OK SB1140

Modifies Oklahoma income tax law to allow deductions for "qualifying gains receiving capital treatment" (capital gains) earned by corporations, estates, trusts, and individuals.

For tax years 2005-2014, allows a 100% deduction of net capital gains from sales of Oklahoma real property (held 5+ years), Oklahoma business stock/interests (held 3+ years), or all/substantially all assets of Oklahoma entities (held 3+ years).

For tax years beginning January 1, 2015 and later, reduces the deduction to 50% of qualifying capital gains, applying to real property (5+ year holding period) and business interests/stock (2+ year holding period).

Defines "qualifying gains" as net capital gains from specified transactions and requires various holding period and ownership conditions be met through pass-through entities.

Effective January 1, 2015.