OK SB2122

Amends 68 O.S. 2001, Section 2358 to modify Oklahoma income tax provisions for both corporations and individuals, effective retroactively to January 1, 2005.

Allows a deduction for individuals on qualifying capital gains from the sale of Oklahoma real property (5-year holding period), Oklahoma company stock (2-year holding period), or substantially all assets of Oklahoma businesses (2-year holding period).

For corporations, allows a similar deduction for qualifying capital gains from Oklahoma property sales and ownership interests in Oklahoma companies or partnerships under comparable holding period requirements.

Modifies the holding period requirements for pass-through entity ownership from 5 years to 2 years for stock or ownership interest sales, while maintaining 5-year requirement for real and tangible personal property located in Oklahoma.

Declares an emergency, making the act effective immediately upon passage and approval.