
|---|
| 1006 | 993 | | federal credit pursuant to 26 U.S.C.A., Section 45A. |
|---|
| 1007 | 994 | | 9. In taxable years beginning after December 31, 2005 , an |
|---|
| 1008 | 995 | | employer that is eligible for and utilizes the Safety Pays OSHA |
|---|
| 1009 | 996 | | Consultation Service provided by the Oklahoma Depa rtment of Labor |
|---|
| 1010 | 997 | | shall receive an exemption from taxable income in the amount of One |
|---|
| 1011 | 998 | | Thousand Dollars ($1,000.00) for the tax year that th e service is |
|---|
| 1012 | 999 | | utilized. |
|---|
| 1013 | 1000 | | 10. For taxable years beginning on or after January 1, 2010, |
|---|
| 1014 | 1001 | | there shall be added to Oklahoma taxable income an amount equal to |
|---|
| 1015 | 1002 | | the amount of deferred income not included in such taxable income |
|---|
| 1016 | 1003 | | pursuant to Section 108(i)(1) of the I nternal Revenue Code of 1986 |
|---|
| 1017 | 1004 | | as amended by Section 1231 of the American Recovery and Reinvestment |
|---|
| 1018 | 1005 | | Act of 2009 (P.L. No . 111-5). There shall be subtracted from |
|---|
| 1019 | 1006 | | Oklahoma taxable income an amount equal to the amount of de ferred |
|---|
| 1020 | 1007 | | income included in such taxabl e income pursuant to Section 108(i)(1) |
|---|
| 1021 | 1008 | | of the Internal Revenue Code by Section 1231 of the America n |
|---|
| 1022 | 1009 | | Recovery and Reinvestment Act of 2009 (P.L. No. 111-5). |
|---|
| 1023 | 1010 | | 11. For taxable years beginning on or after January 1, 2019, |
|---|
| 1024 | 1011 | | there shall be subtracted from Oklahom a taxable income or adjusted |
|---|
| 1025 | 1012 | | gross income any item of income or gain, and there shall be added to |
|---|
| 1056 | 1042 | | be allocated to a member or to an indirect member of an ele cting |
|---|
| 1057 | 1043 | | pass-through entity pursuant to Section 2351 et seq. of t his title, |
|---|
| 1058 | 1044 | | if (i) the electing pass-through entity has acc ounted for such item |
|---|
| 1059 | 1045 | | in computing its Oklahoma net entity income or loss pursuant to the |
|---|
| 1060 | 1046 | | provisions of the Pass -Through Entity Tax Equi ty Act of 2019, and |
|---|
| 1061 | 1047 | | (ii) the total amount of tax attributable t o any resulting Oklahoma |
|---|
| 1062 | 1048 | | net entity income has been paid . The Oklahoma Tax Commission shall |
|---|
| 1063 | 1049 | | promulgate rules for the reporting of such exclusion to direct and |
|---|
| 1064 | 1050 | | indirect members of the electing pass-through entity. As used in |
|---|
| 1065 | 1051 | | this paragraph, "electing pass-through entity", "indirect member", |
|---|
| 1066 | 1052 | | and "member" shall be defined in the same manner as prescr ibed by |
|---|
| 1067 | 1053 | | Section 2355.1P-2 of this title. Notwithstanding the application of |
|---|
| 1068 | 1054 | | this paragraph, the a djusted tax basis of any ownership interest in |
|---|
| 1069 | 1055 | | a pass-through entity for purposes of Section 2351 et seq. of this |
|---|
| 1070 | 1056 | | title shall be equal to its adjusted tax bas is for federal income |
|---|
| 1071 | 1057 | | tax purposes. |
|---|
| 1072 | 1058 | | B. 1. The taxable income of any corporation shall be further |
|---|
| 1073 | 1059 | | adjusted to arrive at Oklahoma taxable income, except those |
|---|
| 1074 | 1060 | | corporations electing treatment as provided in subchapter S of the |
|---|
| 1075 | 1061 | | Internal Revenue Code, 26 U.S. C., Section 1361 et seq., and Section |
|---|
| 1076 | 1062 | | 2365 of this title, deductions pursuant to the provisions of the |
|---|
| 1107 | 1092 | | December 31, 1981, shall not be allowed in calculating Okl ahoma |
|---|
| 1108 | 1093 | | taxable income. Such corporations shall be allowed a ded uction for |
|---|
| 1109 | 1094 | | depreciation of assets placed into service afte r December 31, 1981, |
|---|
| 1110 | 1095 | | in accordance with provisions of the Internal Revenue Code, 26 |
|---|
| 1111 | 1096 | | U.S.C., Section 1 et seq., in effect immediately pr ior to the |
|---|
| 1112 | 1097 | | enactment of the Accelerated Cost Recovery System . The Oklahoma tax |
|---|
| 1113 | 1098 | | basis for all such assets placed into ser vice after December 31, |
|---|
| 1114 | 1099 | | 1981, calculated in this section shall be retained and utilized for |
|---|
| 1115 | 1100 | | all Oklahoma income tax purposes through th e final disposition of |
|---|
| 1116 | 1101 | | such assets. |
|---|
| 1117 | 1102 | | Notwithstanding any other p rovisions of the Oklahoma Income Tax |
|---|
| 1118 | 1103 | | Act, Section 2351 et seq. of this title, or of the Interna l Revenue |
|---|
| 1119 | 1104 | | Code to the contrary, this subsection shall control calculation of |
|---|
| 1120 | 1105 | | depreciation of asset s placed into service after December 31, 1981, |
|---|
| 1121 | 1106 | | and before January 1, 1983. |
|---|
| 1122 | 1107 | | For assets placed in service and held by a cor poration in which |
|---|
| 1123 | 1108 | | accelerated cost recovery system was previously disallowed, an |
|---|
| 1124 | 1109 | | adjustment to taxable income is required in the first taxable year |
|---|
| 1125 | 1110 | | beginning after December 31, 1982, to reconcile th e basis of such |
|---|
| 1126 | 1111 | | assets to the basis allowed in the Interna l Revenue Code. The |
|---|
| 1127 | 1112 | | purpose of this adjustment is to equalize the basis and allowance |
|---|
| 1157 | 1141 | | 2. For tax years beginning on or after January 1, 2009, a nd |
|---|
| 1158 | 1142 | | ending on or before December 31, 2 009, there shall be added to |
|---|
| 1159 | 1143 | | Oklahoma taxable income any amount in excess of One Hundred Seventy - |
|---|
| 1160 | 1144 | | five Thousand Dollars ($175,000.00) which has been deducted as a |
|---|
| 1161 | 1145 | | small business expense under Internal Revenue Code, Secti on 179 as |
|---|
| 1162 | 1146 | | provided in the American Re covery and Reinvestment Act of 2009. |
|---|
| 1163 | 1147 | | C. 1. For taxable years beginning after December 31, 1987, the |
|---|
| 1164 | 1148 | | taxable income of any corporation shall be further adjusted to |
|---|
| 1165 | 1149 | | arrive at Oklahoma taxable income for transfers of tec hnology to |
|---|
| 1166 | 1150 | | qualified small businesses located in Oklahoma. Such transferor |
|---|
| 1167 | 1151 | | corporation shall be allowed an exemption from taxable inco me of an |
|---|
| 1168 | 1152 | | amount equal to the amount of royalty payment received as a result |
|---|
| 1169 | 1153 | | of such transfer; provided, however, such amo unt shall not exceed |
|---|
| 1170 | 1154 | | ten percent (10%) of the amount of gross proceeds received by such |
|---|
| 1171 | 1155 | | transferor corporation as a result of the techn ology transfer. Such |
|---|
| 1172 | 1156 | | exemption shall be allowed for a period n ot to exceed ten (10) years |
|---|
| 1173 | 1157 | | from the date of receipt of th e first royalty payment accruing from |
|---|
| 1174 | 1158 | | such transfer. No exemption may be claimed for transfers of |
|---|
| 1175 | 1159 | | technology to qualified small busine sses made prior to January 1, |
|---|
| 1176 | 1160 | | 1988. |
|---|
| 1177 | 1161 | | 2. For purposes of this su bsection: |
|---|
| 1208 | 1191 | | principal place of business located wi thin this state |
|---|
| 1209 | 1192 | | and which meets the following criteria: |
|---|
| 1210 | 1193 | | (1) Capitalization of not more than Two Hundred Fifty |
|---|
| 1211 | 1194 | | Thousand Dollars ($250,000.00), |
|---|
| 1212 | 1195 | | (2) Having at least fifty percent (50%) of its |
|---|
| 1213 | 1196 | | employees and assets located in Oklahoma at the |
|---|
| 1214 | 1197 | | time of the transfer, and |
|---|
| 1215 | 1198 | | (3) Not a subsidiary or affiliate of the transferor |
|---|
| 1216 | 1199 | | corporation; |
|---|
| 1217 | 1200 | | b. "Technology" means a proprietary process, form ula, |
|---|
| 1218 | 1201 | | pattern, device or compilation o f scientific or |
|---|
| 1219 | 1202 | | technical information which is not in the public |
|---|
| 1220 | 1203 | | domain; |
|---|
| 1221 | 1204 | | c. "Transferor corporatio n" means a corporation which is |
|---|
| 1222 | 1205 | | the exclusive and undisputed ow ner of the technology |
|---|
| 1223 | 1206 | | at the time the transfer is made; an d |
|---|
| 1224 | 1207 | | d. "Gross proceeds" means the total amount of |
|---|
| 1225 | 1208 | | consideration for the transfer of technology, whether |
|---|
| 1226 | 1209 | | the consideration is in money or otherwise. |
|---|
| 1227 | 1210 | | D. 1. For taxable years beginning after December 3 1, 2005, the |
|---|
| 1228 | 1211 | | taxable income of any corporation, estate or trust, shall be further |
|---|
| 1259 | 1241 | | capital treatment earned by the corporation, estate or trust during |
|---|
| 1260 | 1242 | | the taxable year and included in the federal taxable income of such |
|---|
| 1261 | 1243 | | corporation, estate or trust. |
|---|
| 1262 | 1244 | | 2. As used in this subsection: |
|---|
| 1263 | 1245 | | a. "qualifying gains receiving c apital treatment" means |
|---|
| 1264 | 1246 | | the amount of net capital gains, a s defined in Section |
|---|
| 1265 | 1247 | | 1222(11) of the Internal Revenue Code, included in the |
|---|
| 1266 | 1248 | | federal income tax return of the corporation, estate |
|---|
| 1267 | 1249 | | or trust that result from: |
|---|
| 1268 | 1250 | | (1) the sale of real property or tangible personal |
|---|
| 1269 | 1251 | | property located within Oklahoma that has been |
|---|
| 1270 | 1252 | | directly or indirectly owned by the cor poration, |
|---|
| 1271 | 1253 | | estate or trust for a holding period of at least |
|---|
| 1272 | 1254 | | five (5) years prior to the date of the |
|---|
| 1273 | 1255 | | transaction from which such net capital gains |
|---|
| 1274 | 1256 | | arise, |
|---|
| 1275 | 1257 | | (2) the sale of stock or on the sale of an ownership |
|---|
| 1276 | 1258 | | interest in an Oklahoma company, limited |
|---|
| 1277 | 1259 | | liability company, or partnership where such |
|---|
| 1278 | 1260 | | stock or ownership interest has been directly or |
|---|
| 1279 | 1261 | | indirectly owned by the corporation, estate or |
|---|
| 1310 | 1291 | | (3) the sale of real property, tangible personal |
|---|
| 1311 | 1292 | | property or intangible personal propert y located |
|---|
| 1312 | 1293 | | within Oklahoma as part of the sale of all or |
|---|
| 1313 | 1294 | | substantially all of the assets of an Oklahoma |
|---|
| 1314 | 1295 | | company, limited liability company, or |
|---|
| 1315 | 1296 | | partnership where such property has been directly |
|---|
| 1316 | 1297 | | or indirectly owned by such entity owned by the |
|---|
| 1317 | 1298 | | owners of such entity, and used in or derived |
|---|
| 1318 | 1299 | | from such entity for a period of at least three |
|---|
| 1319 | 1300 | | (3) years prior to the date of the transact ion |
|---|
| 1320 | 1301 | | from which the net capital gains arise, |
|---|
| 1321 | 1302 | | b. "holding period" means an uninterrupted period of |
|---|
| 1322 | 1303 | | time. The holding period shall inclu de any additional |
|---|
| 1323 | 1304 | | period when the property was held by another |
|---|
| 1324 | 1305 | | individual or entity, if such additional period is |
|---|
| 1325 | 1306 | | included in the taxpayer's holding period for the |
|---|
| 1326 | 1307 | | asset pursuant to the Internal Revenue Code, |
|---|
| 1327 | 1308 | | c. "Oklahoma company", "limited liability comp any", or |
|---|
| 1328 | 1309 | | "partnership" means an entity whose primary |
|---|
| 1329 | 1310 | | headquarters have been located in Oklahoma for at |
|---|
| 1330 | 1311 | | least three (3) unin terrupted years prior to the date |
|---|
| 1360 | 1340 | | d. "direct" means the taxpayer directly owns the asset, |
|---|
| 1361 | 1341 | | and |
|---|
| 1362 | 1342 | | e. "indirect" means the taxpayer owns an in terest in a |
|---|
| 1363 | 1343 | | pass-through entity (or chain of pass-through |
|---|
