HB 1326 Summary

• Modifies Oklahoma income tax computation under 68 O.S. Section 2358 to change the effective date for capital gains deductions from tax year 2005 to tax year 2014.

• Adds restriction that beginning in tax year 2014, the capital gains deduction for both corporations and individuals is only available to those entities organized under Oklahoma law, excluding nonresidents.

• Maintains existing requirements for "qualifying gains receiving capital treatment" based on holding periods (5 years for real property, 2-3 years for stock/business interests depending on entity type) and Oklahoma business location requirements.

• Becomes effective January 1, 2014.