Oklahoma 2024 Regular Session

Oklahoma House Bill HB2948 Compare Versions

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Version 2 (New)

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3		-	ENGR. H. B. NO. 2948 Page 1 1
	3	+	HB2948 HFLR Page 1
	4	+	BOLD FACE denotes Committee Amendments. 1
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28		-	ENGROSSED HOUSE
29		-	BILL NO. 2948 By: McCall and Sims
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
	30	+
	31	+	STATE OF OKLAHOMA
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	33	+	2nd Session of the 59th Legislature (2024)
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	35	+	HOUSE BILL 2948 By: McCall
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	41	+	AS INTRODUCED
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36	43		An Act relating to revenue and taxation; providing
37	44		for deduction from taxable income computed pursuant
38	45		to Oklahoma Income Tax Code for corporations;
39	46		specifying amount of deduction; specifying taxable
40	47		years for which deduction is authorized; prescribing
41	48		procedures for election; providing certain ex ceptions
42	49		related to subsidiaries; providing for codification;
43	50		and providing an effective date .
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48	55		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
49	56		SECTION 1. NEW LAW A new section of law to be codi fied
50	57		in the Oklahoma Statutes as Section 2358. CE-1 of Title 68, unless
51	58		there is created a duplication in numbering, r eads as follows:
52	59		For taxable years beginning on or after January 1, 2024, based
53	60		upon an election as authorized by Section 2 of this act, there shall
54	61		be deducted from the Oklahoma taxable income amount for any
55	62		corporation subject to the levy of inco me tax imposed pursuant to
56	63		Section 2355 of Title 68 of the Oklahoma Statutes or from the amount
57	64		of income subject to the levy of tax imposed purs uant to Section
58	65		2370 of Title 68 of the Oklahoma Statutes the following amounts:
59		-	1. Twenty percent (20%) of the total Oklahoma taxable income
60		-	amount for a taxable year beginning after December 31, 2023, and
61		-	before January 1, 2025;
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63		-	ENGR. H. B. NO. 2948 Page 2 1
	67	+	HB2948 HFLR Page 2
	68	+	BOLD FACE denotes Committee Amendments. 1
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	93	+	1. Twenty percent (20%) of the total Oklahoma taxable income
	94	+	amount for a taxable year beginning after December 31, 2023, and
	95	+	before January 1, 2025;
88	96		2. Forty percent (40%) of the total Oklahoma taxable income
89	97		amount for a taxable year beginning after December 31, 2024, and
90	98		before January 1, 2026;
91	99		3. Sixty percent (60%) of the total Oklahoma taxable income
92	100		amount for a taxable year beginning after December 31, 2025, and
93	101		before January 1, 202 7;
94	102		4. Eighty percent (80%) of the total Oklahoma taxable income
95	103		amount for a taxable year beginning after December 31, 2026, and
96	104		before January 1, 202 8; and
97	105		5. One hundred percent (100%) of the total Oklahoma taxable
98	106		income amount for any taxable year beginning on or after January 1,
99	107		2028.
100	108		SECTION 2. NEW LAW A new secti on of law to be codified
101	109		in the Oklahoma Statutes as Section 2358.CE-2 of Title 68, unless
102	110		there is created a dup lication in numbering, reads as follows:
103	111		A. Not later than June 30, 202 4, for entities in existence as
104	112		of the effective date of this act, and not later than sixty (60)
105	113		days after the formation of a n entity subject to taxation pursuant
106	114		to Section 2355 of Title 68 of the Oklahoma Statutes or subject to
107	115		taxation pursuant to Section 2370 of Title 68 of the Oklahoma
108	116		Statutes which occurs after the effect ive date of this act, a
109		-	taxpayer shall make an election, wh ich shall be irrevocable, on such
110		-	form as may be prescribed for such purpose by the Oklahoma Tax
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112		-	ENGR. H. B. NO. 2948 Page 3 1
	118	+	HB2948 HFLR Page 3
	119	+	BOLD FACE denotes Committee Amendments. 1
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	144	+	taxpayer shall make an election, wh ich shall be irrevocable, on such
	145	+	form as may be prescribed for such purpose by the Oklahoma Tax
137	146		Commission, and except as otherwise provided by this section, to
138	147		reduce taxable income as required pursuant to Section 1 of this act .
139	148		B. The irrevocable election authorized by subsection A of this
140	149		section shall be binding upon any subsidiary entity of the taxpayer
141	150		making such election unles s otherwise provided by this section.
142	151		C. The irrevocable election othe rwise prescribed by subsection
143	152		A of this section shall not be binding with respect to an entity
144	153		which was a subsidiary of an entity making such election during any
145	154		period of time the former subs idiary was not acquired by any other
146	155		entity.
147	156		D. If a former subsidiary of an entity making an ele ction
148	157		pursuant to subsection A of this section is acquired by another
149	158		entity, the entity having acquired such former subsidi ary shall be
150	159		authorized to make an irrevocable election which is binding upon the
151	160		former subsidiary of the previous entity.
152	161		SECTION 3. This act shall become effective January 1, 2024.
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179		-	Passed the House of Representatives the 11th day of March, 2024.
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184		-	Presiding Officer of the House
185		-	of Representatives
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189		-	Passed the Senate the ___ day of __________, 2024.
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194		-	Presiding Officer of th e Senate
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	163	+	COMMITTEE REPORT BY: COMMITTEE ON RULES, dated 02/13/2024 - DO PASS.