Insurance; taxable income and adjusted gross income; deduction for contributions to certain qualified accounts; tax exemption; deduction based on certain expenditures; effective date.

Summary

The measure changes how taxable and adjusted gross income are computed for corporations and individuals. It adds interest earned on state obligations, removes amounts the Constitution forbids taxing, and sets detailed rules for allocating income from property, intangibles, manufacturing, and insurance. These changes will alter the amount of income subject to Oklahoma tax for many taxpayers.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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