| 1364 | 1344 | | entities) that sells the asset that giv es rise to the |
|---|
| 1365 | 1345 | | qualifying gains receiving capital treatment. |
|---|
| 1366 | 1346 | | (1) With respect to sales of rea l property or |
|---|
| 1367 | 1347 | | tangible personal pro perty located within |
|---|
| 1368 | 1348 | | Oklahoma, the deduction described in this |
|---|
| 1369 | 1349 | | subsection shall not apply u nless the pass- |
|---|
| 1370 | 1350 | | through entity that ma kes the sale has held the |
|---|
| 1371 | 1351 | | property for not less than five (5) uninterrupted |
|---|
| 1372 | 1352 | | years prior to the date of the transaction that |
|---|
| 1373 | 1353 | | created the capital gain, and each pass-through |
|---|
| 1374 | 1354 | | entity included in the chain of ownership has |
|---|
| 1375 | 1355 | | been a member, partner, or shareholder of the |
|---|
| 1376 | 1356 | | pass-through entity in the tier immediately below |
|---|
| 1377 | 1357 | | it for an uninterrupted period of n ot less than |
|---|
| 1378 | 1358 | | five (5) years. |
|---|
| 1379 | 1359 | | (2) With respect to sales of stock or ownership |
|---|
| 1380 | 1360 | | interest in or sales of all or substantially all |
|---|
| 1381 | 1361 | | of the assets of an Oklahoma company, limited |
|---|
| 1411 | 1390 | | unless the pass-through entity that makes the |
|---|
| 1412 | 1391 | | sale has held the stock or ownership interest or |
|---|
| 1413 | 1392 | | the assets for not le ss than three (3) |
|---|
| 1414 | 1393 | | uninterrupted years prior to the date of the |
|---|
| 1415 | 1394 | | transaction that created the capital gain, and |
|---|
| 1416 | 1395 | | each pass-through entity included in the chain of |
|---|
| 1417 | 1396 | | ownership has been a member, partn er or |
|---|
| 1418 | 1397 | | shareholder of the pass-through entity in the |
|---|
| 1419 | 1398 | | tier immediately below it for an uninterrupted |
|---|
| 1420 | 1399 | | period of not less than three (3) years. |
|---|
| 1421 | 1400 | | E. The Oklahoma adjusted gross income of any indi vidual |
|---|
| 1422 | 1401 | | taxpayer shall be further adju sted as follows to arrive at Oklahoma |
|---|
| 1423 | 1402 | | taxable income: |
|---|
| 1424 | 1403 | | 1. a. In the case of individuals, the re shall be added or |
|---|
| 1425 | 1404 | | deducted, as the case may be, the difference necessary |
|---|
| 1426 | 1405 | | to allow personal exemptions of One Thousand Dollar s |
|---|
| 1427 | 1406 | | ($1,000.00) in lieu of the personal exemptions allowed |
|---|
| 1428 | 1407 | | by the Internal Revenue Code. |
|---|
| 1429 | 1408 | | b. There shall be allowed an additional ex emption of One |
|---|
| 1430 | 1409 | | Thousand Dollars ($1,0 00.00) for each taxpayer or |
|---|
| 1431 | 1410 | | spouse who is blind at the close of the tax year . For |
|---|
| 1432 | 1411 | | purposes of this subparagraph, an individual is blind |
|---|
| 1462 | 1440 | | correcting lenses, or if the visual acuity of the |
|---|
| 1463 | 1441 | | individual is greater than 20/200, but is accompanied |
|---|
| 1464 | 1442 | | by a limitation in the fields of vision such that the |
|---|
| 1465 | 1443 | | widest diameter of the visual field subtends an angle |
|---|
| 1466 | 1444 | | no greater than twenty (20) degrees. |
|---|
| 1467 | 1445 | | c. There shall be allowed an additional exemption of One |
|---|
| 1468 | 1446 | | Thousand Dollars ($1,000.00) for each taxpayer or |
|---|
| 1469 | 1447 | | spouse who is sixty-five (65) years of age or old er at |
|---|
| 1470 | 1448 | | the close of the tax year based upon the filing status |
|---|
| 1471 | 1449 | | and federal adjusted gross inc ome of the taxpayer. |
|---|
| 1472 | 1450 | | Taxpayers with the following filing status may claim |
|---|
| 1473 | 1451 | | this exemption if the federal adjusted gross incom e |
|---|
| 1474 | 1452 | | does not exceed: |
|---|
| 1475 | 1453 | | (1) Twenty-five Thousand Dollars ($25,000.00) if |
|---|
| 1476 | 1454 | | married and filing jointly; |
|---|
| 1477 | 1455 | | (2) Twelve Thousand Five Hundred Do llars ($12,500.00) |
|---|
| 1478 | 1456 | | if married and filing separately; |
|---|
| 1479 | 1457 | | (3) Fifteen Thousand Dollars ($15,000.00) if single; |
|---|
| 1480 | 1458 | | and |
|---|
| 1481 | 1459 | | (4) Nineteen Thousand Dollars ($19,000.00) if a |
|---|
| 1482 | 1460 | | qualifying head of household. |
|---|
| 1513 | 1490 | | conversion of a traditional individual r etirement |
|---|
| 1514 | 1491 | | account to a Roth individual retire ment account shall |
|---|
| 1515 | 1492 | | be excluded from federal adjusted gross income for |
|---|
| 1516 | 1493 | | purposes of the incom e thresholds provided in this |
|---|
| 1517 | 1494 | | subparagraph. |
|---|
| 1518 | 1495 | | 2. a. For taxable years beginning on or before December 31, |
|---|
| 1519 | 1496 | | 2005, in the case of individuals who use the standard |
|---|
| 1520 | 1497 | | deduction in determining taxable income, there shall |
|---|
| 1521 | 1498 | | be added or deducted, as the case may be, the |
|---|
| 1522 | 1499 | | difference necessary to allow a stan dard deduction in |
|---|
| 1523 | 1500 | | lieu of the standard deduction allowed by the Internal |
|---|
| 1524 | 1501 | | Revenue Code, in an amount equal to the larger of |
|---|
| 1525 | 1502 | | fifteen percent (15%) of the Oklahoma adjusted gross |
|---|
| 1526 | 1503 | | income or One Thousand Dollars ($1,000.00), but not to |
|---|
| 1527 | 1504 | | exceed Two Thousand Dolla rs ($2,000.00), except that |
|---|
| 1528 | 1505 | | in the case of a married individual filing a separate |
|---|
| 1529 | 1506 | | return such deduction shall be the larger of f ifteen |
|---|
| 1530 | 1507 | | percent (15%) of such Oklahoma adjusted gross income |
|---|
| 1531 | 1508 | | or Five Hundred Dollars ($500.0 0), but not to exceed |
|---|
| 1532 | 1509 | | the maximum amount of One Thousand Dollars |
|---|
| 1533 | 1510 | | ($1,000.00). |
|---|
| 1564 | 1540 | | determining taxable income, t here shall be added or |
|---|
| 1565 | 1541 | | deducted, as the case may be, the difference necessary |
|---|
| 1566 | 1542 | | to allow a standard deduction in lieu of the standard |
|---|
| 1567 | 1543 | | deduction allowed by the Internal Revenue Code, in an |
|---|
| 1568 | 1544 | | amount equal to: |
|---|
| 1569 | 1545 | | (1) Three Thousand Dollars ($3,000.00), if the filing |
|---|
| 1570 | 1546 | | status is married filing joint, head of household |
|---|
| 1571 | 1547 | | or qualifying widow; or |
|---|
| 1572 | 1548 | | (2) Two Thousand Dollars ($2,000.00), if the filing |
|---|
| 1573 | 1549 | | status is single or married filing sep arate. |
|---|
| 1574 | 1550 | | c. For the taxable year beginning on January 1, 2007, and |
|---|
| 1575 | 1551 | | ending December 31, 2007, in the case of individuals |
|---|
| 1576 | 1552 | | who use the standard deduction in determining taxable |
|---|
| 1577 | 1553 | | income, there shall be added or de ducted, as the case |
|---|
| 1578 | 1554 | | may be, the difference necessa ry to allow a standard |
|---|
| 1579 | 1555 | | deduction in lieu of the standard deduction allowed by |
|---|
| 1580 | 1556 | | the Internal Revenue Code, in an amount equal to: |
|---|
| 1581 | 1557 | | (1) Five Thousand Five Hundred Dollars ($5,500.00), |
|---|
| 1582 | 1558 | | if the filing status is m arried filing joint or |
|---|
| 1583 | 1559 | | qualifying widow; or |
|---|
| 1613 | 1588 | | (3) Two Thousand Seven Hundred Fifty Dollars |
|---|
| 1614 | 1589 | | ($2,750.00), if the filing status is single or |
|---|
| 1615 | 1590 | | married filing separate. |
|---|
| 1616 | 1591 | | d. For the taxable year beginning on January 1, 2008, an d |
|---|
| 1617 | 1592 | | ending December 31, 2008, in the case of individuals |
|---|
| 1618 | 1593 | | who use the standard deduction in de termining taxable |
|---|
| 1619 | 1594 | | income, there shall be added or deducted, as the case |
|---|
| 1620 | 1595 | | may be, the difference necessary to all ow a standard |
|---|
| 1621 | 1596 | | deduction in lieu of the standard deduct ion allowed by |
|---|
| 1622 | 1597 | | the Internal Revenue Code, in an amount equal to: |
|---|
| 1623 | 1598 | | (1) Six Thousand Five Hund red Dollars ($6,500.00), if |
|---|
| 1624 | 1599 | | the filing status is married filing joint or |
|---|
| 1625 | 1600 | | qualifying widow, or |
|---|
| 1626 | 1601 | | (2) Four Thousand Eight Hundred Seventy-five Dollars |
|---|
| 1627 | 1602 | | ($4,875.00) for a head of household, or |
|---|
| 1628 | 1603 | | (3) Three Thousand Two Hundred Fifty Dollars |
|---|
| 1629 | 1604 | | ($3,250.00), if the fili ng status is single or |
|---|
| 1630 | 1605 | | married filing separate. |
|---|
| 1631 | 1606 | | e. For the taxable year beginning on January 1, 2009, and |
|---|
| 1632 | 1607 | | ending December 31, 2009, in the case of individuals |
|---|
| 1633 | 1608 | | who use the standard deduction in determining taxable |
|---|
| 1634 | 1609 | | income, there shall be added or deducted, a s the case |
|---|
| 1663 | 1637 | | deduction in lieu of the standard deduction allowed by |
|---|
| 1664 | 1638 | | the Internal Revenue Code, in an amount equal to: |
|---|
| 1665 | 1639 | | (1) Eight Thousand Five Hundred Dollars ($8,500.00), |
|---|
| 1666 | 1640 | | if the filing status is married fi ling joint or |
|---|
| 1667 | 1641 | | qualifying widow, or |
|---|
| 1668 | 1642 | | (2) Six Thousand Three Hundred Seventy-five Dollars |
|---|
| 1669 | 1643 | | ($6,375.00) for a head of household, or |
|---|
| 1670 | 1644 | | (3) Four Thousand Two Hundred Fifty Do llars |
|---|
| 1671 | 1645 | | ($4,250.00), if the filing status is single or |
|---|
| 1672 | 1646 | | married filing separate. |
|---|
| 1673 | 1647 | | Oklahoma adjusted gross income shall be increased by |
|---|
| 1674 | 1648 | | any amounts paid for motor vehicle excise taxes which |
|---|
| 1675 | 1649 | | were deducted as allowed by the Internal Revenue Code. |
|---|
| 1676 | 1650 | | f. For taxable years beginning on or after Januar y 1, |
|---|
| 1677 | 1651 | | 2010, and ending on December 31, 2016, in the case of |
|---|
| 1678 | 1652 | | individuals who use the standard ded uction in |
|---|
| 1679 | 1653 | | determining taxable income, there shall be added or |
|---|
| 1680 | 1654 | | deducted, as the case may be, the difference necessary |
|---|
| 1681 | 1655 | | to allow a standard deduction equal to the s tandard |
|---|
| 1682 | 1656 | | deduction allowed by the Internal Revenue Code, ba sed |
|---|
| 1683 | 1657 | | upon the amount and filing status prescribed by such |
|---|
| 1684 | 1658 | | Code for purposes of filing federal individua l income |
|---|
| 1685 | 1659 | | tax returns. |
|---|
| 1686 | 1660 | | |
|---|
| 1689 | 1662 | | 2 |
|---|
| 1690 | 1663 | | 3 |
|---|
| 1691 | 1664 | | 4 |
|---|
| 1692 | 1665 | | 5 |
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| 1693 | 1666 | | 6 |
|---|
| 1694 | 1667 | | 7 |
|---|
| 1695 | 1668 | | 8 |
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| 1696 | 1669 | | 9 |
|---|
| 1697 | 1670 | | 10 |
|---|
| 1698 | 1671 | | 11 |
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| 1699 | 1672 | | 12 |
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| 1700 | 1673 | | 13 |
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| 1701 | 1674 | | 14 |
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| 1702 | 1675 | | 15 |
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| 1703 | 1676 | | 16 |
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| 1704 | 1677 | | 17 |
|---|
| 1705 | 1678 | | 18 |
|---|
| 1706 | 1679 | | 19 |
|---|
| 1707 | 1680 | | 20 |
|---|
| 1708 | 1681 | | 21 |
|---|
| 1709 | 1682 | | 22 |
|---|
| 1710 | 1683 | | 23 |
|---|
| 1711 | 1684 | | 24 |
|---|
| 1712 | 1685 | | |
|---|
| 1713 | 1686 | | g. For taxable years beginning on or afte r January 1, |
|---|
| 1714 | 1687 | | 2017, in the case of individuals who use the standard |
|---|
| 1715 | 1688 | | deduction in determining taxable income, there shall |
|---|
| 1716 | 1689 | | be added or deducted, as the case may be, the |
|---|
