SB 1267 Summary

• Amends 68 O.S. Section 2358 to add a new exemption for income received as overtime compensation required by the Fair Labor Standards Act of 1938 (29 U.S.C. § 201 et seq.).

• The overtime compensation exemption applies to taxable years beginning after December 31, 2012.

• Overtime pay received by employees that is required under federal law will be excluded from Oklahoma taxable income.

• Effective date is January 1, 2013.