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OK HB1640

Bill

Official Source

Status

Introduced

2/2/2015

Primary Sponsor

Ann Coody

Click for details

Origin

House of Representatives

2015 Regular Session

AI Summary

HB1640 Summary

  • Modifies Oklahoma income tax law Section 2358 regarding computation of taxable income and adjusted gross income for all taxpayers.

  • Changes the retirement benefits exemption for Armed Forces veterans from a limited amount not exceeding 75% of benefits or $10,000 (whichever is greater) to 100% exemption effective January 1, 2016.

  • Removes the prior cap on retirement income exemptions for veterans, making the exemption unlimited beginning in tax year 2015 and all subsequent years.

  • Effective date: January 1, 2016.

Legislative Description

Revenue and taxation; income tax exemption; veterans; United States Armed Forces; effective date.

Revenue and Taxation

Last Action

Second Reading referred to Rules

2/3/2015

Committee Referrals

Rules2/3/2015

Full Bill Text

No bill text available