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OK HB2720
Bill
Status
3/5/2014
Primary Sponsor
Clark Jolley
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AI Summary
HB 2720 Summary
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Extends the 100% income tax deduction for military pay received from the U.S. Armed Forces indefinitely, removing the previous contingency based on revenue growth determinations by the State Board of Equalization.
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Repeals Section 2355.1D of Oklahoma law, which previously required the State Board of Equalization to determine whether revenue collections exceeded revenue reductions to authorize the military pay deduction.
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Removes the sunset provision that would have limited the military pay deduction to $1,500 after January 1, 2015, making the full deduction permanent for active-duty military personnel.
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Effective date is November 1, 2014.
Legislative Description
Revenue and taxation; providing for legislative action in response to certain congressional enactments related to sales or use taxation; creating Marketplace Equalization Fund; effective date.
Revenue and Taxation
Last Action
Ayes: 32 Nays: 59
5/20/2014