| 1717 | 1690 | | difference necessary to al low a standard deduction in |
|---|
| 1718 | 1691 | | lieu of the standard deduction allow ed by the Internal |
|---|
| 1719 | 1692 | | Revenue Code, as follows: |
|---|
| 1720 | 1693 | | (1) Six Thousand Three Hundred Fifty Dollars |
|---|
| 1721 | 1694 | | ($6,350.00) for single or married fili ng |
|---|
| 1722 | 1695 | | separately, |
|---|
| 1723 | 1696 | | (2) Twelve Thousand Seven Hundred Dollars |
|---|
| 1724 | 1697 | | ($12,700.00) for married filing jointly o r |
|---|
| 1725 | 1698 | | qualifying widower with dep endent child, and |
|---|
| 1726 | 1699 | | (3) Nine Thousand Three Hundred Fifty Dollars |
|---|
| 1727 | 1700 | | ($9,350.00) for head of hous ehold. |
|---|
| 1728 | 1701 | | h. For taxable years beginning on or after January 1, |
|---|
| 1729 | 1702 | | 2024, in the case of individuals who use the standard |
|---|
| 1730 | 1703 | | deduction in determining taxable income for purposes |
|---|
| 1731 | 1704 | | of the federal income tax return for the applicable |
|---|
| 1732 | 1705 | | tax year, and whose Oklahoma itemized deductions are |
|---|
| 1733 | 1706 | | greater than Twenty-one Thousand Five Hundred Dollars |
|---|
| 1734 | 1707 | | ($21,500.00) for a joint return or greater than Ten |
|---|
| 1735 | 1708 | | Thousand Seven Hundred Fifty Dollars ($10, 750.00) for |
|---|
| 1736 | 1709 | | an individual return or Sixteen Thousand Six Hundred |
|---|
| 1737 | 1710 | | |
|---|
| 1740 | 1712 | | 2 |
|---|
| 1741 | 1713 | | 3 |
|---|
| 1742 | 1714 | | 4 |
|---|
| 1743 | 1715 | | 5 |
|---|
| 1744 | 1716 | | 6 |
|---|
| 1745 | 1717 | | 7 |
|---|
| 1746 | 1718 | | 8 |
|---|
| 1747 | 1719 | | 9 |
|---|
| 1748 | 1720 | | 10 |
|---|
| 1749 | 1721 | | 11 |
|---|
| 1750 | 1722 | | 12 |
|---|
| 1751 | 1723 | | 13 |
|---|
| 1752 | 1724 | | 14 |
|---|
| 1753 | 1725 | | 15 |
|---|
| 1754 | 1726 | | 16 |
|---|
| 1755 | 1727 | | 17 |
|---|
| 1756 | 1728 | | 18 |
|---|
| 1757 | 1729 | | 19 |
|---|
| 1758 | 1730 | | 20 |
|---|
| 1759 | 1731 | | 21 |
|---|
| 1760 | 1732 | | 22 |
|---|
| 1761 | 1733 | | 23 |
|---|
| 1762 | 1734 | | 24 |
|---|
| 1763 | 1735 | | |
|---|
| 1764 | 1736 | | Fifty Dollars ($16,650.00) for the return of a n |
|---|
| 1765 | 1737 | | individual claiming head of household status , there |
|---|
| 1766 | 1738 | | may be deducted the amount of the itemized deductions |
|---|
| 1767 | 1739 | | that could have been claimed f or purposes of the |
|---|
| 1768 | 1740 | | federal income tax re turn for purposes of the Oklahoma |
|---|
| 1769 | 1741 | | income tax return for the same income tax year. If a |
|---|
| 1770 | 1742 | | taxpayer chooses this option, the taxpayer may not |
|---|
| 1771 | 1743 | | claim the standard deduction for the same tax year; |
|---|
| 1772 | 1744 | | provided that the federal taxable i ncome is less than |
|---|
| 1773 | 1745 | | Forty Thousand Five Hundred Twenty -five Dollars |
|---|
| 1774 | 1746 | | ($40,525.00) on a single filer return, Fifty -four |
|---|
| 1775 | 1747 | | Thousand Two Hundred Dollars ($54,200.00) for a filer |
|---|
| 1776 | 1748 | | claiming head of household status, or Eighty -one |
|---|
| 1777 | 1749 | | Thousand Fifty Dollars ($81,05 0.00) for a joint |
|---|
| 1778 | 1750 | | return. |
|---|
| 1779 | 1751 | | 3. a. In the case of resident and part-year resident |
|---|
| 1780 | 1752 | | individuals having adjusted gross inc ome from sources |
|---|
| 1781 | 1753 | | both within and witho ut the state, the itemized or |
|---|
| 1782 | 1754 | | standard deductions and personal exemptio ns shall be |
|---|
| 1783 | 1755 | | reduced to an amount which is the same portion of the |
|---|
| 1784 | 1756 | | total thereof as Oklahom a adjusted gross income is of |
|---|
| 1785 | 1757 | | adjusted gross income . To the extent itemized |
|---|
| 1786 | 1758 | | deductions include allowable moving expense, proration |
|---|
| 1787 | 1759 | | of moving expense shall not be req uired or permitted |
|---|
| 1788 | 1760 | | |
|---|
| 1791 | 1762 | | 2 |
|---|
| 1792 | 1763 | | 3 |
|---|
| 1793 | 1764 | | 4 |
|---|
| 1794 | 1765 | | 5 |
|---|
| 1795 | 1766 | | 6 |
|---|
| 1796 | 1767 | | 7 |
|---|
| 1797 | 1768 | | 8 |
|---|
| 1798 | 1769 | | 9 |
|---|
| 1799 | 1770 | | 10 |
|---|
| 1800 | 1771 | | 11 |
|---|
| 1801 | 1772 | | 12 |
|---|
| 1802 | 1773 | | 13 |
|---|
| 1803 | 1774 | | 14 |
|---|
| 1804 | 1775 | | 15 |
|---|
| 1805 | 1776 | | 16 |
|---|
| 1806 | 1777 | | 17 |
|---|
| 1807 | 1778 | | 18 |
|---|
| 1808 | 1779 | | 19 |
|---|
| 1809 | 1780 | | 20 |
|---|
| 1810 | 1781 | | 21 |
|---|
| 1811 | 1782 | | 22 |
|---|
| 1812 | 1783 | | 23 |
|---|
| 1813 | 1784 | | 24 |
|---|
| 1814 | 1785 | | |
|---|
| 1815 | 1786 | | but allowable moving expense sh all be fully deductible |
|---|
| 1816 | 1787 | | for those taxpayers moving within or into Oklahoma and |
|---|
| 1817 | 1788 | | no part of moving expense shall be deductible for |
|---|
| 1818 | 1789 | | those taxpayers moving without or out of Oklahoma. |
|---|
| 1819 | 1790 | | All other itemized or sta ndard deductions and personal |
|---|
| 1820 | 1791 | | exemptions shall be subject to proration as provided |
|---|
| 1821 | 1792 | | by law. |
|---|
| 1822 | 1793 | | b. For taxable years beginning on or after January 1, |
|---|
| 1823 | 1794 | | 2018, the net amount of itemized deducti ons allowable |
|---|
| 1824 | 1795 | | on an Oklahoma income tax return, subject to the |
|---|
| 1825 | 1796 | | provisions of paragraph 24 of this subsection, shall |
|---|
| 1826 | 1797 | | not exceed Seventeen Thousand Dollars ($17,00 0.00). |
|---|
| 1827 | 1798 | | For purposes of this subparagraph, charitable |
|---|
| 1828 | 1799 | | contributions and medical expenses deduct ible for |
|---|
| 1829 | 1800 | | federal income tax purposes shall be excluded from the |
|---|
| 1830 | 1801 | | amount of Seventeen Thousand Dollars ($17,000.00) as |
|---|
| 1831 | 1802 | | specified by this subparagraph. |
|---|
| 1832 | 1803 | | 4. A resident individual with a physical disability |
|---|
| 1833 | 1804 | | constituting a substantial handicap to employment may deduct from |
|---|
| 1834 | 1805 | | Oklahoma adjusted gross income such expenditures to modify a motor |
|---|
| 1835 | 1806 | | vehicle, home or workplace as are necessar y to compensate for his or |
|---|
| 1836 | 1807 | | her handicap. A veteran certified by the Department of Veterans |
|---|
| 1837 | 1808 | | Affairs of the federal government as having a service-connected |
|---|
| 1838 | 1809 | | disability shall be conclusively presumed to be an individual with a |
|---|
| 1839 | 1810 | | |
|---|
| 1842 | 1812 | | 2 |
|---|
| 1843 | 1813 | | 3 |
|---|
| 1844 | 1814 | | 4 |
|---|
| 1845 | 1815 | | 5 |
|---|
| 1846 | 1816 | | 6 |
|---|
| 1847 | 1817 | | 7 |
|---|
| 1848 | 1818 | | 8 |
|---|
| 1849 | 1819 | | 9 |
|---|
| 1850 | 1820 | | 10 |
|---|
| 1851 | 1821 | | 11 |
|---|
| 1852 | 1822 | | 12 |
|---|
| 1853 | 1823 | | 13 |
|---|
| 1854 | 1824 | | 14 |
|---|
| 1855 | 1825 | | 15 |
|---|
| 1856 | 1826 | | 16 |
|---|
| 1857 | 1827 | | 17 |
|---|
| 1858 | 1828 | | 18 |
|---|
| 1859 | 1829 | | 19 |
|---|
| 1860 | 1830 | | 20 |
|---|
| 1861 | 1831 | | 21 |
|---|
| 1862 | 1832 | | 22 |
|---|
| 1863 | 1833 | | 23 |
|---|
| 1864 | 1834 | | 24 |
|---|
| 1865 | 1835 | | |
|---|
| 1866 | 1836 | | physical disability constitutin g a substantial handicap to |
|---|
| 1867 | 1837 | | employment. The Tax Commission shall promulgate rules containing a |
|---|
| 1868 | 1838 | | list of combinations of common disabili ties and modifications wh ich |
|---|
| 1869 | 1839 | | may be presumed to qualify for this deduct ion. The Tax Commission |
|---|
| 1870 | 1840 | | shall prescribe necessary requirements for verification. |
|---|
| 1871 | 1841 | | 5. a. Before July 1, 2010, the first One Thousand Five |
|---|
| 1872 | 1842 | | Hundred Dollars ($1,500.00) received by any pers on |
|---|
| 1873 | 1843 | | from the United State s as salary or compensation in |
|---|
| 1874 | 1844 | | any form, other than retirement benefits, as a member |
|---|
| 1875 | 1845 | | of any component of the Armed Forces of the United |
|---|
| 1876 | 1846 | | States shall be deducted from taxable income. |
|---|
| 1877 | 1847 | | b. On or after July 1, 2010, one hundred percent ( 100%) |
|---|
| 1878 | 1848 | | of the income received by any person from the United |
|---|
| 1879 | 1849 | | States as salary or compensation in any form, other |
|---|
| 1880 | 1850 | | than retirement benefits, as a member of any compo nent |
|---|
| 1881 | 1851 | | of the Armed Forces of the United States shall b e |
|---|
| 1882 | 1852 | | deducted from taxable income. |
|---|
| 1883 | 1853 | | c. Whenever the filing of a time ly income tax return by a |
|---|
| 1884 | 1854 | | member of the Armed For ces of the United States is |
|---|
| 1885 | 1855 | | made impracticable or impossible of accomplishment by |
|---|
| 1886 | 1856 | | reason of: |
|---|
| 1887 | 1857 | | (1) absence from the United States, which term |
|---|
| 1888 | 1858 | | includes only the states and the District of |
|---|
| 1889 | 1859 | | Columbia; |
|---|
| 1890 | 1860 | | |
|---|
| 1893 | 1862 | | 2 |
|---|
| 1894 | 1863 | | 3 |
|---|
| 1895 | 1864 | | 4 |
|---|
| 1896 | 1865 | | 5 |
|---|
| 1897 | 1866 | | 6 |
|---|
| 1898 | 1867 | | 7 |
|---|
| 1899 | 1868 | | 8 |
|---|
| 1900 | 1869 | | 9 |
|---|
| 1901 | 1870 | | 10 |
|---|
| 1902 | 1871 | | 11 |
|---|
| 1903 | 1872 | | 12 |
|---|
| 1904 | 1873 | | 13 |
|---|
| 1905 | 1874 | | 14 |
|---|
| 1906 | 1875 | | 15 |
|---|
| 1907 | 1876 | | 16 |
|---|
| 1908 | 1877 | | 17 |
|---|
| 1909 | 1878 | | 18 |
|---|
| 1910 | 1879 | | 19 |
|---|
| 1911 | 1880 | | 20 |
|---|
| 1912 | 1881 | | 21 |
|---|
| 1913 | 1882 | | 22 |
|---|
| 1914 | 1883 | | 23 |
|---|
| 1915 | 1884 | | 24 |
|---|
| 1916 | 1885 | | |
|---|
| 1917 | 1886 | | (2) absence from the State of Oklahoma while on |
|---|
| 1918 | 1887 | | active duty; or |
|---|
| 1919 | 1888 | | (3) confinement in a hospital within the United |
|---|
| 1920 | 1889 | | States for treatment of wounds, injurie s or |
|---|
| 1921 | 1890 | | disease, |
|---|
| 1922 | 1891 | | the time for filing a return and p aying an income tax |
|---|
| 1923 | 1892 | | shall be and is hereby exte nded without incurring |
|---|
| 1924 | 1893 | | liability for interest or penalties, to the fift eenth |
|---|
| 1925 | 1894 | | day of the third month following the month i n which: |
|---|
| 1926 | 1895 | | (a) Such individual shall retur n to the United |
|---|
| 1927 | 1896 | | States if the extension is gran ted pursuant |
|---|
| 1928 | 1897 | | to subparagraph a of this paragraph , return |
|---|
| 1929 | 1898 | | to the State of Oklahoma if the extension is |
|---|
| 1930 | 1899 | | granted pursuant to subparagraph b of this |
|---|
| 1931 | 1900 | | paragraph or be discharg ed from such |
|---|
| 1932 | 1901 | | hospital if the extension i s granted |
|---|
| 1933 | 1902 | | pursuant to subparagraph c of this |
|---|
| 1934 | 1903 | | paragraph; or |
|---|
| 1935 | 1904 | | (b) An executor, administrator, or c onservator |
|---|
| 1936 | 1905 | | of the estate of the taxpayer is appointed, |
|---|
| 1937 | 1906 | | whichever event occurs the earliest. |
|---|
| 1938 | 1907 | | Provided, that the Tax Commis sion may, in its discretion, grant |
|---|
| 1939 | 1908 | | any member of the Armed Forces of the United State s an extension of |
|---|
| 1940 | 1909 | | time for filing of income tax re turns and payment of income tax |
|---|
| 1941 | 1910 | | |
|---|
| 1944 | 1912 | | 2 |
|---|
| 1945 | 1913 | | 3 |
|---|
| 1946 | 1914 | | 4 |
|---|
| 1947 | 1915 | | 5 |
|---|
| 1948 | 1916 | | 6 |
|---|
| 1949 | 1917 | | 7 |
|---|
| 1950 | 1918 | | 8 |
|---|
| 1951 | 1919 | | 9 |
|---|
| 1952 | 1920 | | 10 |
|---|
| 1953 | 1921 | | 11 |
|---|
| 1954 | 1922 | | 12 |
|---|
| 1955 | 1923 | | 13 |
|---|
| 1956 | 1924 | | 14 |
|---|
| 1957 | 1925 | | 15 |
|---|
| 1958 | 1926 | | 16 |
|---|
| 1959 | 1927 | | 17 |
|---|
| 1960 | 1928 | | 18 |
|---|
| 1961 | 1929 | | 19 |
|---|
| 1962 | 1930 | | 20 |
|---|
| 1963 | 1931 | | 21 |
|---|
| 1964 | 1932 | | 22 |
|---|
| 1965 | 1933 | | 23 |
|---|
| 1966 | 1934 | | 24 |
