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OK SB1396
Bill
Status
5/28/2010
Primary Sponsor
Jeffrey Hickman
Click for details
AI Summary
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Amends 68 O.S. 2001, Section 2358 to adjust Oklahoma taxable income and adjusted gross income for tax purposes.
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Adds deferred income not included in taxable income pursuant to Section 108(i)(1) of the Internal Revenue Code (American Recovery and Reinvestment Act of 2009) for tax years beginning on or after January 1, 2010.
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Requires subtraction of deferred income included in taxable income under the same Internal Revenue Code section for the same tax period.
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Applies to both individuals and corporations in calculating Oklahoma taxable income adjustments.
Legislative Description
Revenue and taxation; relating to adjustment of income for purposes of determining adjusted gross income; providing for certain amount of income to be added to Oklahoma taxable income under specified circumstances. Effective date.
Revenue and Taxation
Last Action
Approved by Governor 06/09/2010
5/28/2010