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OK SB1890
Bill
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.
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For taxable years beginning after December 31, 2014, amounts received as overtime compensation shall be exempt from Oklahoma taxable income.
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Overtime compensation must be required by the Fair Labor Standards Act of 1938 (29 U.S.C. Section 201 et seq.) to qualify for the exemption.
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Becomes effective November 1, 2014.
Legislative Description
Income tax; providing exemption for income received as overtime pay. Effective date.
Revenue and Taxation
Last Action
Second Reading referred to Finance
2/4/2014
Committee Referrals
Finance2/4/2014
Full Bill Text
No bill text available