OK HB2975

Amends 68 O.S. 2011, Section 2358 to create an additional $1,000 exemption for individual taxpayers age 65 or older, subject to federal adjusted gross income limitations based on filing status.

For tax years beginning after December 31, 2012 and ending by December 31, 2014, allows an additional $5,000 deduction for each person age 65 or older.

For the same 2013-2014 tax period, provides a 100% deduction for capital gains received by taxpayers age 65 or older that are included in federal adjusted gross income.

Maintains existing income threshold limits for the age 65+ exemption: $25,000 (married filing jointly), $12,500 (married filing separately), $15,000 (single), and $19,000 (head of household).

Effective date: January 1, 2013.