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OK HB2782
Bill
Status
2/3/2014
Primary Sponsor
James Lockhart
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AI Summary
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Amends 68 O.S. 2011, Section 2358 to add a new income tax exemption for overtime compensation required by the Fair Labor Standards Act of 1938 for taxable years beginning after December 31, 2014.
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Overtime compensation received by employees and subject to federal overtime requirements under 29 U.S.C., Section 201 et seq. shall be exempt from Oklahoma state income tax.
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Exemption applies prospectively to tax years beginning in 2015 and thereafter, allowing employees to exclude overtime pay from their Oklahoma taxable income.
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Effective date is November 1, 2014.
Legislative Description
Revenue and taxation; exempting certain compensation from income tax; effective date.
Revenue and Taxation
Last Action
Second Reading referred to Appropriations and Budget
2/4/2014