|---|
| 1967 | 1935 | | |
|---|
| 1968 | 1936 | | without incurring liabilities for inter est or penalties. Such |
|---|
| 1969 | 1937 | | extension may be granted o nly when in the judgment of the Tax |
|---|
| 1970 | 1938 | | Commission a good cause exists therefor and may b e for a period in |
|---|
| 1971 | 1939 | | excess of six (6) months. A record of every such extension granted, |
|---|
| 1972 | 1940 | | and the reason therefor, shall be kept. |
|---|
| 1973 | 1941 | | 6. Before July 1, 2010, the salary or any o ther form of |
|---|
| 1974 | 1942 | | compensation, received from the United States by a member of any |
|---|
| 1975 | 1943 | | component of the Armed Forces of the United States, shall be |
|---|
| 1976 | 1944 | | deducted from taxable income during the time in which the person is |
|---|
| 1977 | 1945 | | detained by the enemy in a conflict, is a prisone r of war or is |
|---|
| 1978 | 1946 | | missing in action and not deceased; provided, after July 1, 2010, |
|---|
| 1979 | 1947 | | all such salary or compensation shall be subject to th e deduction as |
|---|
| 1980 | 1948 | | provided pursuant to paragraph 5 of this subsection. |
|---|
| 1981 | 1949 | | 7. a. An individual taxpayer, whether resident or |
|---|
| 1982 | 1950 | | nonresident, may deduct an amount equal to the federal |
|---|
| 1983 | 1951 | | income taxes paid by the taxpay er during the taxable |
|---|
| 1984 | 1952 | | year. |
|---|
| 1985 | 1953 | | b. Federal taxes as desc ribed in subparagraph a of this |
|---|
| 1986 | 1954 | | paragraph shall be deductible by any in dividual |
|---|
| 1987 | 1955 | | taxpayer, whether resident or nonresident , only to the |
|---|
| 1988 | 1956 | | extent they relate to inco me subject to taxation |
|---|
| 1989 | 1957 | | pursuant to the provisions of the Oklahoma Income Tax |
|---|
| 1990 | 1958 | | Act. The maximum amount allowable in the preceding |
|---|
| 1991 | 1959 | | paragraph shall be prorated on the ra tio of the |
|---|
| 1992 | 1960 | | |
|---|
| 1995 | 1962 | | 2 |
|---|
| 1996 | 1963 | | 3 |
|---|
| 1997 | 1964 | | 4 |
|---|
| 1998 | 1965 | | 5 |
|---|
| 1999 | 1966 | | 6 |
|---|
| 2000 | 1967 | | 7 |
|---|
| 2001 | 1968 | | 8 |
|---|
| 2002 | 1969 | | 9 |
|---|
| 2003 | 1970 | | 10 |
|---|
| 2004 | 1971 | | 11 |
|---|
| 2005 | 1972 | | 12 |
|---|
| 2006 | 1973 | | 13 |
|---|
| 2007 | 1974 | | 14 |
|---|
| 2008 | 1975 | | 15 |
|---|
| 2009 | 1976 | | 16 |
|---|
| 2010 | 1977 | | 17 |
|---|
| 2011 | 1978 | | 18 |
|---|
| 2012 | 1979 | | 19 |
|---|
| 2013 | 1980 | | 20 |
|---|
| 2014 | 1981 | | 21 |
|---|
| 2015 | 1982 | | 22 |
|---|
| 2016 | 1983 | | 23 |
|---|
| 2017 | 1984 | | 24 |
|---|
| 2018 | 1985 | | |
|---|
| 2019 | 1986 | | Oklahoma adjusted gross income to feder al adjusted |
|---|
| 2020 | 1987 | | gross income. |
|---|
| 2021 | 1988 | | c. For the purpose of this paragraph, "federal income |
|---|
| 2022 | 1989 | | taxes paid" shall mean federal income taxes, surtaxes |
|---|
| 2023 | 1990 | | imposed on incomes or excess profits taxes, as though |
|---|
| 2024 | 1991 | | the taxpayer was on the accrual basis. In determining |
|---|
| 2025 | 1992 | | the amount of deduction for federal income taxes for |
|---|
| 2026 | 1993 | | tax year 2001, the amount of the deductio n shall not |
|---|
| 2027 | 1994 | | be adjusted by the amount of any accelerat ed ten |
|---|
| 2028 | 1995 | | percent (10%) tax rate bracket credit or advanced |
|---|
| 2029 | 1996 | | refund of the credit received during the tax year |
|---|
| 2030 | 1997 | | provided pursuant to the federal Economic Growth and |
|---|
| 2031 | 1998 | | Tax Relief Reconciliation Act of 2001, P.L . No. 107- |
|---|
| 2032 | 1999 | | 16, and the advanced refund of such credit s hall not |
|---|
| 2033 | 2000 | | be subject to taxation. |
|---|
| 2034 | 2001 | | d. The provisions of this paragraph sh all apply to all |
|---|
| 2035 | 2002 | | taxable years ending after Decemb er 31, 1978, and |
|---|
| 2036 | 2003 | | beginning before Januar y 1, 2006. |
|---|
| 2037 | 2004 | | 8. Retirement benefits not to exceed Five Thousand Five Hundred |
|---|
| 2038 | 2005 | | Dollars ($5,500.00) for the 2004 tax year, Seven Thousand Five |
|---|
| 2039 | 2006 | | Hundred Dollars ($7,500.00) for the 2005 tax year and Ten Thousand |
|---|
| 2040 | 2007 | | Dollars ($10,000.00) for the 2006 tax year and all subsequent tax |
|---|
| 2041 | 2008 | | years, which are receiv ed by an individual from the civil service of |
|---|
| 2042 | 2009 | | the United States, the Oklahoma Public Employees Retirement System, |
|---|
| 2043 | 2010 | | |
|---|
| 2046 | 2012 | | 2 |
|---|
| 2047 | 2013 | | 3 |
|---|
| 2048 | 2014 | | 4 |
|---|
| 2049 | 2015 | | 5 |
|---|
| 2050 | 2016 | | 6 |
|---|
| 2051 | 2017 | | 7 |
|---|
| 2052 | 2018 | | 8 |
|---|
| 2053 | 2019 | | 9 |
|---|
| 2054 | 2020 | | 10 |
|---|
| 2055 | 2021 | | 11 |
|---|
| 2056 | 2022 | | 12 |
|---|
| 2057 | 2023 | | 13 |
|---|
| 2058 | 2024 | | 14 |
|---|
| 2059 | 2025 | | 15 |
|---|
| 2060 | 2026 | | 16 |
|---|
| 2061 | 2027 | | 17 |
|---|
| 2062 | 2028 | | 18 |
|---|
| 2063 | 2029 | | 19 |
|---|
| 2064 | 2030 | | 20 |
|---|
| 2065 | 2031 | | 21 |
|---|
| 2066 | 2032 | | 22 |
|---|
| 2067 | 2033 | | 23 |
|---|
| 2068 | 2034 | | 24 |
|---|
| 2069 | 2035 | | |
|---|
| 2070 | 2036 | | the Teachers' Retirement System of Oklahoma, the Oklahoma Law |
|---|
| 2071 | 2037 | | Enforcement Retirement System, the Oklaho ma Firefighters Pension and |
|---|
| 2072 | 2038 | | Retirement System, the Oklahoma Police Pension and Retirement |
|---|
| 2073 | 2039 | | System, the employee retirement systems created by counties pursuant |
|---|
| 2074 | 2040 | | to Section 951 et seq. of Title 19 of the Oklahoma Statut es, the |
|---|
| 2075 | 2041 | | Uniform Retirement System for Ju stices and Judges, the Oklahoma |
|---|
| 2076 | 2042 | | Wildlife Conservation Department Retirement Fund, the Oklahoma |
|---|
| 2077 | 2043 | | Employment Security Commission Retirement Plan, or the employee |
|---|
| 2078 | 2044 | | retirement systems created by municipalities pursuant to Section 48- |
|---|
| 2079 | 2045 | | 101 et seq. of Title 11 of th e Oklahoma Statutes shall be exempt |
|---|
| 2080 | 2046 | | from taxable income. |
|---|
| 2081 | 2047 | | 9. In taxable years beginning after D ecember 3l, 1984, Social |
|---|
| 2082 | 2048 | | Security benefits received by an individual sh all be exempt from |
|---|
| 2083 | 2049 | | taxable income, to the extent s uch benefits are included in the |
|---|
| 2084 | 2050 | | federal adjusted gross income pursuant to the provisions of Section |
|---|
| 2085 | 2051 | | 86 of the Internal Revenue Code, 2 6 U.S.C., Section 86. |
|---|
| 2086 | 2052 | | 10. For taxable years beginning after December 3 1, 1994, lump- |
|---|
| 2087 | 2053 | | sum distributions from employer plan s of deferred compensation, |
|---|
| 2088 | 2054 | | which are not qualified plans within the meaning of Section 401(a) |
|---|
| 2089 | 2055 | | of the Internal Revenue Code, 26 U.S.C., Section 401(a), and which |
|---|
| 2090 | 2056 | | are deposited in and accounted for within a separate bank account or |
|---|
| 2091 | 2057 | | brokerage account in a fi nancial institution within this state, |
|---|
| 2092 | 2058 | | shall be excluded from taxable income in the same manner as a |
|---|
| 2093 | 2059 | | qualifying rollover contribution t o an individual retirement account |
|---|
| 2094 | 2060 | | |
|---|
| 2097 | 2062 | | 2 |
|---|
| 2098 | 2063 | | 3 |
|---|
| 2099 | 2064 | | 4 |
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| 2100 | 2065 | | 5 |
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| 2101 | 2066 | | 6 |
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| 2102 | 2067 | | 7 |
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| 2103 | 2068 | | 8 |
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| 2104 | 2069 | | 9 |
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| 2105 | 2070 | | 10 |
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| 2106 | 2071 | | 11 |
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| 2107 | 2072 | | 12 |
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| 2108 | 2073 | | 13 |
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| 2109 | 2074 | | 14 |
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| 2110 | 2075 | | 15 |
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| 2111 | 2076 | | 16 |
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| 2112 | 2077 | | 17 |
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| 2113 | 2078 | | 18 |
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| 2114 | 2079 | | 19 |
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| 2115 | 2080 | | 20 |
|---|
| 2116 | 2081 | | 21 |
|---|
| 2117 | 2082 | | 22 |
|---|
| 2118 | 2083 | | 23 |
|---|
| 2119 | 2084 | | 24 |
|---|
| 2120 | 2085 | | |
|---|
| 2121 | 2086 | | within the meaning of Section 408 of the Internal Revenue Code, 26 |
|---|
| 2122 | 2087 | | U.S.C., Section 408. Amounts withdrawn from such bank or b rokerage |
|---|
| 2123 | 2088 | | account, including any earni ngs thereon, shall be included in |
|---|
| 2124 | 2089 | | taxable income when with drawn in the same manner as withdrawals from |
|---|
| 2125 | 2090 | | individual retirement acco unts within the meaning of Section 408 of |
|---|
| 2126 | 2091 | | the Internal Revenue Code. |
|---|
| 2127 | 2092 | | 11. In taxable years beginning after December 31, 1995, |
|---|
| 2128 | 2093 | | contributions made to and interest r eceived from a medical savings |
|---|
| 2129 | 2094 | | account established pursuant to Sections 2621 through 2623 of T itle |
|---|
| 2130 | 2095 | | 63 of the Oklahoma Statutes shall be exempt f rom taxable income. |
|---|
| 2131 | 2096 | | 12. For taxable years beginning after December 31, 1996, the |
|---|
| 2132 | 2097 | | Oklahoma adjusted gross income of any individual taxp ayer who is a |
|---|
| 2133 | 2098 | | swine or poultry producer may be further adjusted for the deduction |
|---|
| 2134 | 2099 | | for depreciation allowed for new constr uction or expansion costs |
|---|
| 2135 | 2100 | | which may be computed using the same depreciation method elected for |
|---|
| 2136 | 2101 | | federal income tax purposes except that the useful life shall be |
|---|
| 2137 | 2102 | | seven (7) years for purposes of this paragraph . If depreciation is |
|---|
| 2138 | 2103 | | allowed as a deduction in de termining the adjusted gross income of |
|---|
| 2139 | 2104 | | an individual, any depreciation calculated and claimed pursuant to |
|---|
| 2140 | 2105 | | this section shall in no even t be a duplication of any depreciation |
|---|
| 2141 | 2106 | | allowed or permitted on the fede ral income tax return of the |
|---|
| 2142 | 2107 | | individual. |
|---|
| 2143 | 2108 | | 13. a. In taxable years beginning before January 1, 2005, |
|---|
| 2144 | 2109 | | retirement benefits not to exceed the amounts |
|---|
| 2145 | 2110 | | |
|---|
| 2148 | 2112 | | 2 |
|---|
| 2149 | 2113 | | 3 |
|---|
| 2150 | 2114 | | 4 |
|---|
| 2151 | 2115 | | 5 |
|---|
| 2152 | 2116 | | 6 |
|---|
| 2153 | 2117 | | 7 |
|---|
| 2154 | 2118 | | 8 |
|---|
| 2155 | 2119 | | 9 |
|---|
| 2156 | 2120 | | 10 |
|---|
| 2157 | 2121 | | 11 |
|---|
| 2158 | 2122 | | 12 |
|---|
| 2159 | 2123 | | 13 |
|---|
| 2160 | 2124 | | 14 |
|---|
| 2161 | 2125 | | 15 |
|---|
| 2162 | 2126 | | 16 |
|---|
| 2163 | 2127 | | 17 |
|---|
| 2164 | 2128 | | 18 |
|---|
| 2165 | 2129 | | 19 |
|---|
| 2166 | 2130 | | 20 |
|---|
| 2167 | 2131 | | 21 |
|---|
| 2168 | 2132 | | 22 |
|---|
| 2169 | 2133 | | 23 |
|---|
| 2170 | 2134 | | 24 |
|---|
| 2171 | 2135 | | |
|---|
| 2172 | 2136 | | specified in this paragraph, which are received by an |
|---|
| 2173 | 2137 | | individual sixty-five (65) years of age or older and |
|---|
| 2174 | 2138 | | whose Oklahoma adjusted gross income is Twenty-five |
|---|
| 2175 | 2139 | | Thousand Dollars ($25,000.00) or less if t he filing |
|---|
| 2176 | 2140 | | status is single, head of household, or married filing |
|---|
| 2177 | 2141 | | separate, or Fifty Thousand Dollars ($50,000.00) or |
|---|
