SB 1723 Summary

• Eliminates the expiration date for the income tax deduction for Armed Forces members, making it permanent rather than temporary through December 31, 2014.

• Removes the contingency requirement that the State Board of Equalization had to determine whether revenue collections exceeded revenue reductions before the 100% Armed Forces income deduction could be claimed.

• Changes the Armed Forces deduction to 100% of salary and compensation (other than retirement benefits) for all members of any component of the U.S. Armed Forces, effective July 1, 2010 and ongoing.

• Repeals Section 2355.1D of Oklahoma Statutes, which contained the requirement for the State Board of Equalization's revenue determination for the Armed Forces deduction.

• Becomes effective November 1, 2014.