SB 1494 Summary

• Establishes a new income tax deduction for eligible full-time students enrolled in Oklahoma higher education institutions or vocational/technical programs for at least 8 months of the taxable year, effective January 1, 2015

• Allows a 100% deduction of earned income during the taxable year for qualifying students with Oklahoma adjusted gross income of $35,000 or less (single/head of household/married filing separately) or $70,000 or less (married filing jointly)

• Amends 68 O.S. 2011, Section 2358 to add the student income deduction as paragraph 24 of subsection E

• Applies to full-time students pursuing degrees from Oklahoma State System of Higher Education institutions, accredited public/private colleges and universities, or state career and technology education vocational programs

• Becomes effective November 1, 2014