| 2178 | 2142 | | less if the filing status is married filing joint or |
|---|
| 2179 | 2143 | | qualifying widow, shall be ex empt from taxable income. |
|---|
| 2180 | 2144 | | In taxable years beginning aft er December 31, 2004, |
|---|
| 2181 | 2145 | | retirement benefits not to exceed the amounts |
|---|
| 2182 | 2146 | | specified in this paragra ph, which are received by an |
|---|
| 2183 | 2147 | | individual whose Oklahoma adjusted gross income is |
|---|
| 2184 | 2148 | | less than the qualifying a mount specified in this |
|---|
| 2185 | 2149 | | paragraph, shall be exempt from t axable income. |
|---|
| 2186 | 2150 | | b. For purposes of this paragraph, the qualifying amount |
|---|
| 2187 | 2151 | | shall be as follows: |
|---|
| 2188 | 2152 | | (1) in taxable years beginning after December 31, |
|---|
| 2189 | 2153 | | 2004, and prior to January 1, 2007, the |
|---|
| 2190 | 2154 | | qualifying amount shall be Thirty-seven Thousand |
|---|
| 2191 | 2155 | | Five Hundred Dollars ($3 7,500.00) or less if the |
|---|
| 2192 | 2156 | | filing status is single, head of household, or |
|---|
| 2193 | 2157 | | married filing separa te, or Seventy-five Thousand |
|---|
| 2194 | 2158 | | Dollars ($75,000.00) or less if the filing status |
|---|
| 2195 | 2159 | | is married filing jointly o r qualifying widow, |
|---|
| 2196 | 2160 | | |
|---|
| 2199 | 2162 | | 2 |
|---|
| 2200 | 2163 | | 3 |
|---|
| 2201 | 2164 | | 4 |
|---|
| 2202 | 2165 | | 5 |
|---|
| 2203 | 2166 | | 6 |
|---|
| 2204 | 2167 | | 7 |
|---|
| 2205 | 2168 | | 8 |
|---|
| 2206 | 2169 | | 9 |
|---|
| 2207 | 2170 | | 10 |
|---|
| 2208 | 2171 | | 11 |
|---|
| 2209 | 2172 | | 12 |
|---|
| 2210 | 2173 | | 13 |
|---|
| 2211 | 2174 | | 14 |
|---|
| 2212 | 2175 | | 15 |
|---|
| 2213 | 2176 | | 16 |
|---|
| 2214 | 2177 | | 17 |
|---|
| 2215 | 2178 | | 18 |
|---|
| 2216 | 2179 | | 19 |
|---|
| 2217 | 2180 | | 20 |
|---|
| 2218 | 2181 | | 21 |
|---|
| 2219 | 2182 | | 22 |
|---|
| 2220 | 2183 | | 23 |
|---|
| 2221 | 2184 | | 24 |
|---|
| 2222 | 2185 | | |
|---|
| 2223 | 2186 | | (2) in the taxable year beginning Jan uary 1, 2007, |
|---|
| 2224 | 2187 | | the qualifying amount shall be Fifty Thousand |
|---|
| 2225 | 2188 | | Dollars ($50,000.00) or less if t he filing status |
|---|
| 2226 | 2189 | | is single, head of household, or married filing |
|---|
| 2227 | 2190 | | separate, or One Hundred Thousand Dollars |
|---|
| 2228 | 2191 | | ($100,000.00) or less if the filing status is |
|---|
| 2229 | 2192 | | married filing jointly or qualifying widow, |
|---|
| 2230 | 2193 | | (3) in the taxable year beginning January 1, 2008, |
|---|
| 2231 | 2194 | | the qualifying amount shall be Sixty-two Thousand |
|---|
| 2232 | 2195 | | Five Hundred Dollars ($62,500.00) or less if the |
|---|
| 2233 | 2196 | | filing status is single, head of household, or |
|---|
| 2234 | 2197 | | married filing separate, or One Hundred Twenty- |
|---|
| 2235 | 2198 | | five Thousand Dollars ($125,000.00) or less if |
|---|
| 2236 | 2199 | | the filing status is mar ried filing jointly or |
|---|
| 2237 | 2200 | | qualifying widow, |
|---|
| 2238 | 2201 | | (4) in the taxable year beginning January 1, 2009, |
|---|
| 2239 | 2202 | | the qualifying amount shall be One Hundred |
|---|
| 2240 | 2203 | | Thousand Dollars ($100,000.0 0) or less if the |
|---|
| 2241 | 2204 | | filing status is single, head of household, or |
|---|
| 2242 | 2205 | | married filing separate, or Two Hundred Thousand |
|---|
| 2243 | 2206 | | Dollars ($200,000.00) or less if the filing |
|---|
| 2244 | 2207 | | status is married filing jointly or quali fying |
|---|
| 2245 | 2208 | | widow, and |
|---|
| 2246 | 2209 | | |
|---|
| 2249 | 2211 | | 2 |
|---|
| 2250 | 2212 | | 3 |
|---|
| 2251 | 2213 | | 4 |
|---|
| 2252 | 2214 | | 5 |
|---|
| 2253 | 2215 | | 6 |
|---|
| 2254 | 2216 | | 7 |
|---|
| 2255 | 2217 | | 8 |
|---|
| 2256 | 2218 | | 9 |
|---|
| 2257 | 2219 | | 10 |
|---|
| 2258 | 2220 | | 11 |
|---|
| 2259 | 2221 | | 12 |
|---|
| 2260 | 2222 | | 13 |
|---|
| 2261 | 2223 | | 14 |
|---|
| 2262 | 2224 | | 15 |
|---|
| 2263 | 2225 | | 16 |
|---|
| 2264 | 2226 | | 17 |
|---|
| 2265 | 2227 | | 18 |
|---|
| 2266 | 2228 | | 19 |
|---|
| 2267 | 2229 | | 20 |
|---|
| 2268 | 2230 | | 21 |
|---|
| 2269 | 2231 | | 22 |
|---|
| 2270 | 2232 | | 23 |
|---|
| 2271 | 2233 | | 24 |
|---|
| 2272 | 2234 | | |
|---|
| 2273 | 2235 | | (5) in the taxable year beginning Januar y 1, 2010, |
|---|
| 2274 | 2236 | | and subsequent taxable years, there shall be no |
|---|
| 2275 | 2237 | | limitation upon the qualifying amo unt. |
|---|
| 2276 | 2238 | | c. For purposes of this paragraph, "retirement benefits" |
|---|
| 2277 | 2239 | | means the total distributions or withdrawals from the |
|---|
| 2278 | 2240 | | following: |
|---|
| 2279 | 2241 | | (1) an employee pension benefit plan which satisfies |
|---|
| 2280 | 2242 | | the requirements of Section 401 of the Internal |
|---|
| 2281 | 2243 | | Revenue Code, 26 U.S.C., Sec tion 401, |
|---|
| 2282 | 2244 | | (2) an eligible deferred compensation plan that |
|---|
| 2283 | 2245 | | satisfies the requirements of Section 457 of the |
|---|
| 2284 | 2246 | | Internal Revenue Code, 26 U.S.C. , Section 457, |
|---|
| 2285 | 2247 | | (3) an individual retirement account, annuity or |
|---|
| 2286 | 2248 | | trust or simplified employee pension that |
|---|
| 2287 | 2249 | | satisfies the requirements of Section 408 of the |
|---|
| 2288 | 2250 | | Internal Revenue Code, 26 U.S.C., Section 408, |
|---|
| 2289 | 2251 | | (4) an employee annuity subject to the provisions of |
|---|
| 2290 | 2252 | | Section 403(a) or (b) of the Internal Revenue |
|---|
| 2291 | 2253 | | Code, 26 U.S.C., Section 403(a) or (b), |
|---|
| 2292 | 2254 | | (5) United States Retirement Bon ds which satisfy the |
|---|
| 2293 | 2255 | | requirements of Section 86 of the Internal |
|---|
| 2294 | 2256 | | Revenue Code, 26 U.S.C., Section 86, or |
|---|
| 2295 | 2257 | | (6) lump-sum distributions from a r etirement plan |
|---|
| 2296 | 2258 | | which satisfies the requirements of Section |
|---|
| 2297 | 2259 | | |
|---|
| 2300 | 2261 | | 2 |
|---|
| 2301 | 2262 | | 3 |
|---|
| 2302 | 2263 | | 4 |
|---|
| 2303 | 2264 | | 5 |
|---|
| 2304 | 2265 | | 6 |
|---|
| 2305 | 2266 | | 7 |
|---|
| 2306 | 2267 | | 8 |
|---|
| 2307 | 2268 | | 9 |
|---|
| 2308 | 2269 | | 10 |
|---|
| 2309 | 2270 | | 11 |
|---|
| 2310 | 2271 | | 12 |
|---|
| 2311 | 2272 | | 13 |
|---|
| 2312 | 2273 | | 14 |
|---|
| 2313 | 2274 | | 15 |
|---|
| 2314 | 2275 | | 16 |
|---|
| 2315 | 2276 | | 17 |
|---|
| 2316 | 2277 | | 18 |
|---|
| 2317 | 2278 | | 19 |
|---|
| 2318 | 2279 | | 20 |
|---|
| 2319 | 2280 | | 21 |
|---|
| 2320 | 2281 | | 22 |
|---|
| 2321 | 2282 | | 23 |
|---|
| 2322 | 2283 | | 24 |
|---|
| 2323 | 2284 | | |
|---|
| 2324 | 2285 | | 402(e) of the Internal Revenue Code, 26 U.S.C., |
|---|
| 2325 | 2286 | | Section 402(e). |
|---|
| 2326 | 2287 | | d. The amount of the exemption provided by this paragraph |
|---|
| 2327 | 2288 | | shall be limited to Five Thousand Five Hundred Dollars |
|---|
| 2328 | 2289 | | ($5,500.00) for the 2004 tax year, Seven Tho usand Five |
|---|
| 2329 | 2290 | | Hundred Dollars ($7,500.00) for the 2005 tax year and |
|---|
| 2330 | 2291 | | Ten Thousand Dollars ($10,00 0.00) for the tax year |
|---|
| 2331 | 2292 | | 2006 and for all subsequent tax years. Any individual |
|---|
| 2332 | 2293 | | who claims the exemption provided for in paragraph 8 |
|---|
| 2333 | 2294 | | of this subsection shall not be permitted to claim a |
|---|
| 2334 | 2295 | | combined total exemption pursuant to this paragraph |
|---|
| 2335 | 2296 | | and paragraph 8 of t his subsection in an amount |
|---|
| 2336 | 2297 | | exceeding Five Thousand Five Hundred Dollars |
|---|
| 2337 | 2298 | | ($5,500.00) for the 2004 tax y ear, Seven Thousand Five |
|---|
| 2338 | 2299 | | Hundred Dollars ($7,500.00) for the 2005 tax year and |
|---|
| 2339 | 2300 | | Ten Thousand Dollars ($10,000.00) for the 2006 tax |
|---|
| 2340 | 2301 | | year and all subsequent tax years. |
|---|
| 2341 | 2302 | | 14. In taxable years beginning after December 31, 1999, for an |
|---|
| 2342 | 2303 | | individual engaged in production agriculture who has filed a |
|---|
| 2343 | 2304 | | Schedule F form with the t axpayer's federal income tax return for |
|---|
| 2344 | 2305 | | such taxable year, there shall be excluded from taxable income any |
|---|
| 2345 | 2306 | | amount which was included as federal taxable income or federal |
|---|
| 2346 | 2307 | | adjusted gross income and which consists of the discharge of a n |
|---|
| 2347 | 2308 | | |
|---|
| 2350 | 2310 | | 2 |
|---|
| 2351 | 2311 | | 3 |
|---|
| 2352 | 2312 | | 4 |
|---|
| 2353 | 2313 | | 5 |
|---|
| 2354 | 2314 | | 6 |
|---|
| 2355 | 2315 | | 7 |
|---|
| 2356 | 2316 | | 8 |
|---|
| 2357 | 2317 | | 9 |
|---|
| 2358 | 2318 | | 10 |
|---|
| 2359 | 2319 | | 11 |
|---|
| 2360 | 2320 | | 12 |
|---|
| 2361 | 2321 | | 13 |
|---|
| 2362 | 2322 | | 14 |
|---|
| 2363 | 2323 | | 15 |
|---|
| 2364 | 2324 | | 16 |
|---|
| 2365 | 2325 | | 17 |
|---|
| 2366 | 2326 | | 18 |
|---|
| 2367 | 2327 | | 19 |
|---|
| 2368 | 2328 | | 20 |
|---|
| 2369 | 2329 | | 21 |
|---|
| 2370 | 2330 | | 22 |
|---|
| 2371 | 2331 | | 23 |
|---|
| 2372 | 2332 | | 24 |
|---|
| 2373 | 2333 | | |
|---|
| 2374 | 2334 | | obligation by a credit or of the taxpayer incurred to finance the |
|---|
| 2375 | 2335 | | production of agricultural products. |
|---|
| 2376 | 2336 | | 15. In taxable years beginning December 31, 2000, an amount |
|---|
| 2377 | 2337 | | equal to one hundred percent (100%) of the am ount of any scholarship |
|---|
| 2378 | 2338 | | or stipend received fr om participation in the Oklahoma Police Corps |
|---|
| 2379 | 2339 | | Program, as established in Section 2-140.3 of Title 47 of the |
|---|
| 2380 | 2340 | | Oklahoma Statutes shall be exempt from ta xable income. |
|---|
| 2381 | 2341 | | 16. a. In taxable years beginning after December 31, 2001, |
|---|
| 2382 | 2342 | | and before January 1, 2005, there shall be allowed a |
|---|
| 2383 | 2343 | | deduction in the amount of contributions to accounts |
|---|
| 2384 | 2344 | | established pursuant to the Oklahoma College Savings |
|---|
| 2385 | 2345 | | Plan Act. The deduction shall equal the amount of |
|---|
| 2386 | 2346 | | contributions to accounts, but in no event shall the |
|---|
| 2387 | 2347 | | deduction for each contribu tor exceed Two Thousand |
|---|
| 2388 | 2348 | | Five Hundred Dollars ($2,500.00) each taxable year for |
|---|
| 2389 | 2349 | | each account. |
|---|
| 2390 | 2350 | | b. In taxable years beginning after December 31, 2004, |
|---|
| 2391 | 2351 | | each taxpayer shall be allowed a deduction for |
|---|
| 2392 | 2352 | | contributions to accounts established pursuant to the |
|---|
| 2393 | 2353 | | Oklahoma College Savings Plan Act. The maximum annual |
|---|
| 2394 | 2354 | | deduction shall equal the amount of contributions to |
|---|
| 2395 | 2355 | | all such accounts plus any contributions to such |
|---|
| 2396 | 2356 | | accounts by the taxpayer for prior taxable years aft er |
|---|
| 2397 | 2357 | | December 31, 2004, which were not deducted, but in no |
|---|
| 2398 | 2358 | | |
|---|
| 2401 | 2360 | | 2 |
|---|
| 2402 | 2361 | | 3 |
|---|
| 2403 | 2362 | | 4 |
|---|
| 2404 | 2363 | | 5 |
|---|
| 2405 | 2364 | | 6 |
|---|
| 2406 | 2365 | | 7 |
|---|
| 2407 | 2366 | | 8 |
|---|
| 2408 | 2367 | | 9 |
|---|
| 2409 | 2368 | | 10 |
|---|
| 2410 | 2369 | | 11 |
|---|
| 2411 | 2370 | | 12 |
|---|
| 2412 | 2371 | | 13 |
|---|
| 2413 | 2372 | | 14 |
|---|
| 2414 | 2373 | | 15 |
|---|
| 2415 | 2374 | | 16 |
|---|
| 2416 | 2375 | | 17 |
|---|
| 2417 | 2376 | | 18 |
|---|
| 2418 | 2377 | | 19 |
|---|
| 2419 | 2378 | | 20 |
|---|
| 2420 | 2379 | | 21 |
|---|
| 2421 | 2380 | | 22 |
|---|
| 2422 | 2381 | | 23 |
|---|
| 2423 | 2382 | | 24 |
|---|
| 2424 | 2383 | | |
|---|
| 2425 | 2384 | | event shall the deduction for each tax year exceed Ten |
|---|
| 2426 | 2385 | | Thousand Dollars ($10,000.00) for each individual |
|---|
| 2427 | 2386 | | taxpayer or Twenty Thousand Dollars ($20, 000.00) for |
