OK HB1699

Amends Oklahoma income tax law (68 O.S. 2001, Section 2358) to allow individual taxpayers over age 65 to deduct certain capital gains from their Oklahoma adjusted gross income.

Qualifying capital gains include those from: (1) sale of real or tangible personal property owned for at least 5 years, or (2) sale of stock or ownership interest in a company/LLC/partnership owned for at least 3 years.

Establishes holding period requirements and defines key terms including "direct" ownership (taxpayer owns asset) versus "indirect" ownership (through pass-through entities).

Applies special rules for pass-through entities, requiring minimum holding periods of 5 years for real/tangible property and 3 years for stock/ownership interests.

Effective date: January 1, 2012.