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OK SB95

Bill

Official Source

Status

Introduced

2/4/2013

Primary Sponsor

Joe Dorman

Click for details

Origin

Senate

2013 Regular Session

AI Summary

  • Amends 68 O.S. 2011, Section 2358 to add a new exemption to Oklahoma taxable income for overtime compensation required by the Fair Labor Standards Act of 1938, 29 U.S.C. Section 201 et seq.

  • Exemption applies to amounts received as overtime compensation for taxable years beginning after December 31, 2013.

  • Overtime compensation subject to exemption must be required specifically by the Fair Labor Standards Act, not voluntary overtime or compensation from other sources.

  • Effective date is January 1, 2014.

Legislative Description

Income tax; providing exemption for income received as overtime compensation. Effective date.

Revenue and Taxation

Last Action

coauthored by Dorman (principal House author)

2/11/2013

Committee Referrals

Finance2/5/2013

Full Bill Text

No bill text available