|---|
| 2428 | 2387 | | taxpayers filing a joint return . Any amount of a |
|---|
| 2429 | 2388 | | contribution that is not deducted by the taxp ayer in |
|---|
| 2430 | 2389 | | the year for which the contribution is made may be |
|---|
| 2431 | 2390 | | carried forward as a deduction from income for the |
|---|
| 2432 | 2391 | | succeeding five (5) years. For taxable years |
|---|
| 2433 | 2392 | | beginning after December 31, 2005, deductions may be |
|---|
| 2434 | 2393 | | taken for contributions and rollovers made duri ng a |
|---|
| 2435 | 2394 | | taxable year and up to April 15 of the succeeding |
|---|
| 2436 | 2395 | | year, or the due date of a taxpayer's state income tax |
|---|
| 2437 | 2396 | | return, excluding extensions, whichever is later. |
|---|
| 2438 | 2397 | | Provided, a deduction for the same contri bution may |
|---|
| 2439 | 2398 | | not be taken for two (2) different taxable years. |
|---|
| 2440 | 2399 | | c. In taxable years beginning after December 31, 2006, |
|---|
| 2441 | 2400 | | deductions for contributions made pursuant to |
|---|
| 2442 | 2401 | | subparagraph b of this paragraph shall be limited as |
|---|
| 2443 | 2402 | | follows: |
|---|
| 2444 | 2403 | | (1) for a taxpayer who qualifi ed for the five-year |
|---|
| 2445 | 2404 | | carryforward election and who takes a rollover or |
|---|
| 2446 | 2405 | | nonqualified withdrawal during that period, the |
|---|
| 2447 | 2406 | | tax deduction otherwise available pursuant to |
|---|
| 2448 | 2407 | | subparagraph b of this paragraph shall b e reduced |
|---|
| 2449 | 2408 | | |
|---|
| 2452 | 2410 | | 2 |
|---|
| 2453 | 2411 | | 3 |
|---|
| 2454 | 2412 | | 4 |
|---|
| 2455 | 2413 | | 5 |
|---|
| 2456 | 2414 | | 6 |
|---|
| 2457 | 2415 | | 7 |
|---|
| 2458 | 2416 | | 8 |
|---|
| 2459 | 2417 | | 9 |
|---|
| 2460 | 2418 | | 10 |
|---|
| 2461 | 2419 | | 11 |
|---|
| 2462 | 2420 | | 12 |
|---|
| 2463 | 2421 | | 13 |
|---|
| 2464 | 2422 | | 14 |
|---|
| 2465 | 2423 | | 15 |
|---|
| 2466 | 2424 | | 16 |
|---|
| 2467 | 2425 | | 17 |
|---|
| 2468 | 2426 | | 18 |
|---|
| 2469 | 2427 | | 19 |
|---|
| 2470 | 2428 | | 20 |
|---|
| 2471 | 2429 | | 21 |
|---|
| 2472 | 2430 | | 22 |
|---|
| 2473 | 2431 | | 23 |
|---|
| 2474 | 2432 | | 24 |
|---|
| 2475 | 2433 | | |
|---|
| 2476 | 2434 | | by the amount which is equal to the rollo ver or |
|---|
| 2477 | 2435 | | nonqualified withdrawal, and |
|---|
| 2478 | 2436 | | (2) for a taxpayer who elects to take a rollover or |
|---|
| 2479 | 2437 | | nonqualified withdrawal within the same tax year |
|---|
| 2480 | 2438 | | in which a contribution was made to the |
|---|
| 2481 | 2439 | | taxpayer's account, the tax deduction otherwise |
|---|
| 2482 | 2440 | | available pursuant to subparag raph b of this |
|---|
| 2483 | 2441 | | paragraph shall be reduced by the amount o f the |
|---|
| 2484 | 2442 | | contribution which is equal to the rollover or |
|---|
| 2485 | 2443 | | nonqualified withdrawal. |
|---|
| 2486 | 2444 | | d. If a taxpayer elects to take a rollover on a |
|---|
| 2487 | 2445 | | contribution for which a deduction has been taken |
|---|
| 2488 | 2446 | | pursuant to subparagra ph b of this paragraph within |
|---|
| 2489 | 2447 | | one (1) year of the date of contribution, the amount |
|---|
| 2490 | 2448 | | of such rollover shall be included in the adjusted |
|---|
| 2491 | 2449 | | gross income of the taxpayer in the taxable year of |
|---|
| 2492 | 2450 | | the rollover. |
|---|
| 2493 | 2451 | | e. If a taxpayer makes a nonqualified withdrawal of |
|---|
| 2494 | 2452 | | contributions for which a deduction was taken pursuant |
|---|
| 2495 | 2453 | | to subparagraph b of this paragraph, such nonqualified |
|---|
| 2496 | 2454 | | withdrawal and any earnings thereon shall be included |
|---|
| 2497 | 2455 | | in the adjusted gross income of the taxpayer in the |
|---|
| 2498 | 2456 | | taxable year of the nonqualified withdrawal . |
|---|
| 2499 | 2457 | | f. As used in this paragraph: |
|---|
| 2500 | 2458 | | |
|---|
| 2503 | 2460 | | 2 |
|---|
| 2504 | 2461 | | 3 |
|---|
| 2505 | 2462 | | 4 |
|---|
| 2506 | 2463 | | 5 |
|---|
| 2507 | 2464 | | 6 |
|---|
| 2508 | 2465 | | 7 |
|---|
| 2509 | 2466 | | 8 |
|---|
| 2510 | 2467 | | 9 |
|---|
| 2511 | 2468 | | 10 |
|---|
| 2512 | 2469 | | 11 |
|---|
| 2513 | 2470 | | 12 |
|---|
| 2514 | 2471 | | 13 |
|---|
| 2515 | 2472 | | 14 |
|---|
| 2516 | 2473 | | 15 |
|---|
| 2517 | 2474 | | 16 |
|---|
| 2518 | 2475 | | 17 |
|---|
| 2519 | 2476 | | 18 |
|---|
| 2520 | 2477 | | 19 |
|---|
| 2521 | 2478 | | 20 |
|---|
| 2522 | 2479 | | 21 |
|---|
| 2523 | 2480 | | 22 |
|---|
| 2524 | 2481 | | 23 |
|---|
| 2525 | 2482 | | 24 |
|---|
| 2526 | 2483 | | |
|---|
| 2527 | 2484 | | (1) "non-qualified withdrawal" means a withdrawal |
|---|
| 2528 | 2485 | | from an Oklahoma College Savings Plan account |
|---|
| 2529 | 2486 | | other than one of the following: |
|---|
| 2530 | 2487 | | (a) a qualified withdrawal, |
|---|
| 2531 | 2488 | | (b) a withdrawal made as a result of the death |
|---|
| 2532 | 2489 | | or disability of the designated beneficiary |
|---|
| 2533 | 2490 | | of an account, |
|---|
| 2534 | 2491 | | (c) a withdrawal that is made on the accou nt of |
|---|
| 2535 | 2492 | | a scholarship or the allowance or payment |
|---|
| 2536 | 2493 | | described in Section 135(d)(1)(B) or (C) or |
|---|
| 2537 | 2494 | | by the Internal Revenue Code, recei ved by |
|---|
| 2538 | 2495 | | the designated beneficiary to the ex tent the |
|---|
| 2539 | 2496 | | amount of the refund does not exceed the |
|---|
| 2540 | 2497 | | amount of the scholarship, allowance , or |
|---|
| 2541 | 2498 | | payment, or |
|---|
| 2542 | 2499 | | (d) a rollover or change of designated |
|---|
| 2543 | 2500 | | beneficiary as permitted by subsection F of |
|---|
| 2544 | 2501 | | Section 3970.7 of Title 70 of Oklahoma |
|---|
| 2545 | 2502 | | Statutes, and |
|---|
| 2546 | 2503 | | (2) "rollover" means the transfer of funds from the |
|---|
| 2547 | 2504 | | Oklahoma College Savings Pla n to any other plan |
|---|
| 2548 | 2505 | | under Section 529 of the Internal Revenue Cod e. |
|---|
| 2549 | 2506 | | 17. For taxable years beginning after December 31, 2005, |
|---|
| 2550 | 2507 | | retirement benefits rece ived by an individual from any compo nent of |
|---|
| 2551 | 2508 | | |
|---|
| 2554 | 2510 | | 2 |
|---|
| 2555 | 2511 | | 3 |
|---|
| 2556 | 2512 | | 4 |
|---|
| 2557 | 2513 | | 5 |
|---|
| 2558 | 2514 | | 6 |
|---|
| 2559 | 2515 | | 7 |
|---|
| 2560 | 2516 | | 8 |
|---|
| 2561 | 2517 | | 9 |
|---|
| 2562 | 2518 | | 10 |
|---|
| 2563 | 2519 | | 11 |
|---|
| 2564 | 2520 | | 12 |
|---|
| 2565 | 2521 | | 13 |
|---|
| 2566 | 2522 | | 14 |
|---|
| 2567 | 2523 | | 15 |
|---|
| 2568 | 2524 | | 16 |
|---|
| 2569 | 2525 | | 17 |
|---|
| 2570 | 2526 | | 18 |
|---|
| 2571 | 2527 | | 19 |
|---|
| 2572 | 2528 | | 20 |
|---|
| 2573 | 2529 | | 21 |
|---|
| 2574 | 2530 | | 22 |
|---|
| 2575 | 2531 | | 23 |
|---|
| 2576 | 2532 | | 24 |
|---|
| 2577 | 2533 | | |
|---|
| 2578 | 2534 | | the Armed Forces of the United States in an amount not to exceed the |
|---|
| 2579 | 2535 | | greater of seventy-five percent (75%) of such benefits or Ten |
|---|
| 2580 | 2536 | | Thousand Dollars ($10,000.00) shall be exempt from taxable income |
|---|
| 2581 | 2537 | | but in no case less than the amount of the exemptio n provided by |
|---|
| 2582 | 2538 | | paragraph 13 of this subsection. |
|---|
| 2583 | 2539 | | 18. For taxable years beginning after December 31, 2006, |
|---|
| 2584 | 2540 | | retirement benefits received by federal civi l service retirees, |
|---|
| 2585 | 2541 | | including survivor annuities, paid in lieu of Social Security |
|---|
| 2586 | 2542 | | benefits shall be exempt from taxable income t o the extent such |
|---|
| 2587 | 2543 | | benefits are included in the federal adjusted gross income pursuant |
|---|
| 2588 | 2544 | | to the provisions of Section 86 of the Int ernal Revenue Code, 26 |
|---|
| 2589 | 2545 | | U.S.C., Section 86, according to the follo wing schedule: |
|---|
| 2590 | 2546 | | a. in the taxable year beginning January 1, 2007 , twenty |
|---|
| 2591 | 2547 | | percent (20%) of such bene fits shall be exempt, |
|---|
| 2592 | 2548 | | b. in the taxable year beginning January 1, 2008, forty |
|---|
| 2593 | 2549 | | percent (40%) of such benefits shall be exempt, |
|---|
| 2594 | 2550 | | c. in the taxable year beginning January 1, 2009, sixty |
|---|
| 2595 | 2551 | | percent (60%) of such benefits shall be exempt, |
|---|
| 2596 | 2552 | | d. in the taxable year beginning January 1, 2010, eighty |
|---|
| 2597 | 2553 | | percent (80%) of such benefits shall be exempt, and |
|---|
| 2598 | 2554 | | e. in the taxable year beginning January 1, 2011, and |
|---|
| 2599 | 2555 | | subsequent taxable ye ars, one hundred percent (100 %) |
|---|
| 2600 | 2556 | | of such benefits shall be exemp t. |
|---|
| 2601 | 2557 | | |
|---|
| 2604 | 2559 | | 2 |
|---|
| 2605 | 2560 | | 3 |
|---|
| 2606 | 2561 | | 4 |
|---|
| 2607 | 2562 | | 5 |
|---|
| 2608 | 2563 | | 6 |
|---|
| 2609 | 2564 | | 7 |
|---|
| 2610 | 2565 | | 8 |
|---|
| 2611 | 2566 | | 9 |
|---|
| 2612 | 2567 | | 10 |
|---|
| 2613 | 2568 | | 11 |
|---|
| 2614 | 2569 | | 12 |
|---|
| 2615 | 2570 | | 13 |
|---|
| 2616 | 2571 | | 14 |
|---|
| 2617 | 2572 | | 15 |
|---|
| 2618 | 2573 | | 16 |
|---|
| 2619 | 2574 | | 17 |
|---|
| 2620 | 2575 | | 18 |
|---|
| 2621 | 2576 | | 19 |
|---|
| 2622 | 2577 | | 20 |
|---|
| 2623 | 2578 | | 21 |
|---|
| 2624 | 2579 | | 22 |
|---|
| 2625 | 2580 | | 23 |
|---|
| 2626 | 2581 | | 24 |
|---|
| 2627 | 2582 | | |
|---|
| 2628 | 2583 | | 19. a. For taxable years beginning after Decemb er 31, 2007, a |
|---|
| 2629 | 2584 | | resident individual may deduct up to Ten Thousand |
|---|
| 2630 | 2585 | | Dollars ($10,000.00) from Oklahoma adjusted gross |
|---|
| 2631 | 2586 | | income if the individua l, or the dependent of the |
|---|
| 2632 | 2587 | | individual, while living, donates one or more human |
|---|
| 2633 | 2588 | | organs of the individual to another hum an being for |
|---|
| 2634 | 2589 | | human organ transplantation. As used in this |
|---|
| 2635 | 2590 | | paragraph, "human organ" means all or part of a liver, |
|---|
| 2636 | 2591 | | pancreas, kidney, intest ine, lung, or bone marrow. A |
|---|
| 2637 | 2592 | | deduction that is claimed under th is paragraph may be |
|---|
| 2638 | 2593 | | claimed in the taxable year in whi ch the human organ |
|---|
| 2639 | 2594 | | transplantation occurs. |
|---|
| 2640 | 2595 | | b. An individual may claim this ded uction only once, and |
|---|
| 2641 | 2596 | | the deduction may be claimed only for unreimbursed |
|---|
| 2642 | 2597 | | expenses that are incurred by the individual and |
|---|
| 2643 | 2598 | | related to the organ donation of the individual. |
|---|
| 2644 | 2599 | | c. The Oklahoma Tax Commission shall promulgate rules to |
|---|
| 2645 | 2600 | | implement the provisions of this paragraph which shall |
|---|
| 2646 | 2601 | | contain a specific list of expens es which may be |
|---|
| 2647 | 2602 | | presumed to qualify for the deduction. The Tax |
|---|
| 2648 | 2603 | | Commission shall prescribe necessary requirements for |
|---|
| 2649 | 2604 | | verification. |
|---|
| 2650 | 2605 | | 20. For taxable years beginning after December 31, 2009, there |
|---|
| 2651 | 2606 | | shall be exempt from taxable income any amount received by the |
|---|
| 2652 | 2607 | | |
|---|
| 2655 | 2609 | | 2 |
|---|
| 2656 | 2610 | | 3 |
|---|
| 2657 | 2611 | | 4 |
|---|
| 2658 | 2612 | | 5 |
|---|
| 2659 | 2613 | | 6 |
|---|
| 2660 | 2614 | | 7 |
|---|
| 2661 | 2615 | | 8 |
|---|
| 2662 | 2616 | | 9 |
|---|
| 2663 | 2617 | | 10 |
|---|
| 2664 | 2618 | | 11 |
|---|
| 2665 | 2619 | | 12 |
|---|
| 2666 | 2620 | | 13 |
|---|
| 2667 | 2621 | | 14 |
|---|
| 2668 | 2622 | | 15 |
|---|
| 2669 | 2623 | | 16 |
|---|
| 2670 | 2624 | | 17 |
|---|
| 2671 | 2625 | | 18 |
|---|
| 2672 | 2626 | | 19 |
|---|
| 2673 | 2627 | | 20 |
|---|
| 2674 | 2628 | | 21 |
|---|
| 2675 | 2629 | | 22 |
|---|
| 2676 | 2630 | | 23 |
|---|
| 2677 | 2631 | | 24 |
