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OK SB261
Bill
Status
2/4/2013
Primary Sponsor
Kyle Loveless
Click for details
AI Summary
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Modifies Oklahoma income tax law (68 O.S. 2011, Section 2358) regarding deductions for capital gains received by corporations, estates, trusts, and individuals
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For tax years 2006-2013, allows 100% deduction of "qualifying gains receiving capital treatment" (capital gains from Oklahoma property/businesses held 3-5+ years depending on asset type)
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For tax years 2014-2017, creates phased deduction schedule for "other gains receiving capital treatment" (20% in 2014, increasing to 80% by 2017), with 100% deduction for qualifying gains
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Beginning January 1, 2018, allows 100% deduction for both qualifying gains and other capital gains receiving capital treatment
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Effective November 1, 2013
Legislative Description
Income tax; modifying capital gains exemption for specified time periods; expanding exemption to certain types of capital gains. Effective date.
Revenue and Taxation
Last Action
coauthored by Turner (principal House author)
2/7/2013