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OK SB132

Bill

Official Source

Status

Engrossed

3/14/2011

Primary Sponsor

Don Armes

Click for details

Origin

Senate

2011 Regular Session

AI Summary

  • Increases the exemption for Armed Forces retirement benefits from 75% or $10,000 (whichever is greater) to 100% or $12,000 (whichever is greater) for tax years beginning January 1, 2016 and thereafter.

  • Maintains the previous exemption level of 75% or $10,000 (whichever is greater) for Armed Forces retirement benefits for tax years beginning after December 31, 2005 through December 31, 2015.

  • Amends Oklahoma Statutes Section 2358 regarding adjustments to gross income for tax purposes.

  • Becomes effective November 1, 2011.

Legislative Description

Armed Forces retirement benefits, income tax exemption. Effective date.

Revenue and Taxation

Last Action

Conferees unable to agree

5/18/2011

Committee Referrals

Appropriations and Budget3/16/2011
Finance2/14/2011
Rules2/8/2011

Full Bill Text

No bill text available