|---|
| 2678 | 2632 | | |
|---|
| 2679 | 2633 | | beneficiary of the death benefit for an emergency medical technician |
|---|
| 2680 | 2634 | | or a registered emergency medical responder pr ovided by Section 1- |
|---|
| 2681 | 2635 | | 2505.1 of Title 63 of the Oklahoma Statutes. |
|---|
| 2682 | 2636 | | 21. For taxable years beginning after December 31, 2008, |
|---|
| 2683 | 2637 | | taxable income shall be increased by any unemployment compensation |
|---|
| 2684 | 2638 | | exempted under Section 85(c) of the Internal Revenue Code, 26 |
|---|
| 2685 | 2639 | | U.S.C., Section 85(c)(2009). |
|---|
| 2686 | 2640 | | 22. For taxable years beginning after December 31, 2 008, there |
|---|
| 2687 | 2641 | | shall be exempt from taxable income a ny payment in an amoun t less |
|---|
| 2688 | 2642 | | than Six Hundred Dollars ($600.00) rec eived by a person as an award |
|---|
| 2689 | 2643 | | for participation in a competitiv e livestock show event. For |
|---|
| 2690 | 2644 | | purposes of this paragraph, the payment shall be treated as a |
|---|
| 2691 | 2645 | | scholarship amount paid by the enti ty sponsoring the even t and the |
|---|
| 2692 | 2646 | | sponsoring entity shall cause the p ayment to be categor ized as a |
|---|
| 2693 | 2647 | | scholarship in its books and reco rds. |
|---|
| 2694 | 2648 | | 23. For taxable years beginning on or after January 1, 2016, |
|---|
| 2695 | 2649 | | taxable income shall be increased by any amount of stat e and local |
|---|
| 2696 | 2650 | | sales or income taxes deducted under 26 U.S.C., Section 164 of the |
|---|
| 2697 | 2651 | | Internal Revenue Code. If the amount of state and loca l taxes |
|---|
| 2698 | 2652 | | deducted on the federal return is limited, taxable income on the |
|---|
| 2699 | 2653 | | state return shall be increased only by the amoun t actually deducted |
|---|
| 2700 | 2654 | | after any such limitations are applied. |
|---|
| 2701 | 2655 | | 24. For taxable years beginning after December 31, 2020, each |
|---|
| 2702 | 2656 | | taxpayer shall be allowed a deduction for contributions to accounts |
|---|
| 2703 | 2657 | | |
|---|
| 2706 | 2659 | | 2 |
|---|
| 2707 | 2660 | | 3 |
|---|
| 2708 | 2661 | | 4 |
|---|
| 2709 | 2662 | | 5 |
|---|
| 2710 | 2663 | | 6 |
|---|
| 2711 | 2664 | | 7 |
|---|
| 2712 | 2665 | | 8 |
|---|
| 2713 | 2666 | | 9 |
|---|
| 2714 | 2667 | | 10 |
|---|
| 2715 | 2668 | | 11 |
|---|
| 2716 | 2669 | | 12 |
|---|
| 2717 | 2670 | | 13 |
|---|
| 2718 | 2671 | | 14 |
|---|
| 2719 | 2672 | | 15 |
|---|
| 2720 | 2673 | | 16 |
|---|
| 2721 | 2674 | | 17 |
|---|
| 2722 | 2675 | | 18 |
|---|
| 2723 | 2676 | | 19 |
|---|
| 2724 | 2677 | | 20 |
|---|
| 2725 | 2678 | | 21 |
|---|
| 2726 | 2679 | | 22 |
|---|
| 2727 | 2680 | | 23 |
|---|
| 2728 | 2681 | | 24 |
|---|
| 2729 | 2682 | | |
|---|
| 2730 | 2683 | | established pursuant to the Achieving a Better Life Experienc e |
|---|
| 2731 | 2684 | | (ABLE) Program as established in Section 4001.1 et seq. of Title 56 |
|---|
| 2732 | 2685 | | of the Oklahoma Statutes. For any tax year, the deduction provid ed |
|---|
| 2733 | 2686 | | for in this paragraph shall not exceed Ten Thousand Dollars |
|---|
| 2734 | 2687 | | ($10,000.00) for an individual taxpayer or Twenty Thousand Dollars |
|---|
| 2735 | 2688 | | ($20,000.00) for taxpayers filing a joint return . Any amount of |
|---|
| 2736 | 2689 | | contribution not deducted by the taxpayer in the tax year for which |
|---|
| 2737 | 2690 | | the contribution is made may be carried forward as a deduction from |
|---|
| 2738 | 2691 | | income for up to five (5) tax years. Deductions may be taken for |
|---|
| 2739 | 2692 | | contributions made during the tax year and throug h April 15 of the |
|---|
| 2740 | 2693 | | succeeding tax year, or through the due date of a taxpayer's state |
|---|
| 2741 | 2694 | | income tax return excluding extensions, whichever is later . |
|---|
| 2742 | 2695 | | Provided, a deduction for the same contri bution may not be taken in |
|---|
| 2743 | 2696 | | more than one (1) tax year. |
|---|
| 2744 | 2697 | | F. 1. For taxable years beginning after December 31, 2004, a |
|---|
| 2745 | 2698 | | deduction from the Oklahoma adjusted gross income of any individual |
|---|
| 2746 | 2699 | | taxpayer shall be allowed for qualifying gains receiving capital |
|---|
| 2747 | 2700 | | treatment that are included in the federal adjusted gross income of |
|---|
| 2748 | 2701 | | such individual taxpayer during the taxable year. |
|---|
| 2749 | 2702 | | 2. As used in this subsection: |
|---|
| 2750 | 2703 | | a. "qualifying gains receiving capital treatment " means |
|---|
| 2751 | 2704 | | the amount of net capital gains, as defined in Section |
|---|
| 2752 | 2705 | | 1222(11) of the Internal Revenue Code, included in an |
|---|
| 2753 | 2706 | | |
|---|
| 2756 | 2708 | | 2 |
|---|
| 2757 | 2709 | | 3 |
|---|
| 2758 | 2710 | | 4 |
|---|
| 2759 | 2711 | | 5 |
|---|
| 2760 | 2712 | | 6 |
|---|
| 2761 | 2713 | | 7 |
|---|
| 2762 | 2714 | | 8 |
|---|
| 2763 | 2715 | | 9 |
|---|
| 2764 | 2716 | | 10 |
|---|
| 2765 | 2717 | | 11 |
|---|
| 2766 | 2718 | | 12 |
|---|
| 2767 | 2719 | | 13 |
|---|
| 2768 | 2720 | | 14 |
|---|
| 2769 | 2721 | | 15 |
|---|
| 2770 | 2722 | | 16 |
|---|
| 2771 | 2723 | | 17 |
|---|
| 2772 | 2724 | | 18 |
|---|
| 2773 | 2725 | | 19 |
|---|
| 2774 | 2726 | | 20 |
|---|
| 2775 | 2727 | | 21 |
|---|
| 2776 | 2728 | | 22 |
|---|
| 2777 | 2729 | | 23 |
|---|
| 2778 | 2730 | | 24 |
|---|
| 2779 | 2731 | | |
|---|
| 2780 | 2732 | | individual taxpayer's federal income tax return that |
|---|
| 2781 | 2733 | | result from: |
|---|
| 2782 | 2734 | | (1) the sale of real property or tangible personal |
|---|
| 2783 | 2735 | | property located within Oklahoma that has bee n |
|---|
| 2784 | 2736 | | directly or indirectly owned by the in dividual |
|---|
| 2785 | 2737 | | taxpayer for a holding period of at least five |
|---|
| 2786 | 2738 | | (5) years prior to the date of the transaction |
|---|
| 2787 | 2739 | | from which such net capital gains arise, |
|---|
| 2788 | 2740 | | (2) the sale of stock or the sale of a direct or |
|---|
| 2789 | 2741 | | indirect ownership inte rest in an Oklahoma |
|---|
| 2790 | 2742 | | company, limited lia bility company, or |
|---|
| 2791 | 2743 | | partnership where such stock or ownership |
|---|
| 2792 | 2744 | | interest has been directly or indirectly owned by |
|---|
| 2793 | 2745 | | the individual taxpayer f or a holding period of |
|---|
| 2794 | 2746 | | at least two (2) years prior to the date of the |
|---|
| 2795 | 2747 | | transaction from which the net capital gains |
|---|
| 2796 | 2748 | | arise, or |
|---|
| 2797 | 2749 | | (3) the sale of real property, tangible personal |
|---|
| 2798 | 2750 | | property or intangible personal property located |
|---|
| 2799 | 2751 | | within Oklahoma as part of the s ale of all or |
|---|
| 2800 | 2752 | | substantially all of the assets of an Oklahoma |
|---|
| 2801 | 2753 | | company, limited liability company, or |
|---|
| 2802 | 2754 | | partnership or an Ok lahoma proprietorship |
|---|
| 2803 | 2755 | | business enterprise where such property has been |
|---|
| 2804 | 2756 | | |
|---|
| 2807 | 2758 | | 2 |
|---|
| 2808 | 2759 | | 3 |
|---|
| 2809 | 2760 | | 4 |
|---|
| 2810 | 2761 | | 5 |
|---|
| 2811 | 2762 | | 6 |
|---|
| 2812 | 2763 | | 7 |
|---|
| 2813 | 2764 | | 8 |
|---|
| 2814 | 2765 | | 9 |
|---|
| 2815 | 2766 | | 10 |
|---|
| 2816 | 2767 | | 11 |
|---|
| 2817 | 2768 | | 12 |
|---|
| 2818 | 2769 | | 13 |
|---|
| 2819 | 2770 | | 14 |
|---|
| 2820 | 2771 | | 15 |
|---|
| 2821 | 2772 | | 16 |
|---|
| 2822 | 2773 | | 17 |
|---|
| 2823 | 2774 | | 18 |
|---|
| 2824 | 2775 | | 19 |
|---|
| 2825 | 2776 | | 20 |
|---|
| 2826 | 2777 | | 21 |
|---|
| 2827 | 2778 | | 22 |
|---|
| 2828 | 2779 | | 23 |
|---|
| 2829 | 2780 | | 24 |
|---|
| 2830 | 2781 | | |
|---|
| 2831 | 2782 | | directly or indirectly owned by such entity or |
|---|
| 2832 | 2783 | | business enterprise or owned by the owners of |
|---|
| 2833 | 2784 | | such entity or business enterprise for a period |
|---|
| 2834 | 2785 | | of at least two (2) years prior to the date of |
|---|
| 2835 | 2786 | | the transaction from which the net capital gains |
|---|
| 2836 | 2787 | | arise, |
|---|
| 2837 | 2788 | | b. "holding period" means an uninterrupted period of |
|---|
| 2838 | 2789 | | time. The holding period shall include any add itional |
|---|
| 2839 | 2790 | | period when the property was held by another |
|---|
| 2840 | 2791 | | individual or entity, if such additional per iod is |
|---|
| 2841 | 2792 | | included in the taxpayer's holding period for the |
|---|
| 2842 | 2793 | | asset pursuant to the Internal Revenue Code, |
|---|
| 2843 | 2794 | | c. "Oklahoma company," "limited liability company," or |
|---|
| 2844 | 2795 | | "partnership" means an entity whose primary |
|---|
| 2845 | 2796 | | headquarters have been located in Oklahoma for at |
|---|
| 2846 | 2797 | | least three (3) uninterrupted years prior to the date |
|---|
| 2847 | 2798 | | of the transaction fr om which the net capital gains |
|---|
| 2848 | 2799 | | arise, |
|---|
| 2849 | 2800 | | d. "direct" means the individual taxpayer directly owns |
|---|
| 2850 | 2801 | | the asset, |
|---|
| 2851 | 2802 | | e. "indirect" means the individual taxpay er owns an |
|---|
| 2852 | 2803 | | interest in a pass-through entity (or chain of pass- |
|---|
| 2853 | 2804 | | through entities) that sells the asset that giv es rise |
|---|
| 2854 | 2805 | | to the qualifying gains receiving capital treatment. |
|---|
| 2855 | 2806 | | |
|---|
| 2858 | 2808 | | 2 |
|---|
| 2859 | 2809 | | 3 |
|---|
| 2860 | 2810 | | 4 |
|---|
| 2861 | 2811 | | 5 |
|---|
| 2862 | 2812 | | 6 |
|---|
| 2863 | 2813 | | 7 |
|---|
| 2864 | 2814 | | 8 |
|---|
| 2865 | 2815 | | 9 |
|---|
| 2866 | 2816 | | 10 |
|---|
| 2867 | 2817 | | 11 |
|---|
| 2868 | 2818 | | 12 |
|---|
| 2869 | 2819 | | 13 |
|---|
| 2870 | 2820 | | 14 |
|---|
| 2871 | 2821 | | 15 |
|---|
| 2872 | 2822 | | 16 |
|---|
| 2873 | 2823 | | 17 |
|---|
| 2874 | 2824 | | 18 |
|---|
| 2875 | 2825 | | 19 |
|---|
| 2876 | 2826 | | 20 |
|---|
| 2877 | 2827 | | 21 |
|---|
| 2878 | 2828 | | 22 |
|---|
| 2879 | 2829 | | 23 |
|---|
| 2880 | 2830 | | 24 |
|---|
| 2881 | 2831 | | |
|---|
| 2882 | 2832 | | (1) With respect to sales of real property or |
|---|
| 2883 | 2833 | | tangible personal property located with in |
|---|
| 2884 | 2834 | | Oklahoma, the deduction described in this |
|---|
| 2885 | 2835 | | subsection shall not apply unless the pass- |
|---|
| 2886 | 2836 | | through entity that ma kes the sale has held the |
|---|
| 2887 | 2837 | | property for not less than five (5) u ninterrupted |
|---|
| 2888 | 2838 | | years prior to the date of the transaction that |
|---|
| 2889 | 2839 | | created the capital ga in, and each pass-through |
|---|
| 2890 | 2840 | | entity included in the chain of ownership has |
|---|
| 2891 | 2841 | | been a member, partner, or shareholder of the |
|---|
| 2892 | 2842 | | pass-through entity in the tier immediately below |
|---|
| 2893 | 2843 | | it for an uninterrupted period of not less than |
|---|
| 2894 | 2844 | | five (5) years. |
|---|
| 2895 | 2845 | | (2) With respect to sale s of stock or ownership |
|---|
| 2896 | 2846 | | interest in or sales of all or substantially all |
|---|
| 2897 | 2847 | | of the assets of an Oklahoma company, limited |
|---|
| 2898 | 2848 | | liability company, partnership or Oklahoma |
|---|
| 2899 | 2849 | | proprietorship business enterprise, the deduction |
|---|
| 2900 | 2850 | | described in this subsection shall not apply |
|---|
| 2901 | 2851 | | unless the pass-through entity that mak es the |
|---|
| 2902 | 2852 | | sale has held the stock or ownership interest for |
|---|
| 2903 | 2853 | | not less than two (2) uninterrupted years prior |
|---|
| 2904 | 2854 | | to the date of the transact ion that created the |
|---|
| 2905 | 2855 | | capital gain, and each pass-through entity |
|---|
| 2906 | 2856 | | |
|---|
| 2909 | 2858 | | 2 |
|---|
| 2910 | 2859 | | 3 |
|---|
| 2911 | 2860 | | 4 |
|---|
| 2912 | 2861 | | 5 |
|---|
| 2913 | 2862 | | 6 |
|---|
| 2914 | 2863 | | 7 |
|---|
| 2915 | 2864 | | 8 |
|---|
| 2916 | 2865 | | 9 |
|---|
| 2917 | 2866 | | 10 |
|---|
| 2918 | 2867 | | 11 |
|---|
| 2919 | 2868 | | 12 |
|---|
| 2920 | 2869 | | 13 |
|---|
| 2921 | 2870 | | 14 |
|---|
| 2922 | 2871 | | 15 |
|---|
| 2923 | 2872 | | 16 |
|---|
| 2924 | 2873 | | 17 |
|---|
| 2925 | 2874 | | 18 |
|---|
| 2926 | 2875 | | 19 |
|---|
| 2927 | 2876 | | 20 |
|---|
| 2928 | 2877 | | 21 |
|---|
| 2929 | 2878 | | 22 |
|---|
| 2930 | 2879 | | 23 |
|---|
| 2931 | 2880 | | 24 |
|---|
| 2932 | 2881 | | |
|---|
| 2933 | 2882 | | included in the chai n of ownership has been a |
|---|
| 2934 | 2883 | | member, partner or shareholder of the pass- |
|---|
| 2935 | 2884 | | through entity in the tier immediately be low it |
|---|
| 2936 | 2885 | | for an uninterrupted period of not less than two |
|---|
| 2937 | 2886 | | (2) years. For purposes of this division, |
|---|
| 2938 | 2887 | | uninterrupted ownership prior to July 1, 2007, |
|---|
| 2939 | 2888 | | shall be included in the determination o f the |
|---|
| 2940 | 2889 | | required holding period prescribed by this |
|---|
| 2941 | 2890 | | division, and |
|---|
| 2942 | 2891 | | f. "Oklahoma proprietorship business enterprise " means a |
|---|
| 2943 | 2892 | | business enterprise whose income and expenses have |
|---|
| 2944 | 2893 | | been reported on Schedule C or F of an indivi dual |
|---|
| 2945 | 2894 | | taxpayer's federal income tax retur n, or any similar |
|---|
| 2946 | 2895 | | successor schedule published by the Internal Revenue |
|---|
| 2947 | 2896 | | Service and whose primary headquarters have been |
|---|
| 2948 | 2897 | | located in Oklahoma for at least three (3) |
|---|
| 2949 | 2898 | | uninterrupted years prior to the date of the |
|---|
| 2950 | 2899 | | transaction from which the net capital gains ari se. |
|---|
| 2951 | 2900 | | G. 1. For purposes of computing its Oklahoma taxable income |
|---|
| 2952 | 2901 | | under this section, the dividends -paid deduction otherwise allow ed |
|---|
| 2953 | 2902 | | by federal law in computing net income of a real estate investment |
|---|
| 2954 | 2903 | | trust that is subject to federal income tax shall be add ed back in |
|---|
| 2955 | 2904 | | computing the tax imposed by this state under this title if the real |
|---|
| 2956 | 2905 | | estate investment trust is a captive real estate i nvestment trust. |
|---|
| 2957 | 2906 | | |
|---|
| 2960 | 2908 | | 2 |
|---|
| 2961 | 2909 | | 3 |
|---|
| 2962 | 2910 | | 4 |
|---|
| 2963 | 2911 | | 5 |
|---|
| 2964 | 2912 | | 6 |
|---|
| 2965 | 2913 | | 7 |
|---|
| 2966 | 2914 | | 8 |
|---|
| 2967 | 2915 | | 9 |
|---|
| 2968 | 2916 | | 10 |
|---|
| 2969 | 2917 | | 11 |
|---|
| 2970 | 2918 | | 12 |
|---|
| 2971 | 2919 | | 13 |
|---|
| 2972 | 2920 | | 14 |
|---|
| 2973 | 2921 | | 15 |
|---|
| 2974 | 2922 | | 16 |
|---|
| 2975 | 2923 | | 17 |
|---|
| 2976 | 2924 | | 18 |
|---|
| 2977 | 2925 | | 19 |
|---|
| 2978 | 2926 | | 20 |
|---|
| 2979 | 2927 | | 21 |
|---|
| 2980 | 2928 | | 22 |
|---|
| 2981 | 2929 | | 23 |
|---|
| 2982 | 2930 | | 24 |
|---|
| 2983 | 2931 | | |
|---|
| 2984 | 2932 | | 2. For purposes of computing its Oklahoma taxable income under |
|---|
| 2985 | 2933 | | this section, a taxpayer shall add back other wise deductible rents |
|---|
| 2986 | 2934 | | and interest expenses paid to a captive real est ate investment trust |
|---|
| 2987 | 2935 | | that is not subject to the provisions of paragraph 1 of this |
|---|
| 2988 | 2936 | | subsection. As used in this subsection: |
|---|
| 2989 | 2937 | | a. the term "real estate investment trust" or "REIT" |
|---|
| 2990 | 2938 | | means the meaning ascribed to such term in Section 856 |
|---|
| 2991 | 2939 | | of the Internal Revenue Code, |
|---|
| 2992 | 2940 | | b. the term "captive real estate investment trust " means |
|---|
| 2993 | 2941 | | a real estate investment trust, the shares or |
|---|
| 2994 | 2942 | | beneficial interests of which are not regularly traded |
|---|
| 2995 | 2943 | | on an established secur ities market and more than |
|---|
| 2996 | 2944 | | fifty percent (50%) of the voting power o r value of |
|---|
| 2997 | 2945 | | the beneficial interests or shares of which are owned |
|---|
| 2998 | 2946 | | or controlled, directly or indirectly, or |
|---|
| 2999 | 2947 | | constructively, by a single entity that i s: |
|---|
| 3000 | 2948 | | (1) treated as an association taxable as a |
|---|
| 3001 | 2949 | | corporation under the Int ernal Revenue Code, and |
|---|
| 3002 | 2950 | | (2) not exempt from federal income tax pursuant to |
|---|
| 3003 | 2951 | | the provisions of Section 501(a) of the Internal |
|---|
| 3004 | 2952 | | Revenue Code. |
|---|
| 3005 | 2953 | | The term shall not include a real estate invest ment |
|---|
| 3006 | 2954 | | trust that is intended to be regula rly traded on an |
|---|
| 3007 | 2955 | | established securities market, and that satisfie s the |
|---|
| 3008 | 2956 | | |
|---|
| 3011 | 2958 | | 2 |
|---|
| 3012 | 2959 | | 3 |
|---|
| 3013 | 2960 | | 4 |
|---|
| 3014 | 2961 | | 5 |
|---|
| 3015 | 2962 | | 6 |
|---|
| 3016 | 2963 | | 7 |
|---|
| 3017 | 2964 | | 8 |
|---|
| 3018 | 2965 | | 9 |
|---|
| 3019 | 2966 | | 10 |
|---|
| 3020 | 2967 | | 11 |
|---|
| 3021 | 2968 | | 12 |
|---|
| 3022 | 2969 | | 13 |
|---|
| 3023 | 2970 | | 14 |
|---|
| 3024 | 2971 | | 15 |
|---|
| 3025 | 2972 | | 16 |
|---|
| 3026 | 2973 | | 17 |
|---|
| 3027 | 2974 | | 18 |
|---|
| 3028 | 2975 | | 19 |
|---|
| 3029 | 2976 | | 20 |
|---|
| 3030 | 2977 | | 21 |
|---|
| 3031 | 2978 | | 22 |
|---|
| 3032 | 2979 | | 23 |
|---|
| 3033 | 2980 | | 24 |
|---|
| 3034 | 2981 | | |
|---|
| 3035 | 2982 | | requirements of Section 856(a)(5) and (6) of the U.S. |
|---|
| 3036 | 2983 | | Internal Revenue Code by reason of Section 856(h)(2) |
|---|
| 3037 | 2984 | | of the Internal Revenue Code, |
|---|
| 3038 | 2985 | | c. the term "association taxable as a corporati on" shall |
|---|
| 3039 | 2986 | | not include the follow ing entities: |
|---|
| 3040 | 2987 | | (1) any real estate investment trust as defined in |
|---|
| 3041 | 2988 | | paragraph a of this subsec tion other than a |
|---|
| 3042 | 2989 | | "captive real estate investment trust", or |
|---|
| 3043 | 2990 | | (2) any qualified real estate inv estment trust |
|---|
| 3044 | 2991 | | subsidiary under Section 856(i) of the Internal |
|---|
| 3045 | 2992 | | Revenue Code, other than a qualified REI T |
|---|
| 3046 | 2993 | | subsidiary of a "captive real estate investment |
|---|
| 3047 | 2994 | | trust", or |
|---|
| 3048 | 2995 | | (3) any Listed Australian Property Trus t (meaning an |
|---|
| 3049 | 2996 | | Australian unit trust registered as a "Managed |
|---|
| 3050 | 2997 | | Investment Scheme" under the Australian |
|---|
| 3051 | 2998 | | Corporations Act in whic h the principal class of |
|---|
| 3052 | 2999 | | units is listed on a recognized stock exchange in |
|---|
| 3053 | 3000 | | Australia and is regularly traded on an |
|---|
| 3054 | 3001 | | established securities market), or an entity |
|---|
| 3055 | 3002 | | organized as a trust, pro vided that a Listed |
|---|
| 3056 | 3003 | | Australian Property Trust owns or controls, |
|---|
| 3057 | 3004 | | directly or indirectly, seventy -five percent |
|---|
| 3058 | 3005 | | |
|---|
| 3061 | 3007 | | 2 |
|---|
| 3062 | 3008 | | 3 |
|---|
| 3063 | 3009 | | 4 |
|---|
| 3064 | 3010 | | 5 |
|---|
| 3065 | 3011 | | 6 |
|---|
| 3066 | 3012 | | 7 |
|---|
| 3067 | 3013 | | 8 |
|---|
| 3068 | 3014 | | 9 |
|---|
| 3069 | 3015 | | 10 |
|---|
| 3070 | 3016 | | 11 |
|---|
| 3071 | 3017 | | 12 |
|---|
| 3072 | 3018 | | 13 |
|---|
| 3073 | 3019 | | 14 |
|---|
| 3074 | 3020 | | 15 |
|---|
| 3075 | 3021 | | 16 |
|---|
| 3076 | 3022 | | 17 |
|---|
| 3077 | 3023 | | 18 |
|---|
| 3078 | 3024 | | 19 |
|---|
| 3079 | 3025 | | 20 |
|---|
| 3080 | 3026 | | 21 |
|---|
| 3081 | 3027 | | 22 |
|---|
| 3082 | 3028 | | 23 |
|---|
| 3083 | 3029 | | 24 |
|---|
| 3084 | 3030 | | |
|---|
| 3085 | 3031 | | (75%) or more of the voting power or value of the |
|---|
| 3086 | 3032 | | beneficial interests or shares of such trust, or |
|---|
| 3087 | 3033 | | (4) any Qualified Foreign Entity, meaning a |
|---|
| 3088 | 3034 | | corporation, trust, association or partnership |
|---|
| 3089 | 3035 | | organized outside the laws o f the United States |
|---|
| 3090 | 3036 | | and which satisfies the following criteria: |
|---|
| 3091 | 3037 | | (a) at least seventy-five percent (75%) of the |
|---|
| 3092 | 3038 | | entity's total asset value at the close of |
|---|
| 3093 | 3039 | | its taxable year is represented by real |
|---|
| 3094 | 3040 | | estate assets, as defined in Section |
|---|
| 3095 | 3041 | | 856(c)(5)(B) of the Inter nal Revenue Code, |
|---|
| 3096 | 3042 | | thereby including shares or certificates of |
|---|
| 3097 | 3043 | | beneficial interest in an y real estate |
|---|
| 3098 | 3044 | | investment trust, cash and cas h equivalents, |
|---|
| 3099 | 3045 | | and U.S. Government securities, |
|---|
| 3100 | 3046 | | (b) the entity receives a dividend-paid |
|---|
| 3101 | 3047 | | deduction comparable to Section 561 of the |
|---|
| 3102 | 3048 | | Internal Revenue Code, or is exempt from |
|---|
| 3103 | 3049 | | entity level tax, |
|---|
| 3104 | 3050 | | (c) the entity is required to distribute at |
|---|
| 3105 | 3051 | | least eighty-five percent (85%) of its |
|---|
| 3106 | 3052 | | taxable income, as computed in the |
|---|
| 3107 | 3053 | | jurisdiction in which it is organized, to |
|---|
| 3108 | 3054 | | |
|---|
| 3111 | 3056 | | 2 |
|---|
| 3112 | 3057 | | 3 |
|---|
| 3113 | 3058 | | 4 |
|---|
| 3114 | 3059 | | 5 |
|---|
| 3115 | 3060 | | 6 |
|---|
| 3116 | 3061 | | 7 |
|---|
| 3117 | 3062 | | 8 |
|---|
| 3118 | 3063 | | 9 |
|---|
| 3119 | 3064 | | 10 |
|---|
| 3120 | 3065 | | 11 |
|---|
| 3121 | 3066 | | 12 |
|---|
| 3122 | 3067 | | 13 |
|---|
| 3123 | 3068 | | 14 |
|---|
| 3124 | 3069 | | 15 |
|---|
| 3125 | 3070 | | 16 |
|---|
| 3126 | 3071 | | 17 |
|---|
| 3127 | 3072 | | 18 |
|---|
| 3128 | 3073 | | 19 |
|---|
| 3129 | 3074 | | 20 |
|---|
| 3130 | 3075 | | 21 |
|---|
| 3131 | 3076 | | 22 |
|---|
| 3132 | 3077 | | 23 |
|---|
| 3133 | 3078 | | 24 |
|---|
| 3134 | 3079 | | |
|---|
| 3135 | 3080 | | the holders of its shares or cer tificates of |
|---|
| 3136 | 3081 | | beneficial interest on an annual basis, |
|---|
| 3137 | 3082 | | (d) not more than ten percent ( 10%) of the |
|---|
| 3138 | 3083 | | voting power or value in such entit y is held |
|---|
| 3139 | 3084 | | directly or indirectly or constructively by |
|---|
| 3140 | 3085 | | a single entity or individual, or the shares |
|---|
| 3141 | 3086 | | or beneficial interests of such entity are |
|---|
| 3142 | 3087 | | regularly traded on an established |
|---|
| 3143 | 3088 | | securities market, and |
|---|
| 3144 | 3089 | | (e) the entity is organized in a country which |
|---|
| 3145 | 3090 | | has a tax treaty with the United States. |
|---|
| 3146 | 3091 | | 3. For purposes of this subsection, the constructive ownership |
|---|
| 3147 | 3092 | | rules of Section 318(a) of th e Internal Revenue Code , as modified by |
|---|
| 3148 | 3093 | | Section 856(d)(5) of the Internal Revenue Code, shall apply in |
|---|
| 3149 | 3094 | | determining the ownership of stock, assets, or net profits of any |
|---|
| 3150 | 3095 | | person. |
|---|
| 3151 | 3096 | | 4. A real estate investment trust that does not become |
|---|
| 3152 | 3097 | | regularly traded on an established securities market within one (1) |
|---|
| 3153 | 3098 | | year of the date on which it first b ecomes a real estate i nvestment |
|---|
| 3154 | 3099 | | trust shall be deemed not to have been regularly traded on an |
|---|
| 3155 | 3100 | | established securities market, retroactive to the date it first |
|---|
| 3156 | 3101 | | became a real estate investment trust, and shall file an amended |
|---|
| 3157 | 3102 | | return reflecting such retroactiv e designation for any tax year or |
|---|
| 3158 | 3103 | | part year occurring during its initial year of status as a real |
|---|
| 3159 | 3104 | | |
|---|